Welcome to Journal of Kunming Metallurgy College! Today is Share:

Journal of Kunming Metallurgy College ›› 2025, Vol. 41 ›› Issue (2): 72-.DOI: 10. 3969/j. issn. 1009 - 0479. 2025. 02. 013

Previous Articles     Next Articles

The Influence of Dual-Class Share Structure on the Innovation Performance of Enterprises: A Case Study of UCloud

  

  1. 1. President's Office of Kunming Metallurgy College ( Inspection Office of the Party Commitee) ; Kunnming 650033, China;2. School of Digital Economy, Yunnan Vocational College of Special Education, Kunming 650504, China

  • Received:2024-12-25 Online:2025-04-09 Published:2025-09-26

PDF (PC)

0

Abstract: Innovation is crucial to the long-term development of both nations and enterprise. To reduce the loss of high-quality domestic companies, prevent malicious foreign acquisitions, and enrich invest- ment methods in the capital market, China has allowed companies to adopt a dual-class share structure for listing. By analyzing the innovation performance of UCloud, the first company in China to adopt this structure, this study explores the impact of dual-class share structures on corporate innovation perform- ance. The research conclusions are as follows: 1 ) dual-class share structures have a dual nature; 2) such structures can help promote R&D investment in high-tech enterprises; 3) sunset clauses within du- al-class share structures can significantly enhance corporate innovation performance. Based on these find- ings, this paper recommends that the government establish and improve regulatory mechanisms, enhance market access supervision for dual-class share companies, and encourage enterprises to implement effec- tive equity incentives and set reasonable sunset clauses to improve the innovation performance of high- tech enterprises.

Key words: font-family:", background-color:#FFFFFF, ">dual-class shares, innovation performance, control rights

CLC Number: