Research On The Double-layer Ownership Structure And Its Performance Impact Of Scientific And Technological Enterprises

Choosing the right equity system can lay a solid foundation for the development of enterprises,especially for the long-term development of enterprises.Scientific and reasonable ownership structure can help enterprises in all aspects.At present,the economy is in a great change situation which hasn't happened in a hundred years,and the ownership structure also needs constant change and development.This paper starts from the two-tier equity system,combined with the motivation of adopting the two-tier equity system in Xiaomi group,analyzes its impact on the performance of Xiaomi group.Up to now,most of the enterprises adopting the two-tier equity system are Internet enterprises and family companies.The two-tier equity system really helps the development of the enterprise.It helps the founder or the leader of the family business to maintain the control of the company while financing through equity,and enhances the stability of the long-term development of the enterprise.However,there are many disadvantages in the two-tier equity system,mainly because the high concentration of management power will inevitably lead to the problem of agency cost and the possibility of autocracy in enterprises,which has advantages and disadvantages.This paper first introduces the theory and overview of the two-tier equity system,and then lists the relationship between the theoretical results of the two-tier equity system at home and abroad and the company performance.Secondly,the case of Xiaomi group listed in Hong Kong is selected.This paper analyzes the equity changes before and after the listing,and then analyzes the performance of Xiaomi group as a case.At the same time,it also summarizes the cases,puts forward suggestions and Reflections on the problems found,and holds that China should adopt a dialectical point of view in dealing with the impact of the two-tier equity system on the company's operation.Although there is no double-layer equity system in China to allow companies to list on A-share market,the phenomenon of Alibaba,JD and other high-quality companies going to the United States for listing is a huge loss for the development of China's market.How to keep these companies listed in China will undoubtedly bring us some inspiration and cause some thinking.