Research On The Governance Model Of High-tech Companies Under The Dual Ownership Structure

With the development of science and technology and productivity,the scarcity of capital has been greatly reduced,and the status of human capital and capital has changed in the process of corporate governance.Especially in high-tech Internet enterprises,the importance of excellent human resources to the company's operation and development has exceeded that of pure capital.The single equity system based on the principle of "one share,one right" cannot reflect the importance of human capital to the company's operation.The double-layer ownership structure solves the contradiction between the company's financing demand and the company's founder's maintenance of the company's control right to a certain extent by giving excellent human capital special voting right.However,the double ownership structure increases agency cost and damages the interests of small and medium-sized shareholders.Therefore,this paper makes a comparative analysis of two representative enterprises,Youke De,the first stock with different rights in A-share market,and Alibaba,which is listed on the Hong Kong stock exchange for the second time,to explore the issues related to dual ownership structure and corporate governance.Firstly,this paper discusses the characteristics of enterprises with dual ownership structure in the capital market,and summarizes the industry characteristics and the characteristics of corporate governance of these enterprises.And some common points are drawn that these enterprises choose the dual equity system and the system plays a role in the development of enterprises.Secondly,taking Youke de and Alibaba as examples,this paper analyzes the motivation of adopting the dual equity system for their respective financing and listing experiences,and compares the "special voting rights" and "partnership system",two dual equity systems that are essentially the same but obviously different,and analyzes the motivation of adopting the dual equity system for the two enterprises from the perspective of corporate governance.Then it analyzes the internal governance model of Youke de and Alibaba company for the dual equity system,explores their strengths and weaknesses,It provides some reference for the high-tech companies that intend to implement the dual ownership structure in corporate governance.