| In recent years,China’s market economy further booming development,the development goal from the past of the requirements of high speed into high quality economic development,the Chinese government attaches great importance to scientific and technological innovation,technological innovation as the primary kinetic energy of economic and social development,represented by network and high and new technology enterprise emerging industries,a large number of science and technology innovative companies.In this context,the state has clearly put forward the system of encouraging the "same shares and different rights" of technology companies in the opinions on "mass entrepreneurship and innovation".In 2019,the Shanghai Stock Exchange mentioned the content of the dual ownership structure in the newly released listing rules of the Science and Technology Innovation Board,which indicates that the dual ownership structure is recognized in China.So far,UCloud was listed on the GEM in January 2020,which is the first domestic enterprise to adopt the dual shareholding structure listed.The announcement of the application of the dual shareholding structure in the establishment of the science and technology innovation board has also attracted the attention of many domestic scholars.The article uses literature analysis,case analysis,comparative analysis and other methods,First,the analysis from the theoretical level,Understand the theoretical basis of principal-agent,control right and human capital,Collect and sort out the domestic and foreign literature on the impact of shareholder heterogeneity,dual ownership structure and dual ownership structure on the financial effect;Then take the first domestic company using the dual equity structure "UCloud" as the research object to introduce and analyze,Introduce the financing and capital increase of the enterprise,Also the actual application of the company under the overseas "red chip" structure and the dual equity structure before the science and technology innovation board is elaborated in detail,And,on this basis,Further discusses the path of realizing the dual ownership structure under the heterogeneous conditions of shareholders,Assess the financial effect of achieving dual equity,Then,according to the heterogeneous characteristics of the shareholders,Classiized the company’s shareholders.Finally,based on the shareholder heterogeneity,the influence of the dual shareholding structure on the financial effect of listed companies is investigated from the aspects of financial performance,non-financial performance and market feedback.The specific path of implementing the dual shareholding structure is mainly through the special voting rights system,Ensure that the founder team has control of the company;The motivation of implementing the dual ownership structure is to guarantee the control of the company,To prevent a hostile takeover,To achieve the high returns that investors expect,To meet the heterogeneous needs of shareholders;Although due to the impact of the epidemic and the scale expansion strategy,Poor performance in the financial data,The market response was more volatile,But compared with relatively comparable companies in the same industry,UCloud has a high level of cash creation ability,Strong r & d and innovation ability.Thus we get the following enlightenment: adopt the restriction mechanism for the beneficiaries of special voting rights;improve the decision-making quality of the founder to enhance their decision-making ability;and establish and improve the information disclosure system.This paper takes — UCloud,the first enterprise in China that adopts dual equity structure listed on the science and technology innovation board,as an example,and also hopes to provide reference and reference for other listed enterprises in the capital market to consider whether to adopt this structure. |
