An analysis of corporate governance under the dual class structure: A case study of JD

• Autor(a) principal: Yijia Liu
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10071/22562
• topic: Dual class share structure; Corporate governance; Estrutura de ações de duas classes; Governança corporativa; Análise financeira -- Financial analysis

E-commerce in China has grown rapidly in the past 20 years. Two technologies play a crucial role; One is mobile payments, and the other is logistics. With the rapid growth of the industry, several excellent e commerce enterprises emerge at the historic moment. JD is one of the best known companies in the e commerce industry. During the growth period, JD has established much infrastructure, developed logistics and used the low cost marketing strategy to attract customers. This has led to a large amount of external financing for JD. To secure control of JD, the founders adopted a dual class share structure when they first went public in 2014. This paper will focus on the corporate governance issues of JD's dual class share structure and put forward reasonable suggestions for improvement. This paper mainly adopts case analysis and financial analysis method This paper collects the public data of JD since its establishment and conducts business analysis, equity structure analysis, risk analysis and financial analysis on JD. Based on principal agent theory, stakeholder theory and information asymmetry theory, this pa per will further explain the reasons for JD to adopt dual share structure and the influence of adopting this structure.