Research On The Impact Of Dual Ownership Structure Of Jingdong Group On Company Performance

In recent years,many large Internet enterprises such as Alibaba,Jingdong,Baidu and Millet Group have adopted dual equity structure(partnership system)to go public in Hong Kong and abroad,which shows that the domestic equity system with the same rights does not meet the financing needs of some emerging enterprises in China.In April 2018,the Hong Kong Stock Exchange said that it would relax the policy of ownership structure of IPO,which shows that the acceptance of dual ownership structure of IPO market is increasing,and also implies the necessity of studying the future development of ownership structure of China’s stock exchange market.The implementation of dual ownership structure can effectively separate corporate control and management rights,but at the same time,IPO financing will inevitably lead to the dilution of equity,and the rights of many large and small shareholders are rarely protected.Because this model is not allowed in China,many enterprises are listed through foreign financial markets,which directly causes economic losses in China.It is worth discussing the impact of dual ownership structure on enterprise performance and whether dual ownership structure is suitable for China’s implementation.On the basis of combing the research results of domestic and foreign scholars on the application and selection of dual equity and the relationship between equity model and corporate performance,this paper analyses the relevant data at home and abroad from a macro perspective,expounds the relevant concepts and theoretical basis of dual equity structure and corporate performance from the academic research level,and makes use of principal-agent theory and incomplete contract theory.On the basis of case study and comparative study,this paper takes the dual ownership structure adopted by Jingdong Group,the leading Internet company,as a specific case study.It elaborates the whole process of financing and listing,the change of ownership structure and the relevant information of the dual ownership structure itself,and analyses the motivation and implementation path of the dual ownership structure in Jingdong.Then we use ROE and Tobin Q to compare the performance of the listed companies in Jingdong,and choose Suning,an e-commerce company with the same share and the same right system in the same industry,to analyze the impact of dual ownership structure on its performance.Finally,we study the possibility of implementation of dual ownership structure in China from the perspective of dual ownership structure.This study is helpful to understand the causes,essence of dual ownership structure and its impact on corporate performance from the perspective of enterprises.It can provide help for emerging industries and enterprises to try dual ownership structure,and provide experience and reference value for relevant domestic enterprises.