Dual Share Structure Under The Perspective Of Corporate Control System Design Research

With the establishment and development of the company system,the equity structure system has been generated accordingly.This system can guarantee that every shareholder's rights are not violated and the business philosophy is valued in the company's operation process.Although the shareholding structure of the company's shareholdings is fair,it also has certain defects.The dispersion of its shareholdings has caused the decentralization of decision-making power to a certain extent,which makes the company's decision-making efficiency very low.With the continuous development of the market economy,the company's early development funds are highly dependent,so many companies will choose to issue shares to obtain development funds,which also led to the hostile takeovers,which makes the company's founders need to go.The special ownership structure of “dual shareholding structure” can help the company effectively avoid the control of outsiders,which is conducive to the company's sustainable development.Compared with the "shareholding structure of the same shareholding",the "dual shareholding structure" is essentially the shareholding structure selected by the company,and each has its own advantages and disadvantages.To this end,China's capital market should attach great importance to this issue,and thus build China's dual ownership structure system,which can meet the diversification of the company's demand for equity structure,and also enrich the diversity of China's capital market.Although the dual shareholding structure has a long history and has become the first choice of many Chinese companies,this shareholding structure has caused widespread concern in China's industry and academia since the listing of the Alibaba Group in 2013.However,because the essence of the "partner system" stipulated in the company's articles of association is a dual shareholding structure,it has always pursued "one share and one right".In the end,Alibaba turned to the US to go public,and set a record for the largest financing IPO in history.This incident has made Alibaba's new dual-equity structure system design,“partner system”,the focal point.This system has triggered people's thinking about the allocation of control rights in innovative enterprises and the further opening and reform of capital markets.As a innovation in the dual shareholding structure,Alibaba Group has made this shareholding structure into the public's field of vision.Therefore,this paper adopts a multi-case analysis method to try to provide a certain reference value for the system design when it wants to adopt a dual shareholding structure.First of all,the first chapter of this paper expounds the research background and significance,and introduces the research methods and the framework of the paper,and points out the innovations and shortcomings of the paper.Secondly,in the second chapter,the literature on enterprise control and dual ownership structure is sorted out.In the third chapter,the theoretical basis of this paper is introduced,and the concept of the dual equity of this paper is introduced.Then in the fourth and fifth chapters of this article,the two typical cases of China's science and technology innovation enterprises,Jingdong and Alibaba,introduce and analyze the innovations in the design of the equity structure system,and the financing process and control in the case companies.The rights competition and related articles in the company's articles of association are designed to analyze the motivations of Chinese enterprises to actively choose the dual equity structure and the resource allocation problems that affect the control rights and their economic effects.Finally,through the case analysis,the redistribution of control rights in corporate governance,the incentive effect on employees and the re-innovation of the traditional dual equity structure of the partnership system are obtained in the dual equity structure.It also proposes to include a dual shareholding structure in the legal system,establish a system of investor protection measures,appropriately restrict the privileges granted to shareholders of Class B shares,and improve the requirements for ex ante disclosure of information for shareholders of Class B shares and introduce a dual shareholding structure into China.Future prospects.