The Impact Of Dual Ownership Structure On Corporate Operation Efficiency

The equity system arrangement of one share and one vote has been implemented in corporate governance for many years.With the acceleration of market openness and the increase of scientific and technological innovation companies,the founders of the company not only hope to solve the capital needs through equity financing,but also maintain the actual control over the company.The equity system of one share and one vote implemented in the past can not play a greater role in corporate governance.Dual ownership structure is a kind of equity arrangement with the same share and different rights.Its essence is the separation of cash flow right and voting right.This ownership structure can prevent malicious acquisition caused by equity dilution of the company.On June 13,2019,the SSE STAR MARKET was officially opened.The revised listing rules of Shanghai Stock Exchange science-technology innovation board allows companies to be listed with the ownership structure of differentiated voting rights,which means that the dual ownership structure has been officially legalized in China’s capital market.Under the background that STAR allows companies with dual ownership structure to be listed,this paper selects Chinese concept shares listed in the United States from 2005 to 2020 as the research sample.On account of principal-agent theory,housekeeper theory and dividend signal transmission theory,this paper uses literature research method,econometric model analysis method and comparative research method to explore whether the dual ownership structure will intensify the principal-agent contradiction,so as to have an impact on the operation efficiency of the company,and select a dual ownership structure company and a company with the same shares and rights on the STAR market for comparative analysis.Through case comparison,it can better explain the impact and mechanism of dual ownership structure on the operation efficiency of the company,make the reference effect of the research conclusion on STAR more accurate,and help to provide reference experience for the listing of other domestic companies.Based on the logical relationship of "dual ownership structure-agency cost-company operation efficiency",this paper finds that the dual ownership structure will increase the company’s agency cost and reduce the company’s operation efficiency.It is found that cash dividend distribution will weaken the negative impact of dual ownership structure on the operation efficiency of the company.Through the case comparative analysis of youkede company listed on STAR with dual ownership structure and Zhongke Xingtu company listed with the same share and same right structure,it is found that the operation efficiency of youkede company is lower than that of Zhongke Xingtu company.Eventually,based on substantial evidence and case study,this paper puts forward relevant suggestions from the development status of dual ownership structure in China.Strengthen the information disclosure of companies with dual ownership structure,strengthen the internal supervision of independent directors and the board of supervisors,and the CSRC should further revise the sunset clause arrangement of dual ownership structure,and pay attention to the post litigation of investors,gradually improve China’s special representative litigation system.