Research On The Construction Of Mi Group's Dual Ownership And Its Impact On Enterprise Performance

My country's "Company Law" stipulates that listed companies need to implement a "same share and same rights" shareholding structure.However,investor preferences are often heterogeneous.To a certain extent,the traditional equity structure of uniformity and homogeneity cannot satisfy shareholders with heterogeneous investment preferences,and at the same time,it also decentralizes control.However,for Internet high-tech companies that rely on their founders to establish,develop,and grow,the founders intend to have absolute control and are committed to the long-term development of the company.Based on this,the dual ownership structure can solve the problems of investment heterogeneity and decentralized control.In recent years,due to the restrictions of the domestic equity system,some Chinese Internet companies have chosen to go to the United States and other overseas listings.The loss of high-quality resources has brought new challenges to the domestic equity system regulations.Recently,the Hong Kong Stock Exchange allowed companies with dual equity structures to be listed,and Xiaomi Group took the lead in listing in Hong Kong.Under normal circumstances,the establishment of a company's shareholding structure will directly affect its governance and operating efficiency.As a special structure design that is different from the traditional one-share-one-vote structure,how does it affect the company? What is the governance effect? Can the company develop steadily and present excellent operating performance? It has always been the most concerned issue for many entrepreneurs and investors.At present,a large part of the research of domestic and foreign literature focuses on the legal application level of dual ownership structure.Quantitative research on the impact of dual ownership structure is relatively limited,and the research on the mechanism and path of dual ownership structure on corporate performance is more limited.Through the research and analysis of this article,we have enriched and perfected domestic related theoretical research on the impact of dual equity on enterprises;at the same time,Xiaomi Group,as the first Internet technology company to adopt dual equity structure to be listed in Hong Kong,has certain characteristics and representativeness.This article first briefly introduces the research background and significance,combs the literature and briefly describes the related concepts and theoretical basis of dual equity,and analyzes the advantages and disadvantages of dual equity structure based on the literature research.By combing the data of Chinese concept stocks listing in the United States and the differences between Chinese and foreign markets,The dual-shareholding structure is paving the way for the application of research in my country.Secondly,select the case of Xiaomi Group's successful listing in Hong Kong,analyze the reasons for Xiaomi Group's choice of dual ownership structure,and construct the impact path of dual ownership structure on corporate performance from the three aspects of human capital,corporate governance and strategic decision-making.,Non-financial performance and market analysis of the impact of Xiaomi Group's dual-shareholding structure.Finally,based on the impact of the dual shareholding structure on the Xiaomi Group,reasonable suggestions are made on the expected potential risks,and it also provides references for companies that hope to achieve long-term development through dual shareholding structures in the future.The research found that the business model of Internet high-tech companies and their inherent property rights are the root causes for companies to choose a dual equity structure for listing.Xiaomi Group has promoted the implementation of long-term ecological chain construction and other strategies through this special equity structure,but the core individuals have absolute control rights.It may harm the interests of small and medium shareholders.Therefore,implementing a dual-shareholding structure within a limited scope guaranteed by the legal system can protect the rights and interests of all shareholders and stabilize the corporate governance environment,conform to the company's development vision,and form a better development trend.