合伙人制的董事会治理结构问题探析--以阿里巴巴集团为例.pdf

目录1引言.11.1 研究的背景和意义.11.1.1 研究背景.11.1.2 研究意义.21.2 文献综述.21.2.1 有关公司控制权方面文献.21.2.2 三种典型的董事会模式方面文献.41.2.3 董事会治理结构特征方面文献.41.2.4 经营者持股对公司业绩的影响.51.2.5 文献述评.61.3 研究思路与方法.61.3.1 研究思路.61.3.2 研究方法.61.4 论文的基本框架.72董事会治理结构理论概述.92.1 董事会治理结构的相关概念.92.1.1 董事会.92.1.2 董事会治理结构.92.1.3 合伙人制的董事会治理结构.102.2 董事会治理结构的相关理论.122.2.1 委托代理理论.122.2.2 利益相关者理论.133阿里巴巴集团合伙人制的董事会治理结构案例介绍.153.1 阿里巴巴集团基本情况介绍.153.1.1 阿里巴巴集团的发展历程.153.1.2 阿里巴巴集团的股权结构情况.183.1.3 阿里巴巴集团董事会运作架构.213.2 阿里巴巴合伙人制的董事会治理结构的运作情况.253.2.1 阿里巴巴合伙人制度的产生背景.253.2.2 阿里巴巴合伙人制董事会的运行状况.264阿里巴巴合伙人制的董事会治理结构存在的问题及原因分析.304.1 阿里巴巴合伙人制的董事会治理结构存在的问题.30万方数据4.1.1 合伙人权利过大影响中小股东权益.304.1.2 董事会缺乏科学的决策机制.314.1.3 合伙人私人利益与公司利益相关联.334.1.4 可变利益实体结构可能损害股东利益.354.2 阿里巴巴合伙人制度存在问题的原因分析.364.2.1 过于信赖创业股东和合伙人的自律.364.2.2 公司缺少合理的监督机制.374.2.3 董事会被内部人控制缺乏独立性.374.2.4 所有权和控制权分离导致股东权责不对等.395高盛集团董事会治理结构经验借鉴.425.1 高盛集团基本情况介绍.425.1.1 高盛集团发展历程简介.425.1.2 高盛集团董事会运作架构.435.2 高盛集团经验借鉴.445.2.1 独特的合伙制文化和松散、扁平的组织结构.445.2.2 PMD的股票折扣计划使管理层与企业目标相一致.455.2.3 较高比例的独立董事保证了董事会的独立性.455.2.4 审计委员会使公司财务运作更加规范.456完善阿里巴巴集团合伙人制的董事会治理结构的建议.476.1 完善董事会的管理机制.476.1.1 完善股权结构保护中小股东权益.476.1.2 建立董事会评估系统提升董事会绩效.476.1.3 建立董事会战略决策流程增加董事会运作透明性.486.2 完善董事与管理层的监督和激励机制.486.2.1 设立严格的审计委员会监督管理层和审查财务信息.486.2.2 提高独立董事比例保证公司的专业化运作.496.2.3 设立股权为基础的薪酬制度保证与股东利益相一致.496.3 完善合伙人的管理制度.506.3.1 避免官僚化和不平等制度.506.3.2 建立激励和约束对等机制.516.3.3 限制合伙人任职期间股份转让.51参考文献.53致谢.57万方数据CONTENTSllntroduction.11.1 Research Background and Significance.11.1.1 Research B ackground.11.1.2 Research Significance.21.2 Literature review.21.2.1 Literature about the controlling rights of companies.21.2.2 Literature about three typical models for the board of directors.41.2.3 Literature about the characteristics of the governance structure for the board of directors.41.2.4 The influence of operators5 shareholding on the companys performance.51.2.5 Comment on literature.61.3 Research mentality and methods.61.3.1 Research mentality.61.3.2 Research methods.61.4 Article framework.72The theory about the governance structure of the board of directors.92.1 Related concepts about the governance structure of the board of directors.92.1.1 Board of directors.92.1.2 Governance structure of the board of directors.92.1.3 The partnership governance structure of the board of directors.102.2 Related theories about the governance structure of the board of directors.122.2.1 Principal-agent theory.122.2.2S takeholder theory.133The case of the partnership governance structure of the board of directors in Alibaba Group.153.1Basic situation of Alibaba Group.153.1.1 Development history of Alibaba Group.153.1.2 Equity structure of Alibaba Group.183.1.3 The operation framework for the board of directors in Alibaba Group.213.2The operation situation of the partnership governance structure of the board of directors in Alibaba.253.2.IB ackground of the partnership system in Alibaba.25in万方数据3.2.2Running status of the partnership system for the board of directors inAlibaba.264Existing problems of the partnership governance structure of the board of directors in Alibaba and the analysis of relevant causes.304.1 Existing problems of the partnership governance structure of the board of directors in Alibaba.304.1.1 Excessive rights of partner will affect the equity of small and medium-sized shareholders.304.1.2 Lack of scientific decision-making mechanism for the board of directors.314.1.3 The association of partners5 private benefits with the profits of companies 334.1.4 The possibility of variable interest entities damaging the interests of shareholders.354.2 Analysis of the causes of existing problems in the partnership system of the Alibaba Group.364.2.1 Rely more on autonomy