The Impact Of Dual-Class Share Structure On Resource Operation Efficiency From The Perspective Of Enterprise Innovation

At present,the economy is developing rapidly.Under the traditional ownership structure,with the expansion of financing demand,the equity of founding shareholders is continuously diluted.A single ownership structure has been difficult to meet the needs of entrepreneurs to obtain financing without losing equity.Therefore,the Dual-Class Share Structure should be born,and this special ownership structure can well solve this problem.In order to maintain a lasting competitive advantage in the current market,enterprise innovation is essential.From the overall management of the company to the specific operation of each business,innovation always runs through it.As a young Internet enterprise established for 12 years,Xiaomi group is also moving forward bravely in continuous innovation.In 2018,Xiaomi group was listed in Hong Kong stocks.As the first enterprise listed in China with a Dual-Class Share Structure,in addition to its own valuation,the selected Dual-Class Share Structure also attracted many investors,experts and scholars.Based on the perspective of enterprise innovation and taking Xiaomi group as the research object,this thesis analyzes the impact of the implementation of Dual-Class Share Structure on its resource operation efficiency.According to the relevant literature and theoretical knowledge,the enterprise innovation ability is measured by the enterprise R&D investment,the enterprise resource operation benefit is subdivided into financial resources,human resources and market resource operation benefit,and the enterprise innovation and various resource operation benefits before and after the implementation of Dual-Class Share of Xiaomi group are analyzed.Through the analysis,it is found that under the Dual-Class Share Structure,while the enterprise obtains financing,the founder team has mastered the absolute control,and the innovation level of the enterprise has been improved;The indicators of human resources and market resources operation efficiency have been continuously improved.Based on the analysis of the above sub item resource operation benefits,this thesis further uses the analytic hierarchy process to weight the sub item resource operation benefits into comprehensive resource operation benefits,and studies the relationship between comprehensive resource operation benefits and enterprise innovation after the implementation of Dual-Class Share by Xiaomi group.On the whole,the implementation of Dual-Class Share structure has improved the innovation level of the enterprise,It also has a positive impact on the operation efficiency of its comprehensive resources.But at the same time,with the implementation of the Dual-Class Share Structure,some indicators of the financial resources operation efficiency of Xiaomi group perform poorly.After the implementation of the Dual-Class Share Structure,although the innovation level continues to improve,there is still a gap with the existing volume of the enterprise;Moreover,after the listing,a large number of funds poured in,and Xiaomi group was still insufficient in its resource allocation,resulting in a decline in the total asset turnover rate after the implementation of the Dual-Class Share Structure.Finally,in view of the existing problems and existing advantages of Xiaomi group,this thesis puts forward corresponding suggestions from the internal and external perspectives of the enterprise.Xiaomi group should continue to increase innovation investment,pay attention to talent introduction and pay attention to R&D achievements in order to improve the innovation ability and core competitiveness of the enterprise;We should optimize product allocation,integrate resources by using industrial alliance,timely understand market demand and improve resource operation efficiency,so as to promote the long-term development of the enterprise;While strengthening internal checks and balances,we should strengthen external supervision and impose corresponding restrictions on the high voting rights of founders.At the same time,the external supervision mechanism should also carry out comprehensive ex ante and in-process supervision on enterprises,so as to jointly protect the legitimate interests of investors.