The Research On The Implementation Of Dual-Class Share Structure In China

Alibaba's successful listing in the United States makes China's top ranked Internet companies,such as Baidu,Sohu,etc.,almost all seek opportunities for listing in overse as capital markets.This kind of corporate relocation and listing not only results in the loss of national asset interests,but also results in the disclosure of private economic in formation in China due to the stringent information disclosure system in the foreign capital market during the listing process.The rationality of breaking the tradition of "same share same rights" at the current stage has become the focus of controversy among many scholars and practitioners,mainly focusing on whether the system is beneficial to the long-term operation of the company and how to protect the interests of shareholders of different levels.First of all,this paper explains the definition of the dual-class share structure,and the origin of the system is introduced in detail.It is considered that the system is a challenge to the principle of the same share of the same rights,and it advocates that the value guides the allocation of equity models.At the same time,this paper studies the development status of the current dual-level share structure system in various countries,and finds that the degree of acceptability of the system in the world is variable from unstable to stable,and the application of different levels of equity in different countries and risk aversion are Mature.Furthermore,this paper discusses the necessity of dual-share structure system for the company's own development:For the company itself,when it grows to a certain stage,in order to seek a further perspective and a broader development,financing and being listed are the general ladder for them to climb.However,in order to expand development,it is necessary to ensure that the core founders have control over the company's corporate culture construction and other development opportunities.This paper believes that for our own economic development and integration with foreign markets,we also need to change from time to time,in line with local conditions to innovate the model of equity development,the double need are the reasons for us to develop the dual-class share structure.In the end,for the reasonable and effective development of this system in our country,this puts forward some suggestions and measures.From the perspective of dem and,in order to conform to the trend of multi-level shareholder appeals,enhance corporate governance effectiveness,and actively competition in capital markets,local supporting system should be built.In addition to preventing the drawbacks of the traditional multi-equity model,we also maximize the use of our country's legal inclusiveness and strengthen our self-regulation and self-motivation model...