Research On The Impact Path Of Dual-class Share Structure On Corporate Performanc

For many years,China’s listed companies have been adhering to the equity structure of "one share,one right" in corporate governance,which has restricted the development of some companies,especially innovative enterprises,and thus inhibited the enthusiasm of such enterprises to list in the domestic capital market.The traditional equity system has been gradually unable to adapt to the development requirements of some modern innovative enterprises,so it is in urgent need of diversification reform.In April 2019,the dual-class share structure was officially implemented on the mainland.As a major system reform of Chinese capital market,the dual share structure urgently needs corresponding research results at present,especially the dual share structure affects the carrier of important information in capital market such as company value,corporate performance,etc.This paper takes "How dual-class share structure affects enterprise performance" as the starting point,combines with the management characteristics of enterprises under dual-class share structure,builds a theoretical framework,selects typical cases for analysis,evaluates the effect of dual-class share structure on enterprise development and value appreciation,and focuses on discussing the influence path of dual-class share structure on enterprise performance.It provides suggestions on improving corporate governance and enhancing corporate performance for enterprises with dual-class share structure.This paper is an exploratory case paper.Baidu Group(BIDU),a famous Chinese company,is selected as the object.First,a research framework is constructed through theoretical analysis and literature review.The main contribution of this paper is to enrich the research on the influence path of dualclass share structure on corporate performance from both theoretical and practical aspects.This paper analyzes the dual-class share structure of Baidu in the form of case analysis,and analyzes the impact of dual-class share structure on its business performance by means of vertical comparison,so as to provide relevant reference for more scientific innovation enterprises that want to list with dual-class share structure.This paper focuses on the analysis and summary of dual-class share structure to improve the specific path of corporate performance,promote the theoretical research on the relationship between dual-class share and corporate performance,for implementing or preparing to implement dual-class share companies how to improve corporate performance.At the same time,this paper summarizes the risks that dual-class enterprises may face,and puts forward relevant governance suggestions.On the whole,the research of this paper has positive significance for improving the corporate governance of Chinese innovation enterprises.