Research On Dual Class Share Structure Institution

On April 30,2018,the Hong Kong Stock Exchange issued a new regulation allowing dual-equity structural companies to go public.As far as China is concerned,it is very important to quickly introduce the dual equity structure system into our current financial market.Dual equity system can effectively avoid malicious acquisition,solve the problem of losing control caused by the dilution of management equity after the large-scale financing process,and maintain the stability of the enterprise's management team.But at the same time,under the dual equity system,the enterprise agency cost increases while the company's operation efficiency decreases.And the excessive concentration of power will also lead to power corruption,thus the shareholder's equity is damaged,which affects the long-term development of the enterprise.The construction of China's dual equity structure system should base on current situation,perfect the supporting facilities,and try to avoid the inherent defects of the system.The dual equity structure system is manifested as dividing different kinds of shares,the proportion of voting right represented by each share,the applicable subject,the transfer exit rule and the relief way are all the main problems that need to be discussed urgently at present.Different countries have various legislation on dual equity structure system.Except for those countries that adpot a more flexible policy such as the United States and Canada,most countries are revising relevant laws in order to strictly control the dual ownership structure system.This paper makes a comprehensive analysis of the dual equity structure system,in order to provide constructive suggestions for the introduction and construction of the system in China in the future.The thesis is divided into four parts,the first part starts from the concept of dual ownership structure,making a systematic explaination of the dual ownership structure system,thus it builds whole understanding of the system macroscopically.The second part expounds the views of different schools of theories on the dual ownership structure system,provides theoretical support for introducing the dual equity structure system in China,and also analyzes its pros and cons.The third part compares the relevant legislation of the dual equity structure system in different countries and regions,and provides reference for the construction of the dual ownership structure system in China.The last part puts forward some practical suggestions for constructing the system and its supporting system according to the reality of our country.