Research On The Motivation And Influence Of The Choice Of Dual Ownership Structure

The rapid development of the market economy challenges the traditional structure of the same share and the same right.Since Baidu,Ali,Jingdong and other companies listed in the United States with the dual equity structure,the dual equity structure has gradually attracted attention in the Chinese market.In April 2018,the Hong Kong Stock Exchange officially released the revised main board listing rules,allowing enterprises with the same share and different rights structure to be listed.MI became the first enterprise to be listed in Hong Kong with dual equity structure.In this paper,MI is taken as the case study object.Firstly,the related concepts and theories are introduced,the concepts of dual ownership structure and corporate performance are summarized,and the related literature of dual ownership structure and corporate performance at home and abroad is analyzed.Then,it elaborates the financing process and the change of ownership structure of MI,and analyzes the motivation and corresponding weight of MI's dual ownership based on AHP.Then it analyzes the corporate governance structure,market reaction and development strategy of MI after listing with dual equity structure,and then obtains the influence of dual equity structure on the non-financial performance of MI.Then it uses Du Pont analysis method,profitability,solvency and other indicators to carry out vertical comparison,and selects ZTE to carry out horizontal comparison and analysis of MI's use of dual equity structure Financial performance after listing.Finally,the paper analyzes the possible risks MI may face when using the dual equity structure,and puts forward relevant countermeasures and suggestions according to the risks.Through comprehensive analysis,MI's motivation of using the dual ownership structure mainly includes the founder's requirements for the control of the enterprise,providing stronger incentive mechanism for the founding team,preventing malicious takeover and making the company's development and strategic layout more long-term,and according to the results of AHP research,the main motivation is to master the control of the company.The dual ownership structure makes MI's governance model constantly perfect,its business situation steadily improved,and its market response is good,which has a positive impact on the long-term development of the enterprise and the company's performance in the future.The possible risks are mainly reflected in the abuse of power by the management team,the damage to the interests of small and medium-sized shareholders,and the incomplete information disclosure of the company.This paper has a richer perspective on the research of dual equity structure,enriches the relevant research content in China,helps to understand the motivation of using dual equity structure and its impact on its performance from the perspective of enterprises themselves,and can provide corresponding reference experience and help for domestic related enterprises.