A Study On The Impact Of The Implementation Of Dual Shareholding Structure In Listed Companies

In order to respond to the policy call of "Mass Innovation,Mass Employment" and "Internet Plus" and to promote the success of the country’s transformation and reform into a powerhouse of science and technology innovation,the development assistance of many science and technology innovation enterprises is needed.Because of the characteristics of scientific and technological innovation enterprises’ growth cycles and financing needs,and because of the traditional equity structure system,such enterprises will inevitably face a conflict between financing needs and founder control during the development and growth process.The founder’s high-value human capital and capital needs are indispensable to the development of the enterprise.In recent years,more and more companies have been listed and financed through dual-shareholding structures.Since dual-shareholding structures have more financing advantages than single-shareholding structures,many local outstanding scientific and technological innovation companies such as JD.com and Xiaomi have successively listed overseas in order to implement dual-shareholding structures.,the loss of excellent local capital has damaged the development of my country’s mainland capital market.The mainland capital market only allows companies to adopt the traditional same-share-same-rights structure,which is likely to hinder the development of technologically innovative enterprises and the country’s strategic reform.In this context,this paper adopts the research method combining the literature review method and the case study method.After sorting out the relevant literature on the dual shareholding structure,the Chinese Internet giant Pinduoduo is selected to conduct a specific case study.Firstly,explore the design and implementation of the dual-class share structure system and analyze the motivation for the implementation of dual-class share structure in Pinduoduo;secondly,analyze the impact of the implementation of dual-class share structure in Pinduoduo according to the mechanism of the performance of dual-class share structure;finally,according to the research The conclusion provides inspiration.Based on the different national conditions,Pinduoduo,which adopts the dual-shareholding structure in China,is selected for case analysis.On the one hand,it can provide theoretical guidance more suitable to the background for some enterprises that want to adopt the dual-shareholding structure but do not understand the system,and promote more enterprises to adapt to their own needs.Choose the appropriate shareholding structure for your needs and circumstances;on the other hand,it can provide reference for system makers,with the hope that the dual shareholding structure can be implemented in the main board market as soon as possible,preventing the loss of more high-quality enterprises and causing damage to the mainland capital market.