| With the international trade friction and fierce international competition,China’s economy is also developing at a high speed.Under the guidance of innovation-driven strategy and vigorously developing scientific and technological innovation,the demand for dual-class share structure setup in the field of science and technology industry is increasingly strong,and dualclass share structure has further developed in China’s market.Although China has begun to cautiously allow dual-class structure listing,but its development still needs extensive research and discussion to guide the way.Driven by their own needs,many technology enterprises have chosen to go public with different voting rights structures to maintain the founder’s control,protect the enterprise from the domination of short-term speculative shareholders,promote the development of entrepreneurship,and urge the healthy and stable development of enterprises.However,as more and more enterprises apply dual-class share structure,in dividual businesses are applying dual-class share structure for a longer time,the risk and consequences of the abuse of control have to become a very important issue in domestic related fields.The CSRC is also committed to maintaining the stable operation of the capital market,constantly improving relevant laws and regulations to prevent potential problems arising from the implementation of dual-class share structure.Taking the dual-class share structure listing case of Xiaomi For an example,this paper studies the influence of dual-class share structure on the quality of accounting information,and the observation responds that applying the dual-class share structure is good for the quality of accounting information.In this reasearch,the reasons for the promotion of accounting information quality are speculated,and the multifaceted impact of the analysis may be brought to enterprises,and the enlightenment is drawn.The analysis results display that the adoption of dual ownership structure can promote the quality of accounting information.The internal reasons may be to promote the governance efficiency and decision efficiency,maintain the brand concept that Xiaomi has been promoting and the founder’s shareholding ratio is large,etc.,while the external reasons may be related laws and regulations,institutional investors and media supervision.High-quality accounting information can promote the communication efficiency within the enterprises,improve business performance,maintain the normal operation of the capital market,promote the improvement of relevant laws and regulations,give investors confidence,help further financing and so on.Xiaomi company because it is domestic first with dual share structure listed enterprise,so there are a lot of domestic and foreign scholars have analyzed this case,the existing research mainly around the dual share structure analysis of the influence of the founders or management control,and achieve the efficiency of management of the enterprise and innovation by influencing the control performance improvements,Many scholars have also studied the unsatisfactory long-term performance of enterprises caused by the solidification of corporate control rights in the process of dual-class share structure,as well as the problems existing in the laws and regulations on shareholder rights protection.The main contributions of this article are as follows: 1.It’s emphasis is on the influence of dual-class ownership structure on the quality of accounting information.Taking Xiaomi As an example,it explores the influence mechanism of dual-class ownership structure on the quality of accounting information,and quantifies the quality of accounting information through a model to explore the effect of dual-class ownership structure on the quality of accounting information.2.This paper will be aimed at the science and technology enterprises,the reasons for the change of accounting information quality from multiple perspectives,and put forward suggestions. |
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