| Ownership structure refers to the proportion of shares of different natures in the company's total share capital in a company limited by shares and the relationship between them.The traditional equity structure in my country is the same-share and same-right structure,that is,when shareholders exercise their voting rights,one common stock only represents one voting right,and the voting weight of shareholders is only related to the number of shares they hold.However,with the development of the economic market,this single shareholding structure has been unable to meet the management requirements of some companies.In recent years,due to the restrictions of the domestic equity system,many Chinese companies have chosen to list in foreign countries where conditions are more relaxed.This has directly led to the loss of a large number of high-quality resources in the domestic economic market.The principle of ownership led to the breakdown of its listing negotiations.After going to the New York Stock Exchange in September 2014 to go public in the form of a dual-shareholding structure,domestic discussions on the dual-shareholding structure intensified.The dual-shareholding structure refers to the company issuing two stocks with different voting rights,one is a class A preferred stock with high voting rights,and the other is a class B common stock with low voting rights,which is relative to the same stock In terms of the same-right structure,an ownership structure with the same shares but different rights.In April 2018,in order to avoid the loss of high-quality resources and the reduction of market competitiveness,the Hong Kong Stock Exchange made reforms and issued new IPO rules to allow companies with dual-shareholding structures to be listed.In July of the same year,Xiaomi was listed on the Hong Kong Stock Exchange,becoming the first company to implement a dualshareholding structure after the Hong Kong Stock Exchange opened the "same share with different rights" policy.Based on the research of domestic and foreign dual-shareholding structure related literature,this paper starts from the related concepts of dual-shareholding structure,and combines relevant basic theories including the theory of separation of two rights,principal-agent theory,equity balance theory,shareholder heterogeneity theory and EVA Enterprise value evaluation,using case analysis method,with Xiaomi company as the case analysis object for research,by studying the establishment process,development history,business model,financing process and equity structure of Xiaomi company,analysis of Xiaomi company's implementation of dual equity structure listing The main reasons include the ability to solve the contradiction between the company's financing needs and the dilution of control;it can effectively resist hostile takeovers;it can maintain the independence of management decision-making and improve decisionmaking efficiency;it can meet the needs of the company's shareholders for heterogeneity;Towards the goal of the international market.Then from the two aspects of Xiaomi's financial performance and non-financial performance,combined with the EVA corporate value evaluation method to analyze,it is believed that the dual ownership structure has a positive impact on Xiaomi's performance.Finally,draw the conclusions of this paper,and discuss the possible problems,such as damage to the right to know of small and medium shareholders and affect their investment decisions;weaken the internal and external supervision mechanism of the company;intensify the conflict of interest between the founding shareholders and small and medium shareholders,and increase the proxy The cost of the company,and put forward some targeted solutions: further improve the company's information disclosure system;further strengthen the company's internal and external supervision mechanism;further improve the company's small and medium shareholder protection system. |
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