| The ownership structure is the cornerstone and vane of a company’s sustainable and healthy development,different ownership structures often bring completely different governance effects to the company.With the continuous transformation of China’s economic model,the digital economy has become an important driving force for economic growth,it has become an important breakthrough for scientific and technological innovation to generate new development momentum,the original governance concept and governance model will face major challenges,the traditional ownership structure of the same share and the same rights is obviously unable to meet the needs of the market,and the dual-class share structure,as a new type of ownership structure,can greatly improve the company’s level of governance.Under this background,it is extremely urgent and necessary to build a governance system that matches the digital economy and introduce a dual-ownership structure.However,due to the late start of China’s exploration of dual-class share structure,current thinking on dual-class share structure in China is still mostly limited to the research on its applicability and feasibility,and the analysis and research of specific cases are still relatively lacking,basing on this aspect,this paper has applied the literature research method and case analysis method successively,taking the first share of China’s A-share dual-class share structure-UCloud technology company as the research object,focus on exploring the motivation and influence of the choice of its dual-Class Share Structure,and make recommendations for improvement in a targeted manner,improve corporate governance efficiency.In this paper,innovate the research perspective and analysis ideas,the specific contents include:(1)Organize and summarize domestic and foreign literature research on the motivation and influence of dual-class share structure choice,master the latest research trends,clarify research ideas,and establish a research framework.(2)Define the concepts of technology companies and dual-class share structure,analyze corporate governance theory,principal-agent theory and control theory,grasp the impact mechanism of each theory on the dual-class share structure of technology companies,and establish a theoretical framework for research.(3)Introduce the basic situation of UCloud technology company and focus on analyzing the motivation of the company’s choice of dual-class share structure.(4)From the four aspects of market performance,business performance,governance efficiency and risk control,analyze the influence of the dual-class share structure choice of UCloud technology company.(5)According to the case analysis,it is finally concluded that the choice of the dual-class share structure of UCloud technology company has certain positive effects,but at the same time it also brings about: failure of internal and external supervision,damage to the interests of small and medium shareholders,and insufficient information disclosure.Finally,this paper puts forward relevant countermeasures and suggestions from the aspects of improving the voting rights mechanism of special voting rights,enhancing the ability of company founders,and strengthening information disclosure. |
