合伙人制度与创业团队控制权安排模式选择——基于阿里巴巴的案例研究

发布时间：2018-01-31 18:30

本文关键词： 合伙人制度双层股权结构控制权状态依存管理团队事前组建公司治理机制前置　出处：《中国工业经济》2016年10期 　论文类型：期刊论文

【摘要】：伴随新兴产业的快速发展,阿里创业团队在进行以业务模式创新为特征的人力资本投资时同时面临信息不对称和合约不完全问题。基于阿里合伙人制度的案例研究,本文研究表明,阿里借助合伙人制度事实上完成了创业团队与外部投资者之间从短期雇佣合约到长期合伙合约的转换,实现了阿里创业团队与外部投资者之间的信息共享和风险分担,节省了交易成本。合伙人制度由此不仅成为信息不对称下外部投资者识别阿里独特业务模式的信号,而且成为合约不完全下激励创业团队进行人力资本投资的重要控制权安排实现形式。与此同时,"长期合伙合约"下的马云创业团队事实上成为阿里"不变的董事长"或"董事会中的董事会",实现了"管理团队事前组建"和"公司治理机制前置",使交易成本进一步节省。但缺乏双层股权结构从B股转为A股的退出机制、依靠文化和价值观形成的"软"约束,以及创始人独一无二不可替代的作用都会为未来合伙人制度的执行带来某种不确定性。
[Abstract]:With the rapid development of new industries. In the process of investment in human capital characterized by business model innovation, Ali entrepreneurial team faces the problem of asymmetric information and incomplete contract. Based on the case study of Ali partnership system, this study shows that. With the help of the partnership system, Ali actually completed the conversion between the entrepreneurial team and external investors from short-term employment contracts to long-term partnership contracts. It realizes the information sharing and risk sharing between the group and external investors. The partner system is not only a signal for external investors to identify Ali's unique business model under asymmetric information. And it becomes an important form of control arrangement to encourage entrepreneurial team to invest in human capital under incomplete contract. At the same time. Ma Yun's entrepreneurial team under the "long-term partnership contract" has in fact become Ali's "unchanged chairman" or "board of directors" in the board of directors, which has realized "the formation of the management team beforehand" and "the predominance of the corporate governance mechanism". The transaction cost can be saved further. However, it lacks the exit mechanism from B shares to A shares, and relies on the soft constraints formed by culture and values. And the unique and irreplaceable role of the founder will bring some uncertainty about the implementation of the future partnership system.
【作者单位】：中国人民大学财政金融学院;美国约翰霍普金斯大学凯瑞商学院;
【基金】：国家自然科学基金面上项目“独立董事激励机制的影响因素和激励效果——来自我国上市公司的证据”(批准号71272159);国家自然科学基金面上项目“任人唯亲的董事会文化与独立董事更迭的‘逆淘汰’”(批准号71472177)
【分类号】：F271;F49
【正文快照】： 一、问题提出2014年9月19日,阿里巴巴网络技术有限公司(以下简称阿里或阿里巴巴集团)在美国纽约证券交易所(以下简称美国纽交所)成功上市。从阿里的股权结构看,第一大股东软银(日本孙正义控股)和第二大股东雅虎分别持股31.8%和15.3%,远超阿里合伙人团队所共同持有的13%,而马云

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