Research On The Two-tier Equity Structure Of The Sci-tech Innovation Board

With the transformation and development of economic structure,the company needs to constantly seek external financing to expand its scale.Unlike traditional companies,innovative companies are in a rapidly changing competitive environment,and the grasp of business opportunities depends on the keen insight of the founders.Therefore,the development of innovative companies depends on the production and management ability of the founders.In 2014,jingdong and Alibaba,two Internet companies with the highest popularity and great development potential in China,chose to go public in the US,which undoubtedly sounded the alarm on China's capital market.According to the principle of "one share one vote",shareholders can only obtain the status of controlling shareholder by contributing financial capital to the company,and the control right of shareholders should be equal to the amount of capital contribution.With the development of modern science and technology,emerging technologies emerge one after another.Intellectual capital,such as intellectual property rights,business models and innovative technologies,has a growing influence on the development of enterprises,which becomes the key for enterprises to stand out.The choice of management policy and development direction by the founders with intellectual capital is the decisive factor for the development of the company.We should recognize the special value of intellectual capital and accept the shareholders who invest with intellectual capital.Through standardized system design,on the one hand,respect the company to issue different types of equity according to the need to protect the freedom of corporate behavior;On the other hand,the company with different types of equity is restricted to ensure the standardized exercise of control,so as to avoid the infringement of the rights and interests of minority shareholders and ensure the balance of the rights and interests of all parties involved in the company.There is a tension between the principle of "one share,one right" based on the assumption of shareholder homogeneity and the financing development needs of companies.As a special shareholding structure,dual-class share structure ensures that Internet companies,on the basis of growing bigger and stronger,will no longer be plagued by the problem of "either maintaining control right or external financing".While ensuring that the rights and interests of minority shareholders are not harmed,the company law should relax the rigid provisions on the shareholding structure to reserve space for the development of innovation-oriented enterprises,which will help stimulate the enthusiasm of innovation-oriented enterprises.Based on double ownership structure on the empirical analysis on kechuang plate in the operation of the double-layer structure,protection of the rights and interests of investors in corporate governance has been a problem and could face,draw lessons from the mature outside of double system of ownership structure,explore how to build the institutional framework,in order to earnestly safeguard the rights and interests of minority shareholders.