Analysis Of The Motivation And Effect Of Implementing Dual-shareholding Structure In Scientific And Technological Innovation Enterprises

In recent years,the dual-class share structure has attracted wide attention due to its unique design.To put it simply,the dual-class share structure is to divide the stock of an enterprise into two classes,AB.Although the shares of the two classes are the same,they represent different voting rights.In this way,the major shareholder with high multiple voting rights can more easily control the enterprise.Technological innovation-based enterprises asset light the characteristics of high input determines its best choose equity financing,financing ways,but if you choose listed in the domestic same stock rights,the founder of the stake will be diluted in the process of financing,at the same time control will be weakened,and the founder to seize control for Technological innovation-based enterprises is the key to the future development direction.In China a few years ago the limitation on the dual share structure is difficult to guarantee the founder in the control position in the enterprise,therefore many founder technology innovative enterprise in order to save his life work also to firmly grasp the company long-term development direction and choice to the public,for our country’s economy,the development of science and technology are a huge loss.In order to avoid the continuous outflow of such high-quality enterprises overseas,China has gradually loosened the restrictions on dual-class share structure after a series of explorations and investigations: after the Hong Kong Stock Exchange allowed the dual-class share structure to be listed in April 2018,Xiaomi Group targeted the opportunity to become the first dual-class share structure company to be listed in Hong Kong after the policy was opened.Xiaomi’s firm choice of dual-class share structure also provides a brand new solution for other domestic science and innovation enterprises in the choice of listing road.The entry of dual-class share structure will be more conducive to the long-term development of China’s science and innovation enterprises,and China’s capital market will also be more youthful and dynamic.This article selected millet group object as a case study,the financing process of millet group and double after the introduction of equity stake and control of the situation has carried on the detailed comb,and combine the characteristics of the type Technological innovation-based enterprise analysis of millet group adopts dual share structure of listed:(1)obtain financing guarantee founder control at the same time,(2)the founder of the specificity of human capital is more advantageous to the enterprise to make the right decisions,(3)meet the demand of shareholder’s heterogeneity;Dual share structure is analyzed from three aspects in the implementation of the millet group results show:(1)the millet group after implementation of the dual share listing has a positive effect on financial performance,(2)the capital market of millet dual share structure is relatively bullish,(3)the implementation of dual share structure is advantageous to the millet group long-term development planning;Finally,the conclusion is drawn: the implementation of dual-class share structure in Xiaomi Group has certain positive effects,but considering that excessive concentration of control rights may infringe the interests of minority shareholders,it is necessary to strengthen supervision and improve supporting systems to effectively play the positive role of dual-class share structure in science and innovation enterprises.