Research On Corporate Governance Effect Of NIO Under Dual-class Share Structure

The equity structure is the foundation of corporate governance mechanism,and different equity structures determine the corresponding corporate governance structure.Its effective operation is the guarantee of the company’s operational performance.In the new economic era of deep integration of digital economy and real industry,the improvement of financing socialization has weakened the dependence of enterprises on physical capital;At the same time,with rapid product technology iteration and continuous innovation in business models,the founding team of the enterprise has become the core force for maximizing enterprise value due to mastering key resources such as core technology.The importance of human capital has become increasingly prominent.The focus of corporate governance has shifted from resolving management agency risks to safeguarding the founder’s control and incentivizing their long-term human capital investment.As a special equity design system,the dual equity structure not only meets the financing needs of the company,but also ensures the founder’s control over the company.Its application motivation for protecting the founder’s intellectual capital aligns with the new paradigm of corporate governance centered around entrepreneurs.In order to attract quality capital,Dual-class share structure is gradually introduced in our country.Currently,the practice and rule system construction of the dual equity structure are still in the initial stage.Exploring the specific application of the dual equity structure and studying its impact on corporate governance and long-term value has significant theoretical and practical significance.With the promotion of the double-carbon strategy,the new energy vehicle industry has become an important strategic industry to realize the green transformation of our economy.This paper selected NIO to study the influence of dual-class share structure on corporate governance,analyzed the influence path and application motivation of dual-class share structure on corporate governance,explored the change of corporate governance structure and its impact on governance performance,summarized the positive effects and potential risks of dual-class share structure through the analysis of the above governance effects,and put forward countermeasures and suggestions combined with the environment of Chinese capital market.Firstly,relevant literature and research progress at home and abroad are systematically reviewed,and relevant theories are applied to explain the influence path of dual-class share structure on corporate governance.In combination with the current corporate governance evaluation system and performance analysis framework,NIO corporate governance evaluation system is built.By combining internal governance structure with corporate performance,26 indicators from four dimensions of internal governance,market performance,financial performance and innovation performance are selected to comprehensively analyze the corporate governance effect of dual-class share structure.Through research,it is found that NIO achieves the expected governance effect through dual-class share structure,which guarantees the founders’ control rights and job security,and enables the founders to continuously contribute human capital to complete the company’s long-term strategic goals.The specialized division of labor has improved the governance efficiency of enterprises and the overall improvement of enterprise performance.However,the founder effect is significant,and the risk of equity balance weakening and decision-making error greatly increases.Based on the results of case studies and combining with our capital market environment,it puts forward some suggestions,such as introducing the time-shaped sunset clause,strengthening independent director supervision,perfecting information disclosure system,optimizing the protection system of small and medium Stockholders’ rights and interests,in order to perfect the design of the dual share structure and improve the attraction of our capital market.