Research On The Innovation Performance Of Ucloud Under The Dual-share Structure

The frequent occurrence of competition for control rights of domestic enterprises and the loss of a large number of enterprises with development potential have triggered fierce discussions on the adoption of new control rights distribution mechanisms such as dual-share structure in the capital market.In response to the market environment,China introduced the dual-share structure system into the newly established SSE STAR market in 2019,broadening the channels for the development of technology enterprises.The key to the positioning of technology enterprises lies in technological innovation,and their growth highly depends on the innovation ability of enterprises.Under this background,this paper studies the impact mechanism and specific performance of innovation performance of technology enterprises after the implementation of the dual-share structure.This paper selects Ucloud,the first enterprise on the SSE STAR market to adopt the dual-share structure,as the research object,and takes the internal and external mechanism of the effect of the dual-share structure on enterprise innovation as the theoretical basis.After clarifying the positive effect of thedual-share structure on Ucloud’s innovation,this paper further discusses the specific innovation performance of the enterprise.This paper finds that under the increasingly mature market system environment in China,Ucloud,which has the characteristics of high-tech industry,can effectively enhance the defense ability of enterprises against the threat of external acquisition after the implementation of the dual-share structure.Moreover,the dual-share structure gives the three founders of Ucloud absolute control over the operation and management of the enterprise,and superimposes the founders’ high-quality professional and academic background,rich experience in technological innovation and other human capital resources,which can significantly promote the innovation performance of the enterprise.Under this function,Ucloud has a good performance in innovation input,innovation management and innovation output.Finally,this paper puts forward relevant suggestions to enhance innovation performance for technology enterprises considering adopting the dual-share structure in the future,and provides the direction that the dual-share structure system should be continuously improved in the external supervision mechanism.