Research On The Financing Strategy Of Z Company Based On The Dual-Layer Equity Structur

According to the outline of the 14 th Five-Year Plan for China’s economic and social development,innovation-driven development plays a central role in China’s overall modernization drive,and scientific and technological innovation should be taken as a strategic support for the country’s development.In the process of forming an innovative social and economic system with the deep integration of industry,university,research and application and enterprises as the backbone,it is imperative to speed up the cultivation of a number of high-quality enterprises facing the frontier of the international economy,in line with the national strategic direction,and with independent core technologies and research and development capabilities.In the real economy and society,most enterprises in the development process generally face the financing strategy dilemma----enterprise early profitability,capital accumulation speed and high R & D spending,market costs can not balance,especially in the key stage of enterprise development,such as the equity financing process of the development stage to be listed,Decentralized equity financing demand and founder of dilution caused by enterprise control stability decline,outside investors capital gains target interest friction with the enterprise long-term development strategy,and many other shield is difficult to reconcile,how to design scientific and reasonable equity structure,meet the enterprise listed financing demands,balance and the interests of the investors,has become an important problem affecting enterprise long-term development.Based on the above problems as the research starting point,the case study company Z when facing the contradiction in the actual development process,through the innovative double ownership structure design,the right of use with different institutional arrangements,successful completion of the listed financing,meet the demand of the enterprise financing and guarantee,founder of the enterprise control the stability of the whole process,analysis of enterprises to adopt double-layer structure,The main points and principles of dual-class share structure design and specific implementation methods are extracted,and it is concluded that dual-class share structure is beneficial to expand the financing ability of enterprises,guarantee the founder’s control right,and maintain the long-term stable development of enterprises.This paper firstly introduces the research significance and background of the topic,then collects and combs the domestic and foreign research literature and theoretical situation,and makes an in-depth study of the case enterprise Z based on the policy environment and reality of dual-class share structure on the basis of further providing relevant theoretical basis for this study.Mining in the development of the company especially pre-ipo financing stage of the main problems,through case analysis,data contrast method such as the comprehensive analysis of double Z company ownership structure scheme,its financing effect and the positive role of enterprise steady development,is facing the same problem of enterprises related to equity financing strategy design provides effective reference.