Research On The Influence Of Dual Equity System On The Corporate Performance Of VIPSHOP

On April 24,2018,Li Xiaojia,chief executive of the Hong Kong Stock.Exchange,announced that he would accept the listing of a company with different rights andinterests in Hong Kong on April 30,and said that this is the biggest reform in 24 years.The study discussed the introduction of the listed equity structure system.In 2014,Alibaba applied for listing on the Hong Kong Stock Exchange.At that time,the Hong Kong Stock Exchange did not accept Alibaba’s partner system,which led to the successful listing of Ali in the US market,which caused the HKEx to miss the opportunity.The twists and turns of the listing have made the multi-equity structure gradually attract the attention of the Chinese people,and other Internet companies with influence in China have also listed in the US due to the issue of shareholding structure,including Baidu and Jingdong.In a speech,the leaders of the Shenzhen Stock Exchange proposed that this phenomenon deserves attention,and suggested that the scientific and technological enterprises should reserve a certain space for the dual ownership structure in the system design.It also shows that in the era of rapid development of Internet companies and other emerging enterprises,the one-to-one power system has been difficult to meet the heterogeneous demands of founders and investors.The market has a demand for dual ownership structure,but for the dual equity structure,the world The capital market has a big controversy about it,but it is precisely because of this that it has the value of research.This paper takes the case of Chinese Internet company Vipshop in the US as the research object,and compares the changes in company performance before and after listing and the difference in company performance compared with similar one-to-one companies.This paper first discusses the basic theories related to the dual equity structure at home and abroad,and further explores the relationship between the dual equity structure and corporate performance.Secondly,the case of Vipshop will be listed in the United States as a case,and the case analysis of its performance will analyze the impact of the dual equity structure on the company’s performance through horizontal and vertical comparison.Finally,through the case to draw conclusions and summarize,the dual shareholding structure has two aspects of the corporate governance.Colleagues concluded that China must dialectically consider the impact of the dual equity structure on the company’s operations.Many overseas influential companies in China have brought huge losses to China’s capital market.Although China is currently allowed to use the dual-equity structure to go public,it is undoubtedly possible to retain some companies to list in China.Give us some inspiration and lead to thinking.