Research On The Influence Of Dual Ownership Structure On Corporate Governance Effect

With the continuous development of enterprises,financing has become the focus of enterprises.Especially in the Internet high-tech industry,the development of enterprises is changing with each passing day,and the financing problem is imminent.The objective existence of shareholder heterogeneity makes the interests,goals and abilities of the founder team different from those of other shareholders.The founder is the implementer of the enterprise development strategy,which is consistent with the interests of the enterprise.However,after equity financing,external investors inject capital and become the major shareholders of the enterprise,and the founder no longer enjoys control over the company.How to develop enterprise financing and maintain the founder’s control right has become the research focus of today’s society.The differences in shareholders’ interest preferences and other aspects lead to the different influence of shareholders on the company,that is,the fact that shareholders are heterogeneous exists.The company has gradually evolved from shareholder equality to capital equality,and the dual ownership structure is in line with shareholder heterogeneity,which effectively alleviates the problems of low decisionmaking efficiency and large deviation between decision-making results and the company’s development goals,and promotes the long-term development of the company.However,the dual ownership structure has existed in China for a short time.After the implementation of the dual ownership structure,what changes will occur in the corporate governance effect and what risks exist in the practice process? These issues need to be further explored.Based on this background,this paper analyzes the corporate governance effect of Meituan’s dual ownership structure by literature research and case analysis,and evaluates the corporate governance effect of shareholders’ meeting,board of directors,management and information disclosure by using specific evaluation indicators,and analyzes the positive impact and risks of dual ownership structure on corporate governance effect.The author draws the following three conclusions: First,the dual ownership structure can effectively alleviate the contradiction between the company’s financing needs and the transfer of control rights.Second,the dual ownership structure has a positive impact on corporate governance: improving the ownership structure,improving the independence of the board of directors,accelerating the management efficiency,and making information disclosure more transparent.Third,there are risks in the process of implementing the dual shareholding structure.There are three risks in the implementation of dual ownership structure in Meituan: First,the founder team has too much power;Second,the interests of minority shareholders are damaged;Third,the function of corporate supervision mechanism is weakened.The main reasons for the above problems are that when Meituan implemented the dual shareholding structure,the restrictive clauses were too broad,the rights of the founder team were not specific enough,and the supervision mechanism was weakened;Similarly,the company’s remedy system for minority shareholders’ rights is not perfect,and there are no compensation measures such as extra dividend rights for minority shareholders,which have harmed the vital interests of minority shareholders.In view of the appeal,three measures should be taken: first,setting the sunset clause;Second,strengthen the protection mechanism for the interests of minority shareholders;Third,improve the company supervision mechanism.This study provides theoretical support and policy suggestions for other enterprises that implement dual ownership structure.