The Research On The Causes And Consequences Of Different Structure Choices Of The Same Share

The development of market economy for domestic equity system puts forward a new challenge,the original system to a certain extent hindered the governance of companies in our country and the development,following the jingdong,baidu,and other enterprises choose us to stock with different rights equity structure of the listed after July 9,2018 MI company through HKEX,applied to be the first in Hong Kong the stock with different rights equity structure of listed companies.Different rights of the same share,also known as "dual-class share structure" or "AB share structure",refers to the common stock structure with two or more different voting rights in the capital structure,in which high-voting shares are generally held by the founder and his management team,and low-voting shares are generally held by shareholders outside the company.Under this ownership structure,enterprises in the growth stage can not only realize their financing aspirations,but also protect their equity from being diluted while obtaining funds,protect the right of speech of the founders and their management team in the enterprise,and ensure the stable and sustainable development of the enterprise in the future.The listing of MI company has achieved some success.However,looking back at the huge negative impact brought to the company's development by the management equity dispute of Vanke group a few years ago,we have to seriously consider the motivation and consequences of the design of dual-class equity structure with the same share and different rights.This article first elaborated the paper selected topic background,research significance and methods,then it reviews the relevant research literature at home and abroad,has been clear about the ownership structure influence on control,the consequences of centralized and decentralized control,and then the effects of clear ownership structure for the enterprise,and based on stock with different rights structure,organize enterprises to choose the consequences of the shareholding structure and its.In terms of theory,this paper USES the theory of human capital and the theory of corporate control,analyzes the influence of ownership structure oncontrol rights,the motivation of ownership structure design and the possible consequences of ownership structure.Finally,through the comparison of the ownership structure design between MI and Vanke,the author analyzes the main reasons that enterprises tend to choose different ownership structure of the same share,including reducing the cost of controlling shares,resisting external hostile takeover,and expanding the development space of enterprises.Combined with the development status of the two companies,the comparison of financial and enterprise value shows that the operation and development status of MI company with the same share and different rights and equity structure is better than that of Vanke group with the same share and equity structure.The beneficial enlightenment is as follows: when implementing the ownership structure of the same share with different rights,it is necessary to establish and improve the internal check and balance mechanism,strengthen the supervision inside and outside the enterprise,improve the information disclosure mechanism,establish a perfect protection mechanism to protect the rights and interests of small and medium-sized shareholders,and establish the right of classified voting.