The Experience Of Dual Ownership Structure Of JD And Its Enlightenment To The Mixed Reform Of State Owned Enterprises

In the rapid development of Internet technology companies,the development of enterprises essential to the financing needs of equity financing and maintain control seems to have the difficile contradictions to resolve,especially in recent years,corporate equity dilution,leading to corporate control of competition Of cases have occurred.In this context,the dual ownership structure of this special capital structure is more and more people recognized,is considered to be equity financing,while ensuring that control is generally effective as a way.Alibaba to be listed in Hong Kong in 2013,because of its proposed partner system can not be achieved and then went to the US market,its unique partner system is essentially a dual ownership structure of a.This has also aroused the concern at home and abroad,let people re-examine this special ownership structure.In recent years,more and more Internet technology companies choose overseas listing,most of which have adopted a dual ownership structure of the system design,and now the mainland of China and Hong Kong are not allowed to use such an equity structure arrangements.Under this background,this paper chooses China's first successful electricity-to-market platform-Jingdong as an example.Through the analysis of its dual ownership structure,we find that:(1)After several rounds of financing,the founder,Liu Qiangdong,won the 83.7%voting right through the design of A-shares and B-shares with nearly 20%of the shares under the threat of the controlling status of the largest shareholder.Firmly in control of the company.Through its pre-IPO business areas and financing analysis of the implementation of dual equity Jingdong is imperative.(2)From the financial data on the performance of more than expected,multi-category layout effective,excellent operational capacity of the positive effect of double ownership structure to ensure corporate control,but also conducive to the company's business strategy implementation and implementation.(3)The concept of JD price war brings high-cost high-cost negative effects,that super-voting rights of the founders in the absolute control of corporate ownership,but also bear the right beyond its revenue and operational risks,financial The existence of enterprises can not be sustained and healthy development of the risk.At the same time,it elaborates the possible countermeasures of double ownership structure from the three aspects of the protection of the right to know,the principle of restraining right and the principles of ex post facto.(4)Through its positive and negative effects of the interpretation,whether for Chinese enterprises to choose dual ownership structure in overseas listing to make reference.