Research On The Governance Effect Of Vipshop's AB Share Model

AB share model,also known as dual equity structure,originated in the United States at the end of the 19 th century and the beginning of the 20 th century.At that time,some family businesses could maintain the control of the company under the condition of dilution of equity after listing and financing,and began to issue shares with different rights.Later,the dual ownership structure was widely used in media,Internet and other industries in the United States,and also adopted by many other countries in the world,becoming an effective tool for founders to maintain the control of the company.In China,the AB share model has not been accepted,resulting in many large Internet enterprises such as JD,Baidu,Sina,etc.using the AB share model to go abroad for listing.In April 2018,the Hong Kong Stock Exchange said it would relax the IPO equity structure policy,indicating that the country's acceptance of the AB share model in the IPO market is increasing,and the number of companies adopting the AB share model is increasing,but there are also many new problems.This paper uses case analysis to study the AB share model of VIP.Firstly,this paper combs the influence mechanism of AB share model on corporate governance effect,analyzes the necessity of VIP's implementation of AB share model,and then uses the "CCTV finance 50 evaluation system" for reference to the corporate governance of VIP after the implementation of AB share model from the five aspects of board governance index,information disclosure index,shareholder governance index,manager governance index and stakeholder index Evaluate the effect.It is found that the implementation of AB share mode makes the founder and his team have stable control over VIP,which can implement the "flash purchase" mode and multi business layout mode,thus having a positive impact on business performance and the rights and interests of stakeholders.But at the same time,it also found that the persistent pursuit of VIP for the construction of warehousing and logistics has brought a great burden to its financial performance,forming a "kidnapping" for small and medium-sized investors,resulting in the increase of agency costs and the failure of supervision.Finally,in view of these problems,this paper puts forward suggestions from the aspects of improving the decision-making ability of the founders,establishing classified voting rights,improving the information disclosure system and so on,hoping to give some enlightenment to the future development of VIP.Most of the existing research on AB share model still stays in the impact on business performance.This paper breaks through this limitation and evaluates the implementation effect of VIP AB share model from many aspects of corporate governance,which to a certain extent enriches the research scope of domestic and foreign scholars on AB share model.At the same time,through the analysis,we can provide relevant suggestions for VIP to improve the AB share model,which not only provides certain ideas for the long-term development of enterprises,but also contributes to the overall implementation of AB share model in the domestic capital market.