Studies On Innovation Of Control Right Allocation For The Innovative Enterprises

Under the background of the continuous development of China's economy and society,China has gradually entered the new economic era with the trend of knowledge economy,and innovation-driven has become the new driving force of national economy and enterprise development,which cannot be separated from human capital and corporate governance.In the former,with the promotion of the status of knowledge capital in economic resources,the importance of human resources has been highlighted,especially when the founder of the company is the leader of the company's trait vision,the decision-maker of major strategic issues and other special human capital investors play the most prominent role.In the latter case,the founder's control may be lost in the process of repeated dilution of his equity,as the company needs constant financing for early growth and expansion.Therefore,how to maintain the control of the company while using the equity of the company for financing is a major problem of corporate governance.Obviously,the current one share one right structure system of the company law of our country has been difficult to adapt to the need of innovative enterprise strategy development and diversification reform.Therefore,the special voting share system introduced by SSESTARMarket board has made a system response to this.This move is not only to the traditional one share one right principle and agency cost theory correction,but also a major innovation of China's capital market.While the special voting rights system injects vitality into the development of innovative enterprises,the corporate governance risk of "insider control dilemma" that the system may bring is also criticized.How to regulate and prevent the risk of abuse of control power caused by the differentiated voting structure is the key to balance the subtle changes between knowledge and capital,and also the core of constructing the innovative mode of control power allocation in innovation-oriented enterprises.Problem is the foothold,to grasp the value pursuit of justice,stick to the separation of management and internal checks and balances,shareholders,on the basis of the principle of good faith,on the one hand,founder of the need for and ordinary investors the rights and obligations between the reconfigured,to carry on the strict regulation of the founder's faith obligations and also the protection of ordinary investors to moderately skewed;On the other hand,we need to improve the construction of various supporting systems,improvethe entry and exit mechanism of special voting shares,and optimize the information disclosure mechanism,so as to guarantee the good operation of the internal governance of the company.Only on the premise of fully guarantee the legitimate rights and ordinary investors,play to the unique advantages of special voting system,optimize configuration of control mode,can promote the depth of the "innovation" and "capital" docking,realize win-win situation of "investment" and "financing",promote the development of innovative companies in our country,improve the international competitiveness of China's capital market.