Institutional Arrangement And Risks Of Different Rights Of Technology Enterprises In The Same Series

For a long time,China's "Company Law" prohibits listed companies from adopting the structure of the same share and different rights.But at present,I have been gradually relaxing and improving the policy of different rights in the same share.In this context,we have reason to believe that the system of different rights with the same share will probably become a new trend in science and technology enterprises.This paper takes millet,a typical enterprise in China's science and technology industry,as the research object,to analyze the ownership structure of millet shareholders in detail,to realize the institutional arrangement of different rights of the same share and its impact on corporate governance,and to study the risks it may face as well as the risk response,so as to provide reference experience for the enterprises listed in the Mainland using this structure in the future.At the same time,the mainland capital market of China is also making an attempt to share the same shares with different rights.The study of millet will help policy makers to understand the corporate governance of science and technology enterprises,so as to formulate more scientific and effective policies to promote the healthy development of science and technology emerging industries.Since the establishment of millet,long-term planning,layout,for the future listing of the same shares set up different rights structure for a good foundation system.Through this framework,Lei Jun has 29.13% equity and 52.90% voting rights,thus achieving absolute control over the company.But we should also pay attention to the potential risks: from the perspective of senior managers,refinancing will dilute the founder's control rights,and propose to set up a reasonable proportion of voting rights and establish a corresponding voting mechanism;from the perspective of companies,increase the possibility of earnings management,and propose to improve the internal control of class A shareholders;from the perspective of shareholders,it is difficult to smoothly transform and withdraw,and it is suggested to establish a smooth transition between different shareholders.Exchange and withdrawal mechanism.