双重股权结构的制度价值阐释与本土化路径探讨——以阿里巴巴集团的“合伙人制度”为切入点

On the System Value Interpretation and Localization Approach of Dual Ownership Structure

同股同权原则仅仅是公司法制度变迁史上的阶段性原则,而非一成不变的教义,双重股权结构之制度风险并非不可克服。从制度价值层面审视,双重股权结构契合了股东利益诉求异质化的制度演进趋势,有助于提升公司治理效能、增强资本市场的制度竞争力。新一轮资本市场制度改革,应当将双重股权结构纳入改革子菜单之内,并对其作本土化改进。双重股权结构本土化制度设计,应主要从限定适用范围、限定特别股股权权能、明确上市公司释明义务等几个方面着力,以充分激发其制度价值、减少其制度成本、防控其制度风险。

Double equity structure system development trend of request more and more differences in shareholders ＇ interests, is helpful to improve corporate governance efficiency and enhance the competitive advantage of the capital market system. The latest capital market reform of the system, should be introduced within a double ownership structure into the reform of the menu. Double system of ownership structure of the introduction of design, should from the limited scope and limit of power, particularly equity clear explanation obligation of listed companies with several aspects, such as weight, can fully inspire its system value, reduce the system cost and prevent its institutional risk.