Study On Motivation And Influence Of Dual-Class Share Structure Selection In Scientific And Technological Innovation Enterprise

In recent years,with the in-depth implementation of the national strategy of mass entrepreneurship and innovation,scientific and technological innovation enterprises have mushroomed.With the gradual expansion of scientific and technological innovation enterprises,venture capital is not enough to continue to support the rapid development of enterprises,and many enterprises will carry out equity financing.However,at the same time of equity financing,the founder’s equity will be diluted,and the founder will even lose the control of the enterprise.The emergence of dual-class share structure can effectively help enterprises avoid the above problems,so it has been widely concerned by scholars and the industry.By Analyzing and sorting out relevant literature at home and abroad,and on the basis of confirming relative concepts,such as scientific and technological innovation enterprises and dual-class share structure,this paper makes theoretical analysis by applying corporate governance theory,information asymmetry theory,human capital theory,principal-agent theory and control right theory.Then,a case study is conducted on J Company,which chooses dual-class share structure to be listed on China’s Science and Technology Innovation Board in October 2020,in order to summarize the development and financing process of J Company,and analyze the effect of dual-class share structure on the company,such as corporate governance,financial performance and market performance,based on the 2018-2021 financial statement data disclosed by J company.This paper analyzes the potential risks of J Company’s implementation of dual-class share structure,and comes up with some advice on the application of dualclass share structure specification.Based on the case study of the motivation and influence of the selection of duallayer share structure in scientific and technological innovation enterprises,this paper proposes some suggestions on the optimization of dual-layer share structure,in order to provide theoretical reference for those enterprises that have adopted or will adopt dual-layer share structure to list,promote the dual-layer share structure to better serve scientific and technological innovation enterprises,and promote the high quality development of scientific and technological innovation cause.