Research On The Impact Of Dual-level Ownership Structure On The Performance Of Listed Companies

In recent years,China has continuously promoted social innovation and mass entrepreneurship,and a large number of emerging enterprises with strong innovation strength have emerged.While improving the public life and realizing self-development,it has also greatly enhanced the level of China's economic development.It is undeniable that innovative enterprises can only expand their scale and achieve leap-forward development with the support of capital.Therefore,listing financing has become an important way for the development of such enterprises.In the process of corporate financing,with the change of shareholding ratio of shareholders,the shareholding structure will inevitably be adjusted accordingly,which will affect the operation effect and governance efficiency of the enterprise to a large extent.For listed companies,if the equity system is not perfect,the adjustment of ownership structure is very likely to lead to disputes over control rights.At present,in the scope of listed companies,the above-mentioned problems are not uncommon.For example,the real estate company Vanke Group,due to the company's control disputes,has led to the stagnation of enterprise development.Practice has shown that both the interest orientation and the development concept have conflicts between the founders and major shareholders of listed companies.Therefore,the two-tier equity structure came into being.This paper takes the two-tier equity structure as the entry point,systematically analyzes and discusses the impact mechanism of equity structure on firm performance.Nowadays,the two-tier equity structure is generally applied to family-owned enterprises and innovative enterprises.In the financing activities of enterprises,the two-tier ownership structure protects the control of the founder and is beneficial to the long-term development of the enterprise.However,the two-tier shareholding structure also has some drawbacks.Due to the double-shareholding structure,the management of the company has the absolute control of the enterprise,which in turn leads to an increase in agency costs and an increase in the difficulty of supervision.It may even lead to serious corporate dictatorship and performance.Development will also have some adverse effects.In this context,the academic community began to pay close attention to the relationship between ownership structure and corporate performance.This paper focuses on the impact of two-tier equity structure on the performance of innovative enterprises.The overall research ideas include the following parts: First,the paper combs and The paper discusses the literature on the two-tier equity structure and deeply analyzes the theoretical results.Secondly,according to the situation of Vipshop in the United States,this paper analyzes the difference of ownership structure before and after listing,and through the comparative analysis of the actual performance of Vipshop and its performance with similar enterprises,it is concluded that the shareholding structure has an impact on the development of the company..Finally,based on the combination of theory and practice,this paper comprehensively analyzes the necessity of implementing a two-tier equity structure in the domestic capital market,and provides theoretical advice on the effective supervision of the regulatory authorities and the equity innovation of listed companies.At present,domestically,on the legal level,listed companies are not allowed to adopt a two-tier equity structure.The domestic academic circles lack research results on the two-tier equity structure,and the research perspective is concentrated,mainly from the perspective of law.Therefore,this paper takes the impact of two-tier equity structure on company performance as an innovation entry point,and deeply analyzes the impact on the company's decision-making under the two-tier equity system,and how the subsequent market reaction of these decisions is,and enhances the practical significance of this paper.This paper studies and analyzes the advantages and disadvantages of the same-share structure and the two-tier equity structure in the company's performance.It aims to provide a new innovation path for the optimization of the equity structure of emerging listed companies in China,in order to accelerate the deepening reform of the domestic capital market.The process promotes China's socialist economic construction.