论股东表决权的扩张——对阿里巴巴“合伙人”制度的解析及展开

On the Voting Expansion: the Analysis on Alibaba Partnership

表决权扩张的本质是公司的创始人和管理层在外来资本介入时,与其他资本主体在控制权方面进行较量的产物,是在一股一权原则之外对表决权的灵活制度安排。表决权扩张的价值取向在于融通资本及固化公司创始人及管理层的控制权。表决权能够与股份分离并被进行多元化配置的依据是表决权的私权利属性,因此,表决权扩张得基于股东意思在公司章程中设定,或由股东之间缔结合同设置。表决权扩张的典型形式是多重表决权,以较少的资金量等比例配比较多的表决权。在我国已经确立以及考虑进一步接纳部分表决权扩张形式的前提下,全面构建表决权扩张体系已成为必要。这不但是我国证券市场应对国际竞争的需要,也是公司法现代化进程的内在要求。

The voting expansion,in essence,is the product of the contest between founders and management of one company and other intervening capital subjects in seizing control,and is a flexible system arrangement of voting rights beyond one-share-onevote principle. The value orientation of this system is to increase finance channels and consolidate control of one company＇s founders and management. With the private power attribute,voting rights can be separated from shares and allocated in diversified ways,and therefore,the expansion of the voting rights should be based on one company＇s articles reflecting shareholders＇ intentions,or contracts concluded among shareholders. With a relatively small amount of capital proportionally allocated with relatively more voting rights,the typical form of expansion is multiple voting rights. Under the premise that China has established and considered accepting some forms of expansion,it has become a necessity to comprehensively build the system of voting rights expansion,which is not only the need of China＇s securities market to meet the challenge of international competition,but also the inherent requirement of the modernization process of one company＇s law.