| Dual-class share structure refers to that a company issues two different stocks to founder shareholders and external investors respectively.The two stocks have equal shares but different voting rights by several or even dozens of times.In the foreign capital market,the industries that adopt dual share structure design are mainly concentrated in the media industry,Internet technology industry and a few other industries.With the development of the Internet era,China's Internet technology enterprises begin to rise rapidly.The founders of such enterprises often have irreplaceable human capital and influence,which is more important for the development of enterprises than traditional industries.On the contrary,since 2007,the number of cases of listed companies fighting for the right of control and enterprises founded by the founder being seized by capital and then endangering the survival of the company has been increasing year by year.The established standard of one share one right is no longer enough to meet the development needs of modern companies.Outstanding domestic Internet technology enterprises such as jd.com and alibaba have successively listed overseas,which not only face the risk of foreign legal supervision,but also lead to the outflow of core economic information and loss of national assets.In the previous one-share-one-power system,listed financing is bound to dilute the founder's control rights to some extent.Meanwhile,the development of Internet technology enterprises requires a lot of capital,and their demand for listed financing is more urgent than that of traditional enterprises.The dual share structure design alleviates the above problems and makes the listing financing and the guarantee of control achieve an appropriate balance.In April 2018,the HKEX allows enterprises to adopt dual share structure of listed,XiaoMi group to become the first time using this kind of structure in the case of domestic market,this paper takes the XiaoMi group listed as an example,the combination of shareholder's heterogeneity and the principal-agent theory to research the application of the dual share structure,analyze its dual share structure of the specific design,driver and application effect,summarizes the application advantages and related risks.The analysis found that XiaoMi group dual share structure design is different from Jingdong and Alibaba,because the list at home,its application environment and risk also has certain particularity.Through comparative analysis,it is concluded that dual-class share structure can well balance the financing needs of enterprises and maintain the control rights of founders,but at the same time,there are also risks such as may damage the interests of common shareholders,make internal and external supervision ineffective or cause excessive dependence on founders.At the present stage,the application of dual-class share structure in China can exist as an innovative form of universal single-class share structure.Dual-class share structure is allowed for specific industries and enterprises to supplement the structure of the same share and the same right,which can make the capital market more diversified and stimulate market vitality.Response to specific application design make provision at the same time,perfect the supervision,strengthen the construction of supporting system,for the application and development of dual ownership structure in our country to build the corresponding macro environment,in does not affect the overall development of our capital market under the premise of try to lose some spillover effects,the influence of maximum tolerance of the new economic development of the enterprise,for the future economic development of our country to increase competitiveness. |
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