| In recent years,with the rapid development of capital market,more and more companies choose to go public for financing,which greatly promotes the development of emerging enterprises.However,after listing,the equity structure of the company will also change.The original shareholders will face such problems as dilution of equity and weakening of control power,which will affect the daily operation and long-term planning of the company,and even the company will be maliciously acquired and the founder will be kicked out of the company.In order to protect the founder’s decision-making power and promote the stable development of the company,the dual ownership structure came into being and was accepted by many developed countries and gradually developed in the capital market.China started late in this aspect.It was not until 2018 that Hong Kong Stock Exchange officially announced that companies would be allowed to adopt dual equity structure to list,and China really started the dual equity structure mode.However,it has a short development period and is still in the initial stage of development.This paper studies the impact of dual ownership structure on corporate governance in domestic companies,hoping to provide theoretical reference for domestic scholars,standardize the dual ownership structure system,and promote the development of capital markets.This paper starts from the theory of dual ownership,combs the domestic and foreign scholars on the impact of dual ownership structure on corporate governance,introduces the information asymmetry theory,the separation of ownership theory and principal-agent theory,as the theoretical basis for supporting the full text.Firstly,the paper studies the development status at home and abroad,and analyzes the practical needs of developing dual ownership structure in China.Then using case analysis method,select the first batch of dual-class equity structure listed in the Hong Kong Stock Exchange of emerging enterprises D company,introduced its development and implementation background,and its motivation analysis.Then from the governance structure,governance content and governance effectiveness of three aspects of analysis,focusing on the effectiveness of corporate governance analysis,combined with financial indicators and non-financial indicators of dual ownership structure on corporate governance positive impact,and the potential risks may be analyzed.Finally,according to the above analysis,the conclusion is that dual ownership structure can meet the interests of founders and investors,promote corporate governance,and stabilize the development of the company,but at the same time,it is necessary to guard against potential risks in corporate governance and supervision.Based on the above conclusions,the research suggestions are given:Strengthen the restraint and incentive to the management,strengthen the protection of the interests of small and medium investors,and improve the internal and external supervision mechanism of the company. |
