Research On The Evaluation Of Corporate Governance Effect Of Millet From The Perspective Of Dual Shareholding Structure

In recent years,with the gradual acceptance of dual-class share system in China's capital market and the increasing recognition of dual-class share structure,domestic scholars have increasingly heated discussions on the effect of dual-class share structure in the process of corporate governance and its feasibility in the domestic capital market.Xiaomi became the first Chinese company to go public with a dual-class share structure in 2018 after the Hong Kong Stock Exchange began to relax its policy to allow companies with the same share structure with different rights to go public.In April 2019,the Shanghai Stock Exchange also began to liberalize the dual share system and create the science and technology innovation board.In January 2020,the Shanghai Stock Exchange officially accepted listed companies with the same share and different rights structure.This paper takes Xiaomi as the research object and evaluates the effect of corporate governance of Xiaomi under the dual-class share structure,so as to obtain relevant enlightenment on the application of dual-class share structure in China's sci-tech innovation enterprises.This paper evaluates the corporate governance effect of Xiaomi mainly from two aspects:financial dimension and non-financial dimension.Firstly,through the financial index,the effect of corporate governance is evaluated from four aspects:market value,profitability,income quality and growth ability.Secondly by drawing from domestic selected related indicators of the corporate governance evaluation system achievements,empowerment quantized by combining with ahp method,concrete from the dimension of non-financial indicators on millet,protection of the rights and interests of small and medium-sized investors,the board of directors of the company governance management governance,financial governance and voluntary disclosure five indicators to evaluate.Study found that the application of dual share structure has a positive effect on corporate governance comprehensive millet,millet company market value gradually recognized,steady rise of profitability,etc.,but also improve the corporate governance mechanism,millet significantly improved the level of board governance,more perfect the system of the protection of the rights and interests of small and medium-sized investors,improve the management mechanism,strengthen the financial management ability.However,in the evaluation process,it is also found that there are still some deficiencies in the corporate governance of Xiaomi under the dual-class share structure,which need to be improved.For example,the protection level of the rights and interests of minority shareholders is affected,the role of supervision mechanism is limited,and decision-making risks are increased.The main reason is the excessive concentration of the control rights of Xiaomi.In view of these deficiencies,this paper also puts forward reasonable suggestions,such as improving the protection mechanism for small and medium investors,establishing the restriction mechanism for A-class share holders and improving the decision-making ability of the founders,so as to make the dual-class share structure play A positive role in the governance of Xiaomi.