Research To The Dual-Class Share Structure Of Entrepreneur's Social Network,De Facto Control Right And Enterprise Performance

Dual-class share structure is a very important design of share structure.The entrepreneurs want to continue to the de facto control right when is the process of enterprise financing.The entrepreneur's spirit can be continued to exist in the enterprise.For studies,the entrepreneur's social networks have a vital function on de facto control right.The role of entrepreneur's social network plays a part in corporate governance structure.The de facto control right can improve enterprise performance under the influence of dual-class share structure and the role of entrepreneur's social network.In recent years,many scholars have begun to focus on the issue of control right from the perspective of social network,and have studied its impact on enterprise performance.They have achieved fruitful results of control right.The article will research to this question,under the dual class share structure of the entrepreneur's social network,de facto control right and enterprise performance.We will explore the influence mechanism of the entrepreneur's social network,de facto control right and enterprise performance.It is benefit of the entrepreneur growth theory,control theory,corporate governance theory,etc.To do this will prvide the corresponding management for the development of innovative enterprises in China.According to the research objective of this paper,we will construct of the analysis framework,under the dual class share structure to the entrepreneur's social network,de facto control right and enterprise performance.There are three aspects of studies.Do the de facto control rights under the dual-class share structure has a significant impact on enterprise performance?Do entrepreneur's social network and de facto control right of entrepreneurs under dual class share structure have significant influence on corporate performance?What is the relationship between of the entrepreneur's social network,de facto control right and enterprise performance?At present,there are relatively few research results on empirical analysis of de facto control right.This article chooses to study from the perspective of entrepreneur's social network and comprehensively studies the impact of de facto control right on enterprise performance under the dual-class share structure.First of all,literature review and review.We define the dual class share structure,de facto control right and entrepreneur's social network from the basis of existing research results.We make use of the control theory,the entrepreneur's social network theory,the resource dependence theory,and the principal-agent theory to study the problems in this paper.We grasp the latest research progress on the research object and master the conclusion of the current research and the existing limitations.In this process,we will pay close attention to between the relation of dual-class share structure and enterprise performance,and relation of de facto control right and enterprise performance,and relation of entrepreneur's social network and enterprise performance.To do this,the paper has theoretical foundation to provide theoretical support for the theoretical model construction.Secondly,this paper conducts of an exploratory case study.This paper conducts a multi-case analysis on three typical dual-class share structure companies.The three companies are Alibaba,JD and Xiaomi.This paper has deeply analyzes the relationship between the entrepreneur's social network and the de facto control right under the dual-class share structure.The preliminary relationship propositions among the three variables in this paper are as follows.The entrepreneur's social network is an important variable affecting the de facto control right.The de facto control right has positive influence on enterprise performance.Entrepreneuri's social network has a positive impact on corporate performance.Thirdly,we conduct theoretical model.This paper theoretically deduced the relationship among the theme.We construct the theoretical model of entrepreneur's social network,de facto control right and enterprise performance under the dual-class share structure.Finally,the paper makes an empirical analysis to draw conclusions.This paper carries on the empirical test to the China concept stock in the American stock change.On the one hand,this paper has a preliminary analysis to investigate the relationship between the de facto control right and corporate performance under the dual-class share structure.The results show that the dual-class share structure has a significant positive impact on corporate performance.While the de facto control right has a significant positive impact on corporate performance under the dual-class share structure.On the other hand,this paper conducts an empirical analysis of entrepreneur's social network,de facto control right and enterprise performance for dual-class share structure companies.We investigate the influence of entrepreneur's social network on enterprise performance,de facto control right and enterprise performance,and entrepreneur's social network to de facto control right.The empirical results show that the relationship of that.The entrepreneur's social network has a significant positive impact on corporate performance.The de facto control right has a significant positive impact on corporate performance.Look at the deeper level,the entrepreneur's control of shareholders has a significant positive impact on enterprise performance.The entrepreneur's control of the board has a significant positive impact on enterprise performance.The entrepreneur's control over managers has a significant positive impact on enterprise performance.This paper looks at the perspective of the entrepreneur's social network.Political connection in entrepreneur's social network has significant positive influence on enterprise performance.The business connection in entrepreneur's social network has significant positive influence on enterprise performance.So the entrepreneur social network has a significant positive impact on enterprise performance.In this paper,we do the theoretical and empirical analysis of the entrepreneurs'social network,de facto control right and enterprise performance under the dual-class share structure.We have important implications to this paper.The national level should attach importance to the establishment of the special share system and allow enterprises to establish the dual-class share structure.Entrepreneurs should attach importance to the construction of social network.Entrepreneur should give full play to the role of social network,and pay attention to the arrangement of the de facto control right in the enterprise at all levels.So entrepreneur should give full play to their control role in the shareholders,board and the management.The stakeholders need to strengthen the supervision and management of the entrepreneur.