Research On The Motivation And Effect Of Ucloud On Setting Up Dual Class Share Structure From The Perspective Of Shareholder Heterogeneity

In recent years,with the rapid development of new economies such as the Internet,artificial intelligence,and biomedicine,China’s traditional governance model of "same shares,same rights" is increasingly unable to meet the development requirements of some modern enterprises,and the restrictions on the dual-class share structure is also caused the loss of domestic high-quality enterprises.In this context,the Hong Kong Exchanges and Clearing Limited,the Science and Technology Innovation Board have successively relaxed the restrictions on the dual-class share structure.Therefore,this paper takes UCloud,which is the first to try the dual-class share structure on the Science and Technology Innovation Board as the research object.The research on the motivation and effect of its dual-class share structure can strengthen the understanding of the dual-class share structure by enterprises and investors,and can also accumulate experience for the construction of China’s dual-class system,and at the same time provide reference for other enterprises that plan to adopt the dual-class share structure.This paper firstly adopts the method of literature research to sort out the domestic and foreign research literature on dual-class share structure from the two aspects of motivation and effect,and systematically discusses the theories about the dual-class share stucture,including principal-agent theory,stewardship theory,control theory and enterprise life cycle theory.Then,using the method of case analysis,based on the perspective of shareholder heterogeneity,the motivation for setting up the dual-class share structure was analyzed from the perspectives of operating shareholders,investment shareholders and speculative shareholders,and the research idea of dual-class share structure arrangement →governance control → management control →management decision → enterprise value and business performance was carried out.The study found that by setting up the dual-class share structure,UCloud guaranteed the control of the operating shareholders,reduced the cost of the first agency,and ensured the implementation of the long-term strategy,and also made the company show good growth.However,the overall financial performance was not good,and the stock value fell.Therefore,the company needs to strengthen the constraints on the founding shareholders,investors should invest cautiously,and relevant departments should improve the relevant supporting systems.It is hoped that the research in this paper can provide certain reference significance for the study of China’s dual-class share structure.