Research On The Path And Effect Of Dual-class Share Structure On Enterprise Growth

In the new economic era based on the knowledge economy,innovative and entrepreneurial enterprises continue to emerge.The innovation drive has put forward new demands on the arrangement of the equity system,and the new governance paradigm of the dual-class share structure is favored by many high-tech enterprises.As the market competition faced by science and technology enterprises is more exciting,and the requirements for product and service update and iteration are higher,it is particularly important for enterprises to obtain key technical support and seize market opportunities.The strength of growth has become the key to the survival of science and technology enterprises.elements.Combining with the current situation of the implementation of dual-class share structure in scientific and technological listed companies,this paper selects Ninebot Limited as the case study object,applies the case analysis method,and firstly explores the key resources of the founder and the influence mechanism of the founder’s control on the growth of the company under the dual-class share structure,and then analyze the effect of the implementation of dual-class share structure on the growth of enterprises.The research found that: Firstly,the dual-class share structure solves the dilemma of equity financing and transfer of control rights of scientific and technological enterprises,and lays the foundation for the long-term value creation of enterprises.Secondly,the dual-class share structure,as an important way to reconfigure the authority of the enterprise under the innovation orientation,stimulates the human capital investment of the entrepreneurial team,and makes the management regulation role under the professional and technical status to be played significantly.Thirdly,the dual-class share structure stabilizes the control of the enterprise,which is in line with the needs of long-term investors,and enables enterprise managers and external related parties.Short-term employment is transformed into a long-term partnership,and the benefit-sharing and risk-sharing mechanism established by both parties provides scarce resources for enterprise development.Based on this,this paper believes that in a specific stage of the development of scientific and technological enterprises,the implementation of dual-class share structure is conducive to promoting the growth of enterprises.The innovation of the research is that in the past,most scholars used companies with dual-class share structure in the NYSE and HKEX as the case basis,but this paper selects the scientific and technological innovation enterprises listed on the mainland capital market as the research objects,which has a certain novelty and is helpful for the development of dual-class share structure.Localization development provides empirical evidence;and based on the new perspective of the impact mechanism of enterprise growth,it can expand ideas for the applicability analysis of dual-class share structure,and provide practical inspiration for the innovation-oriented governance paradigm change of scientific and technological enterprises.