Research On Control Right Allocation Under Multi-share Structure

The design of the ownership structure and the allocation of control rights are always issues that need to be faced by listed companies.In recent years,China has vigorously advocated entrepreneurship and innovation.More and more listed companies have sprung up with excellent products and an outstanding spirit of innovation.They have taken the lead in the world and have greatly changed our way of life.It is worth noting that the success behind these companies is often inseparable from the support of huge amounts of capital.In this process,the company's ownership structure will inevitably undergo significant changes,and will further have a direct impact on its corporate governance.On the other hand,disputes over control rights caused by changes in the ownership structure are commonplace.The disputes over control that led famous companies such as NVC Lighting and China Vanke Group intensify the management philosophy and economic interests between the founders and major shareholders.There may be difficult contradictions and conflicts in other aspects,and it also raises the attention of the social and academic community to the allocation of ownership structure and control rights.At the same time,a group of domestic excellent internet companies represented by Alibaba adopted a multi-layered equity structure to go overseas.The practice proved that their keen innovation in the ownership structure successfully solved the problem of allocation of control rights and avoided disputes over control rights.And the occurrence of hostile takeovers and other events.This article is based on the configuration of control rights under a multi-level equity structure.First of all,this article reviews and comments on the literature related to control rights and multi-layer ownership structure,and carries out theoretical analysis.After that,the famous contention for control of the "Marble contends" is used to analyze the characteristics and predicament of the traditional single-level ownership structure and control rights allocation,and compares it with the control configuration of a special multi-level shareholding structure.analysis.Alibaba Group was later used as a case to elaborate the changes in the ownership structure and the characteristics and basis of the allocation of control rights in each of the three major phases,and to analyze in detail the special multi-layered equity structure adopted by Alibaba in the face of the dispute over control rights.Set-up "Partner System",focusing on analyzing the important role it played in the allocation of control rights,and also sort out the impact of Alibaba's special ownership structure design on its corporate governance,and explore its existing problems and limitations.Finally,combined with the comparative analysis and case analysis of the previous article,we propose the design and supervision of the listed companies and regulatory agencies in China for the innovation in the allocation of shareholding structure and control rights.The research significance of this article mainly lies in the predicament of the allocation of control rights over the traditional equity structure and the allocation of control rights under the multi-level equity structure.It also provides suggestions for solving the problem of the allocation of ownership structure and the allocation of control rights in China's innovative enterprises and deepening the reform of China's capital market.In the past,China's literature has relatively few researches on multilevel equity structures,and most of them focus on the legal level.The innovation of this paper mainly focuses on the configuration of control rights,and analyzes the modes and foundations of control rights allocation under different ownership structures.Combining with actual cases,it is closer to practice.