| In order to optimize asset allocation and realize its strategic development requirements,listed companies cannot do without financing.Equity financing enterprises themselves bear little risk pressure and can optimize the company’s asset allocation.However,under the same share and right structure,the founder’s equity will be continuously diluted in the process of equity financing,and even some companies are maliciously acquired,resulting in the founder’s exit,In recent years,many founders want to go public with dual ownership structure.This paper studies and summarizes the motivation of domestic and foreign listed companies to choose dual ownership structure and the impact on financial performance under different degrees of supervision.It uses the shareholder heterogeneity theory,shareholder demand homogenization theory and dual ownership structure theory,applies qualitative and quantitative analysis,comparative analysis,case study and literature research methods,and takes Xiaomi,the first dual ownership company listed in Hong Kong,as an example,Based on the characteristics of large amount and high frequency of Internet enterprise financing,combined with enterprise financial analysis,this paper compares the impact of dual equity on the company’s financial performance,makes a financial evaluation from the aspects of operation,profit,growth,debt repayment and income generation,and compares the impact of dual equity on the company’s financial performance before and after the adoption of dual equity.Through the comparative analysis of other relevant enterprises using dual ownership structure and Xiaomi,this paper explores the impact of dual ownership structure on the company’s development strategy.Then,according to the market factors,the company system and relevant regulatory laws and regulations,this paper studies the problems existing in the dual ownership structure,and finally summarizes that the dual ownership system is a double-edged sword.The dual ownership structure can promote the development of Chinese market,However,if the regulation and information disclosure are insufficient,it may bring losses to other investors.The development of China’s capital market needs to put forward more institutional constraints and guarantees for companies with dual ownership structure.It also provides a reference for the equity system adopted by China’s industries and other companies. |
