Research On The Dual Ownership Structure Of Science And Technology Innovation Enterprises

With the continuous transformation and development of China ' s economy,scientific and technological innovation has gradually become the source of impetus for China ' s economic development.A large number of scientific and technological innovation enterprises have emerged under the support of national policies.The development and growth of these scientific and technological innovation enterprises have contributed to China's economic development and social progress.Is of great significance.However,in recent years,these home-grown technology innovation companies have chosen to go public in the United States,and high-quality listing resources in the domestic capital market have been lost.The reason is that the strict legal restrictions in the domestic capital market and the listing of iron with the same shares and rights system are important factors for these companies to seek overseas listing.Due to the growth cycle,financing characteristics,and the game between the founder and his team and investors before the IPO,technological innovation enterprises need to maintain control of the enterprise with the help of a dual equity structure to solve the problem of equity financing and dilution of control contradiction.Among the many scientific and technological innovation companies that have achieved overseas listing by virtue of the dual equity structure,JD.com is a typical representative.During the development process of JD.com,the founder still held the control of the enterprise after multiple rounds of financing,and the adoption of the dual equity structure has attracted the attention of many scientific and technological innovation companies.Therefore,the analysis of JD's dual equity structure has certain reference value for some other technological innovation enterprises in China to solve the dilemma of similar equity financing and dilution of control rights.This article takes JD's dual equity structure as the starting point for analysis,and based on domestic and foreign dual equity structure research,based on the objective reality of JD.Based on a thorough reading of relevant research literature at home and abroad,the research points of this article are summarized,and the research framework of this article is established.This article explores JD's dual equity structure with five chapters.In the introduction,the background and significance of this case study are introduced first,the domestic and foreign literatures related to the dual ownership structure of scientific and technological innovation are sorted out,and the analysis logic and research framework of this article are explained.The second chapter elaborates thedefinition and characteristics of science and technology innovation enterprises and related theories,and lays the groundwork for the case analysis in chapter 4.The third chapter is the introduction of JD's dual equity structure.First,it introduces the general situation of JD.com and its development financing process,and then focuses on the implementation motivation,scheme design,and implementation of JD's dual equity structure.The fourth chapter analyzes the effect of the implementation of JD's dual equity structure.The effect is divided into positive and negative aspects.The fifth chapter is divided into two parts.One is to summarize the case of JD's dual equity structure,and the other is to elaborate the enlightenment brought by JD's dual equity structure based on the summary of the case.Through case analysis,I have come to the following conclusions: JD's successful listing with a dual equity structure provides a model for technological innovation companies to solve the dilemma of equity financing and control rights dilution.When technological innovation companies use equity financing,they should stick to control right at the beginning of financing.Bottom line.At the same time,it also sounded a wake-up call for domestic regulators.The introduction of a dual equity structure fits the needs of technological innovation-oriented enterprises for special equity governance structures.However,as a foreign product,dual equity structures cannot be copied and used in China's capital market,but should be combined with China's specific national conditions.Establish a dual equity structure with Chinese characteristics,strictly limit the scope of application,implement dynamic supervision and management,attach constraints,and design sunset clauses.When a shareholder with high voting rights violates the relevant additional conditions,the shares with high voting rights in his hands automatically expire,and his privileges are deprived.At the same time,the internal and external supervision mechanisms shall be improved,the information disclosure system shall be improved,and effective market guidance shall be provided.This article mainly adopts the literature research method and case study method,based on a detailed analysis of the case of JD's dual equity structure,focusing on the reasons and effects of the implementation of JD's dual equity structure.This article evaluates the implementation effect of JD ' s dual equity structure from a financial perspective and a non-financial perspective,and makes a comparative analysis with the performance of similar companies.At present,most domestic scholars focus on the applicability of the dual equity structure.From the perspective of malicious acquisitions,agency costs,management compensation,and public investor protection,they discussthe impact of dual equity structures on enterprises and capital markets,and less focus on technological innovation.Motivation and Effect of the Dual Ownership Structure of Large Enterprises.From the perspective of combining theory with practice,this article analyzes the case of JD's dual equity structure,and provides some inspiration for China's science and technology innovation enterprises to introduce this special equity.