Research On The Control Of Voting Rights And The Effect Of Corporate Governance Under The Dual-class Ownership Structure

When many listed companies expand their business scale and introduce investment,the control of founder team is also at risk of dilution.In order to ensure the right of control,many enterprises begin to choose the weighted voting rights to be listed overseas.The common expression form of weighted voting rights is dual-class share structure,the typical enterprise is JD.com,while the innovation expression form is Alibaba Partnership,which was first introduced by alibaba and has been implemented for decades with obvious success.Unlike dual-class ownership structures that employ a high-vote class of shares to concentrate control in a few founders,Alibaba Partnership is designed to embody the vision of a large group of management partners.This structure is their solution for preserving the culture shaped by founders while at the same time accounting for the fact that founders will inevitably retire from the company.The management team of JD.com,led by liu qiangdong,is also listed in the United States and adopts a dual-class ownership structure to better solve the problem that lose actual control rights due to capital increase and share expansion.Their joint choice can effectively ensure the corporate culture established by the founder team.Alibaba and JD.com,two domestic Internet giants,have different ownership structures but achieve the same goals.Careful comparative analysis also gives us a lot of new inspiration.This paper adopts comparative analysis,taking Alibaba Partnership for control rights and JD's dual-class ownership structures as research cases,to deeply study the influence of social capital on the actual control of people.Based on the analysis of the effects of the two kinds of ownership structure on economic further summarizes the economic transformation in China and legal avenues to reform and innovation.