Performance Analysis Of Xiaomi Group Under Dual Ownership Structure

Equity is the rights and obligations of stock holders corresponding to the proportion of shares they own.Equity structure is the proportion of shares of different natures in the total share capital of a joint stock company and their interrelationship.Different equity structure determines different organizational structure of an enterprise,determines different corporate governance structure,and ultimately determines the behavior and performance of an enterprise.In the process of growing up,the company needs to continuously obtain financial support,the ownership structure of the company is changing accordingly,and the corporate governance structure is also changing accordingly,which will eventually affect the behavior and performance of the company.A proper ownership structure can promote the development of the company and ensure that the company can maintain a good governance structure and business performance while obtaining development funds.The company law of our country adopts the principle of "the same share and the same right,the same share and the same interest" to the stock of the listed company.According to this principle,the control ability of the company depends on the proportion of the stock owned by the individual.In the process of development,the company has to worry about the influence of capital market on the company's management decision.Because the stock right is too scattered,many listed companies in our country have ever competed for the control right ?In order to strengthen the control of the company's management decision,many enterprises adopt the dual ownership structure,so that the founders can obtain more voting rights with less shares,make the company's production and operation have continuity,give full play to the advantages of the founders' human resources,and improve the company's business performance.This paper selects the case of Xiaomi group's dual equity structure listed in Hong Kong to study,analyzes the reasons of Xiaomi group's dual equity structure and the impact of the dual equity structure on the operation and development of Xiaomi group,conducts Tobin Q-value analysis and Du Pont analysis on the operation performance of Xiaomi group,and selects LETV network with common equity structure as the comparison company From the perspective of equity structure,this paper studies the corporate performance.Through the analysis of this case,this paper believes that the ownership structure will have an impact on the business performance of enterprises,and the dual ownership structure can solve the contradiction between the weakening of corporate control and the acquisition of development funds,especially for the Internet industry with rapid technology update.The dual ownership structure is beneficial to the long-term development of the company through the protection of the founder's control right.After the development of the company,we can choose a stable ownership structure and establish a perfect corporate governance system.The main innovation of this paper is to analyze the application of dual equity system in China,especially in the situation that the domestic capital market does not allow the use of the system under the wave of Internet.There are few literatures on the application of dual equity in China,and the research on dual equity structure mainly focuses on the legal perspective.This paper collects as much information as possible about the public application of dual equity,and grasps the listing cases of Xiaomi group as a whole,in order to explore the application of dual equity from the perspective of business performance.