Research On R&D Innovation Of Enterprises Under Dual Equity Structur

The shareholding structure is key to the development of a company,and is crucial to the operation of the company,as well as to its research and innovation.Unlike the traditional "one share,one vote" shareholding structure,a dual shareholding structure can ensure that the founders do not lose control of the company due to the dilution of their shareholding,while continuously bringing in capital for the company to expand its business scale,creating a favourable environment for the company’s R&D and innovation,and promoting the company’s innovation.It is increasingly accepted by internet and technology-based companies.In previous studies,research on this special shareholding structure has mainly focused on its causes,the resulting legal issues or principal-agent issues,but little research has been conducted on the dual shareholding structure and corporate R&D innovation.Based on this,this paper aims to explore this issue with a view to providing some reference for the development of listed companies in China.As a typical new economy company,UCloud has innovatively introduced a dual shareholding structure as its corporate governance structure,and is therefore chosen as the subject of this paper.Based on the theoretical analysis,this paper uses a case study approach to analyse the impact of the dual shareholding structure on the R&D innovation input,R&D innovation output and innovation efficiency of UCloud,and summarises the impact paths of the dual shareholding structure on R&D innovation from three levels: corporate development strategy,agency costs and human capital.Research has shown that the impact of a dual shareholding structure on corporate R&D innovation is threefold:(1)Holding control of the company and stabilising its long-term development are the direct motivations for UCloud to implement a dual shareholding structure.The stability of control gives the company a higher risk propensity,a more stable management team and a higher risk tolerance,while stronger control gives the entrepreneurs a greater sense of belonging to the company,thus exercising self-restraint to a certain extent,alleviating the problem of principal-agent and promoting the company’s R&D innovation;(2)within a certain period of time,the dual equity structure has a positive impact on the company’s R&D innovation.After the adoption of the dual equity structure for listing,the founders of UCloud thoroughly grasp the control of the enterprise,enhancing the voice of the company’s promoters and the ability of non-controlling shareholders to monitor and check the company,which plays a positive role in promoting the company’s R&D investment,improving the company’s innovation output and maintaining its competitive advantage;(3)In the long run,the dual equity structure also brings potential risks to China’s science and technology innovation development brings potential risks.When a company’s founder makes a decision that is detrimental to the company’s innovation,the company’s internal hands can be tied.In addition,a dual shareholding structure can lead to an over-reliance on the behaviour of the founder,which can affect the development of talent.