Research On The Implementation Effect And Application Value Of The Dual Equity Structure Of Listed Companies

In China's "Company Law",the shareholding structure of a listed company has only the same share and the same rights,requiring shareholders to strictly abide by the rules of one share and one vote when exercising voting rights.However,with the development of the times,this generally popular single shareholding structure is gradually unable to meet the company's development needs.In recent years,due to the restrictions of domestic equity system arrangements,some large Internet companies in China have continuously chosen to list on the foreign market to adopt a dual shareholding structure.The loss of a large number of excellent resources has caused direct losses to the domestic economic market,but also to the domestic The provisions of the shareholding system present new challenges.Subsequently,the Hong Kong Stock Exchange opened the door to the dual shareholding structure of the IPO market.In March 2019,China's domestic science and technology innovation board also began to explore the dual shareholding structure.At present,China's regulations on the dual shareholding structure system currently only exist in the Science and Technology Board and the China Securities Regulatory Commission.The difference in voting rights in the Science and Technology Board is essentially a double shareholding structure.China is currently at the initial stage of introducing a dual shareholding structure,and it is necessary to conduct a detailed analysis of the implementation effect and application value of the dual shareholding structure of listed companies.This article takes Xiaomi Group as the case analysis object,on the basis of combing the domestic and foreign literature on the dual shareholding structure,starting from the dual shareholding structure,combining the theory of separation of two powers,the principal-agent theory and the basis of control theory,analyzes the dual shareholding structure The impact on the company's development;according to the specific shareholding structure of Xiaomi,the main reasons for Xiaomi's adoption of this shareholding structure are analyzed: mastering control rights,preventing malicious acquisitions and ensuring management decision-making independence;combining with the development of Xiaomi,from corporate governance and business Analyze the implementation effect of Xiaomi 's dual shareholding structure in terms of strategy,financial performance,and non-financial indicators,and affirm the positive impact of the dual shareholding structure on Xiaomi 's development;at the same time,it points out the problems of Xiaomi 's dual shareholding structure: infringement of the interests of small and medium-sized shareholders and the efficiency of the company's regulatory mechanism Reducing and disclosing information is not timely and imperfect;based on the above analysis,summarizing the application value of the dual shareholding structure: meeting the heterogeneous needs of shareholders,optimizing the corporate governance structure,adapting to the reform of mixed ownership,and enhancing the competitiveness of the capital market;through Xiaomi 's dual equity Case revelation structure,some suggestions for a better introduction of dual ownership structure system,improve China's capital market: strengthening internal checks and balances,strengthen supporting regulatory mechanisms,improve the information disclosure system,establish a sound protection system to protect the interests of minority shareholders.