摘要
本文采取案例研究和理论分析相结合的方法,从资本市场、企业特征、产权等维度来分析和比较我国两家公司万科和阿里巴巴的股权结构、事业合伙人制度的内在机理、影响因素及其对公司董事会构成的影响。万科的合伙人制度以同股同权制度为前提,而阿里的合伙人制度在上市初定规则时就已经得到了大股东的支持变相推出不平等投票权。由于万科与阿里的合伙人制度存在本质不同,因此两者在董事会成员构成、高管报酬机制和如何面对恶意收购等方面都存在差异。本案例的研究能为改革我国股权结构提供有益的理论和实践的借鉴。
Using case study and theory analysis, this paper investigates and compares the ownership structure, business partnership system, and board of directors of two Chinese companies-Wanke and Alibaba from the capital structure, firm characteristics, property right, etc. Wanke's partnership system are based on "One share. One vote", while Alibaba's partnership are based on "Not equal voting right" with the support of large shareholders at share listing. Because of the essential differences between the partnership system of Wanke and Alibaba, there are differences between the board of directors, compensation mechanism and hostile takeover market of two companies. This study of cases can provide useful theoretical and practical reference for the reform of China's equity structure.
作者
余玮
YU Wei(Shanghai University of International Business and Economics, Shanghai 201620,China)
出处
《管理观察》
2019年第18期141-144,共4页
Management Observer
基金
教育部一般课题企业家社会声誉与关系网络对公司社会责任的影响研究(16YJA630070)
上海市教委高原计划
上海市精品课程《财务管理案例分析》
关键词
公司股权
合伙人制度
董事会
万科
阿里巴巴
Corporate Ownership Structure
Partnership
Board of Directors
Wanke
Alibaba
