上市公司双重股权结构研究——以阿里巴巴集团“合伙人制度”为例

Research on Dual Share Structure of Listed Companies——Take the 'Partnership System' of Alibaba Group as an Example

双重股权结构是一种争议颇多的股权结构,它以股权和投票权分离的方式突破了"同股同权"原则的限制,获得了众多世界知名大企业的青睐,但同时也有许多投资者担忧其对中小股东利益的损害。本文试图对于双重股权结构的整体特征和实质进行分析,并重点探讨了阿里巴巴的"合伙人制度"与双重股权结构的关系,研究这一制度对于双重股权结构的继承和创新,同时对我国资本市场引入这一类型结构的企业提出了建议和展望。

Dual share structure is a controversial shareholding structure. Many famous enterprises adopt this system because it breaks the 'equal shares' principle in the form of separation of shares and voting rights. But there are also many investors worry about the damage to the interests of small shareholders. This paper attempts to analyze the overall characteristics and realities of the dual share structure, and focus on the relationship between the 'partnership system' and dual share structure. In addition, this paper puts forward suggestions and prospects for the introduction of dual ownership structure in China's capital market.