Research On The Motivation And Effect Of Dual Share System For Listed Companies On The Science And Technology Innovation Board

As a special equity system,dual share system has been widely used in foreign capital markets,and the relevant system is relatively mature.Dual share system can balance the contradiction between the financing needs of enterprises and the dilution of control rights through the special voting rights,so it has become the first choice of many foreign scientific and technological innovation enterprises.For a long time before that,domestic capital market only allowed enterprises to list in the form of "one share one right",so many enterprises chose to go overseas to list,which undoubtedly caused the loss of a large number of high-quality resources in domestic capital market.In March 2019,the domestic capital market complied with the development trend and introduced the dual-share system in the Science and Innovation Board.However,due to the late start of the dual-share system in China,although the system has been formally established in China,there is still a large space for development,no matter the number of enterprises,market environment and policy maturity,the number of enterprises listed under the dual-share system is small.The capital market environment is not attractive enough,and relevant policies are still at the macro level.In order to promote the healthy development of the Science and Innovation board and retain high-quality enterprise resources,it is particularly necessary to analyze the motivation and effect of dual-share system adopted by listed companies on the Science and Innovation Board.The past studies mainly take the United States,Chinese Hong Kong listed enterprises as the analysis object,for our science and technology innovation board listed companies the reference value is limited.As a typical case of dual-share system listing after the release of Listing Rules,Ninebot Limited was officially listed on the Science and Technology Innovation Board on October 29,2020.Using case analysis method,this thesis selects Ninebot Limited as the main body of the case study,analyzes the characteristics of its ownership structure and the motivation of adopting dual-share system for reference.In-depth analysis of the effect of dual-share system listing on the governance dimension,strategic dimension and performance dimension,objective analysis of the potential risks of dual-share system listing on the Science and Technology Innovation Board,in-depth exploration of the potential problems of allowing dual-share system of special voting rights on the science and Technology innovation board,and put forward relevant suggestions.The thesis concludes that:(1)The motivation of the listed companies on the Science and Innovation Board to choose dual-share system is mainly to stabilize the control right,meet the financing needs of the enterprises,stabilize the long-term development of the company,and prevent the major shareholders from seizing power.(2)The implementation of dual share system has played a positive role in promoting the governance effect of corporate governance dimension,strategic dimension and performance dimension.(3)Dual-class share system will amplify the "founder effect" of the company,increase the risk of equity disputes and tunnel excavation,and may damage the rights and interests of public shareholders.The innovation points and research value of this thesis are as follows: the No.9company listed on the Science and Innovation Board with dual share system is selected as the analysis object,which is more targeted and representative,and the effect of the implementation of dual share system is analyzed with a more comprehensive dimension and more objective performance evaluation method.Through the case of Ninebot Limited,it provides practical suggestions for Chinese Science and Technology Innovation board enterprises to choose dual-share listing system,and provides relevant reference and reference for the dual-share results to be applied more widely,more standardized and more tailored to local conditions in Chinese mainland.It will help to keep high-quality enterprise resources in the domestic capital market and promote the sustainable development of dual-class share system in the Science and Technology innovation board.