Research On The Application Of Dual Class Equity Structure In The Reform Of Mixed Ownership

Dual-class share structures is a kind of ownership structure which different from the principle of "one share and one vote" in the traditional company law,and its diversified dual-class share structures is favored by many companies.Although domestic laws and regulations have not yet clearly recognized it,the Science and Technology Innovation Board and Chinext as well as Shenzhen Stock Exchange has introduced it and started pilot projects.At present,there are some problems in the reform of mixed ownership reform of state-owned enterprises,such as the contradiction between financing and equity dilution,low participation of private capital.In recent years,domestic scholars have done a lot of research on the application of dual-class share structures in the reform of mixed ownership reform of state-owned enterprises,and there are similar policies at the national level to support it.However,there are still no cases in practice that dual equity structure is applied to the reform of mixed ownership.Based on the application of dual ownership structure to the reform of mixed ownership,this paper will conduct the following research.Firstly,this paper makes a detailed jurisprudential analysis of the meaning and characteristics of the dual share structure system and the background and goal of the reform of mixed ownership system.Secondly,this paper analyzes the meeting point of dual ownership structure in the reform of mixed ownership of state-owned enterprises based on the specific situation of China’s capital market and the status quo of the reform: There is room for policy application,the dual ownership structure can satisfy the different interest preferences of state-owned shareholders and non-state shareholders,the piloted state special management shares have similarities with the dual ownership structure,and the problem of conflicts between financing and equity dilution is resolved,etc..Then it analyzes the factors hindering the application of dual ownership structure to mixed ownership reform,including: lack of legislation related to dual ownership structure,imperfect regulations on dual ownership structure on the Science and Technology Innovation Board and Growth Enterprise Board,and lack of "reverse mixed reform" in mixed ownership reform the state-owned enterprises’ thinking and dual-class structure increases the rights of state-owned shareholders and so on.Finally,on the basis of the existing problems,this paper puts forward the concrete proposals of applying dual-class ownership structure to the reform of mixed ownership system.And it is concluded that under reasonable system design and measure arrangements,the application of dual ownership structure in the reform of mixed ownership system can effectively promote the pace of thorough reform of state-owned enterprises,and is helpful for solving the problem of financing difficulties in the operation of state-owned and non-state-owned enterprises an important conclusion.