Study On Dual-class Share Structure

The development of high-tech enterprises,especially the Internet enterprises,can not do without the support of capital.Financing is the main way of their development.Going public is the main way for a company to grow bigger and stronger.In the process,the share of management will be reduced,it will be more subject to the outside world and constantly interfere with the management shareholders,or it will have a serious impact on the future of the company as the new shareholders bring different business strategy ideas.The financing demand of the company and the demand for the control of the company has always been a state of mutual loss,how to balance the contradiction between the two has always been the need of the founders,and with the development of the market economy more and more.The conventional and traditional equity model "one share,one vote,the same share right" can not be satisfied with the needs of enterprise founders,in this context,good reference to other countries have already studied the more mature dual equity structure is the choice of most modern listed companies.Moreover,many foreign countries have quite mature and complete experience on dual equity structure.But our country’s demand on equity is still to adhere to "one share,one vote",the establishment of double stock structure,and the possibility of mutual exclusion with the basic principle of one share,one vote,bring a lot of potential legal risks to corporate governance,which is one of the main reasons why we have not introduced double stock structure system.As a result,many of the new economy’s companies want to list in double equity but,given the lack of them at home,have gone to capital markets in overseas countries such as the US.So that our capital market and investors suffered certain lossesWith the rising of domestic securities market and the perfection of various systems and systems,it can be said that the two-tier equity structure has the demand of capital market and the guarantee of law.Based on the actual situation of our country’s legislation and the development demand of our country’s capital market,from the basic meaning of the double-layer equity model to the analysis of the advantages and disadvantages of the model,and with reference to foreign thinking,this paper puts forward some suggestions on the application and system design of our company’s equity system.To find out how to implement dual ownership structure under more reasonable condition system.Based on the definition of double-layer structure and the analysis of advantages and disadvantages,the author puts forward some suggestions on the application of double-layer equity structure to the corporate equity system and its design.To explore the way this system is constructed in China,or to provide positive reference for the relevant legal system of Chinese companies.In the framework of rule of law,not only maintain the normal operation of market economy system,but also protect the controlling position of enterprise founders and promote the development of our capital market.