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

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.O comércio eletrônico na China tem crescido rapidamente nos últimos 20 anos. Tanto as tecnologias de pagamento móvel como as de transporte logístico têm desempenhado um papel crucial. Com o rápido desenvolvimento da indústria de comércio eletrônico chinesa, um grupo de excelentes empresas de comércio eletrônico é criado. A JD é um dos líderes das empresas de comércio electrónico. Na fase de crescimento da empresa, a JD preparou-se para construir muitas construções básicas para desenvolver a logística, anexando clientes com uma estratégia de marketing de baixo preço. Isto levou a um grande montante de financiamento externo para a JD. A fim de garantir o poder de controle da JD, seu fundador Liu Qiangdong e sua equipe adotaram estrutura dual share quando se tornou público em 2014. Este documento foca as questões de governança corporativa da estrutura dual share adotadas pela JD, e apresenta sugestões razoáveis de melhorias. Este trabalho adota principalmente métodos de revisão de literatura e análise de casos, e principalmente coleta dados públicos até a data da JD, conduz análises de negócios, estrutura acionária, risco e finanças na JD. Além disso, este documento interpreta melhor as razões e influências da estrutura dual share adoptada pela JD, de acordo com a teoria do agente principal, teoria das partes interessadas e teoria da assimetria de informação

Global Phase Diagram of Disordered Type-II Weyl Semimetals

With electron and hole pockets touching at the Weyl node, type-II Weyl semimetal is a newly proposed topological state distinct from its type-I cousin. We numerically study the localization effect for tilted type-I as well as type-II Weyl semimetals and give the global phase diagram. For dis- ordered type-I Weyl semimetal, an intermediate three-dimensional quantum anomalous Hall phase is confirmed between Weyl semimetal phase and diffusive metal phase. However, this intermediate phase is absent for disordered type-II Weyl semimetal. Besides, near the Weyl nodes, comparing to its type-I cousin, type-II Weyl semimetal possesses even larger ratio between the transport lifetime along the direction of tilt and the quantum lifetime. Near the phase boundary between the type-I and the type-II Weyl semimetals, infinitesimal disorder will induce an insulating phase so that in this region, the concept of Weyl semimetal is meaningless for real materials.Comment: 7 pages, 5 figure