基于“公司合伙人”趋势下创新型互联网企业公司治理的法律分析

发布时间：2019-01-02 19:49

【摘要】：阿里巴巴所提出的公司合伙人制度是创新型互联网企业创始人团队在公司治理领域做出的一次创新。本文从这一制度出发,研究在机构投资者积极主义的这背景条件下,公司治理方式的创新对于整个市场的影响。由于公司控制权一直以来都是公司治理领域一个不能回避的热点问题。其本身包含了非常丰富的法律价值和经济学价值。而在公司治理领域的诸多问题中,公司控制权是核心问题,不仅对公司本身有着特殊的意义,更关乎如何保护投资者利益和优化市场资源配置等诸多话题。本文第一部分首先对传统公司治理方式的演进过程进行了回溯,梳理出现行公司治理方式的发展脉络。现阶段的公司治理方式与美国市场上各种类型公司的实践密不可分。经济学家和法学家分别从不同的角度提出有关公司治理的理论,并通过市场上不同类型公司的实践进行实证分析。具体而言,现阶段的公司治理方式经历了一个渐进的过程。文章通过对从股东中心主义到董事会中心主义过程的梳理,得出了公司治理方式与不同的市场条件存在着必然联系这个结论。本文的第二部分首先提出在目前市场的两个基本趋势。第一是上市公司的股权越来越分散,第二是机构投资者为了维护自己的利益变得愈发积极。接着,本文又介绍了阿里巴巴等创新型互联网企业的特点,并认为在现在股权分散、机构投资者积极的市场下。创新型互联网公司若以传统公司治理方式上市会失去控制权。随后本文对于阿里巴巴公司合伙人制度的基本架构和法律突破进行了分析,提出了其制度对于现行公司治理的突破之处。文章的第三部分分析了公司合伙人制度的现实困境,即其运行的障碍和可行性。在现行市场条件和法律制度下,公司合伙人制度这种公司治理方式将会在法律观念、法律制度、监管保护和司法保护四个方面遇到障碍。文章还在分析障碍的同时对在目前的市场下,合伙人制度运行的可行性做了论述,指出合伙人制度运行的方向。文章的第四部分首先论述了在传统公司治理方式的制约下,创始人团队和管理层为实现自己控制权的做出的其他实践,即事业合伙人制度和多层股权结构。随后,本文介绍了与这几种公司治理方式相比较公司合伙人制度的优点,指出公司合伙人是创新型互联网企业进行公司治理方式改革的一种较为合适的实践方向。最后文章对于如何在公司合伙人制度的视角下保护投资者利益提出了建议。
[Abstract]:Alibaba's partnership system is an innovation made by the founder team of innovative Internet enterprises in the field of corporate governance. Based on this system, this paper studies the influence of innovation of corporate governance on the whole market under the background of institutional investor activism. Since corporate control has always been a hot issue in the field of corporate governance. It itself contains very rich legal value and economic value. In the field of corporate governance, corporate control is the core issue, which is not only of special significance to the company itself, but also related to how to protect the interests of investors and optimize the allocation of market resources. The first part of this paper reviews the evolution of the traditional corporate governance, combing out the development of the current corporate governance. The current corporate governance is closely related to the practice of various types of companies in the American market. Economists and jurists put forward the theory of corporate governance from different angles, and through the practice of different types of companies in the market for empirical analysis. Specifically, the current corporate governance has experienced a gradual process. By combing the process from shareholder centrism to boardroom centralism, the paper draws the conclusion that there is an inevitable connection between corporate governance and different market conditions. The second part of this paper first proposes two basic trends in the current market. The first is the increasing dispersion of shares in listed companies, and the second is that institutional investors are becoming more active to protect their own interests. Then, this paper introduces the characteristics of Alibaba and other innovative Internet enterprises, and believes that in the current market with decentralized equity and active institutional investors. Innovative Internet companies will lose control if they are listed in traditional corporate governance. Then this paper analyzes the basic structure and legal breakthrough of Alibaba's partner system, and puts forward the breakthrough of its system for current corporate governance. The third part of the article analyzes the practical dilemma of the corporate partner system, that is, the obstacles and feasibility of its operation. Under the current market conditions and legal system, the corporate partner system will encounter obstacles in four aspects: legal concept, legal system, regulatory protection and judicial protection. At the same time, the paper discusses the feasibility of the partner system under the present market, and points out the direction of the partner system. In the fourth part of the paper, the author first discusses the other practices of the founder team and the management in order to realize their own control under the restriction of the traditional corporate governance, that is, the enterprise partner system and the multi-layer ownership structure. Then, this paper introduces the advantages of the corporate partner system compared with these corporate governance methods, and points out that the corporate partner is a more suitable practical direction for innovative Internet enterprises to carry out corporate governance reform. Finally, the paper puts forward some suggestions on how to protect the interests of investors from the perspective of corporate partner system.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

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