of venture shareholders and partners.364.2.2 Lack of reasonable supervision mechanism for companies.374.2.3 Lack of independence due to the board of directors being controlled by insiders.374.2.4 The inequality of responsibilities for shareholders due to the separation of ownership and controlling rights.395Experience of the governance structure of the board of directors in Goldman Sachs for reference.425.1B asic situation in Goldman Sachs.425.1.1 Development history of Goldman Sachs.425.1.2T he operation framework of the board of directors in Goldman Sachs.435.2T he reference of the experience in Goldman Sachs.445.2.1U nique partnership culture and loose,flat organizational structure.445.2.2P MD discount plan of stock harmonizes between management level and corporate.455.2.3D irectors of higher independengce degree ensures the indepence of board455.2.4A udit commission system normalizes corporate financial opertion.456Suggest improving the partnership governance structure of the board of directors in the Alibaba group.476.limprove the management mechanism of the board of directors.47IV万方数据6.1.limprove ownership structure to protect the equity of small and medium-sized shareholders.476.1.2Establish the evaluation system to improve the performance of the board of directors.476.1.3Build the strategic decision-making process for the board of directors to increase the operation transparency for the board of directors.486.2Improve the supervision and incentive mechanism for the directors and the management class.486.2.1 Establish strict audit commission to keep a supervision of management level and a clear audit of financial information.486.2.2I ncrease the proportion of directors outside to guarantee a specialized operation in companies.496.2.3B uild an equity-based salary system to ensure its consistency with shareholders5 interests.496.3Improve the management system for the partners.506.3.1 Avoid the bureaucracy and inequality system.506.3.2 Establish the equivalent mechanism of the incentives and constraints.516.3.3 Constraining partners5 transferring shares during their tenure.51References.53Acknowledgements.57v万方数据摘要互联网企业的蓬勃发展，得益于风险投资的推波助澜。然而，随着融资次数 的增加，企业股权也逐渐稀释。一般而言，公司董事会模式有相当强的股权依存 度，这也让许多技术密集型企业创始人被迫离开公司，失去企业的领导权。因此,公司的创始人为了保持对公司的领导权或出于对公司未来发展的考虑，会对企业 的董事会治理结构进行改善。Google、Facebook、百度、京东在内的互联网公司 都选择了双层股权结构的模式来保持对公司的控制权。然而，阿里巴巴在建立董 事会制度、培养接班人和控制权分配有着独特的管理模式。阿里巴巴在借鉴国内 外董事会治理结构的基础上，结合企业的特点，创造了一种新的董事会治理结构 即合伙人制度。在合伙人制度下，创始人持股比例的多少与公司控制权没有必然联系，在创 始人掌握公司控制权方面具有一定的优越性，但同时造成企业的控制权和所有权 的严重分离，容易引发内部人侵占公司利益、股东矛盾等代理问题。因此，本文 希望通过以阿里巴巴集团为例，对合伙人制的董事会治理结构存在的问题进行研 究。本文运用文献研究法和案例分析法，首先对阿里巴巴集团合伙人制的董事会 治理结构进行阐述，接着了解合伙人制董事会治理结构在阿里巴巴运行过程中存 在的问题并对其原因进行分析，最后通过借鉴高盛集团董事会治理结构的经验，提出了完善阿里巴巴集团合伙人制董事会治理结构的建议。本文总共包含六章。第一章是引言部分，主要阐述了研究的背景和意义、文 献综述、研究思路与方法及本文的基本框架。第二章介绍了董事会、董事会治理 结构相关概念以及对合伙人制的董事会治理结构进行定义。合伙人制的董事会治 理结构，即通过公司章程规定，董事会候选人的大多数由合伙人提名，其他候选 人则通过股东提名等其他方式产生，提名出的董事候选人再通过股东大会进行选 举成为董事会成员。合伙人制度下的合伙人具有提名董事的权利，补充缺额董事 的权利以及合伙人来自企业等特点。接着对影响董事会治理结构的相关理论进行 整理。委托代理理论为解决股东、董事会、管理层之间的代理问题提供了理论基 础，利益相关者理论认为处理好与利益相关者之间的关系有利于提升企业价值。第三章对阿里巴巴合伙人制董事会治理结构案例进行介绍。首先，介绍了阿里巴 巴的发展历程、股权结构情况和董事会运作架构。其次，介绍了合伙人制董事会 治理结构产生的背景和运行状况。合伙人制董事会治理结构是马云及管理层在持 股比例较低及为了维护企业价值观的情况下产生的。合伙人制的董事会治理结构 下，企业营利状况良好，但因合伙人权利过大仍存在潜在的风险。第四章通过对 阿里巴巴集团的深入分析，发现合伙人制的董事会治理结构存在合伙人权利过大 1万方数据影响中小股东权益、董事会缺乏科学的决策机制、合伙人私人利益与公司利益相 关联、可变利益实体结构可能损害股东利益。接着分析问题产生的原因，包括过 于信赖创业股东和合伙人的自律、公司缺少合理的监督机制、董事会被内部人控 制缺乏独立性、所有权和控制权分离导致股东权责不对等。第五章介绍了高盛集 团董事会治理结构，为完善阿里巴巴董事会治理结构提供经验借鉴。第六章提出 了阿里巴巴可从董事会的管理机制、董事与管理层的监督和激励机制、合伙人的 管理制度等方面完善阿里巴巴董事会治理结构。具体包括完善股权结构保护中小 股东权益，建立董事会评估系统提升董事会绩效，建立董事会战略流程增加董事 会运作的透明性，设立严格的审计委员会监督管理层和审查财务信息，提高独立 董事比例保证公司的专业化运作，设立股权为基础的薪酬制度保证与股东利益相 一致，避免合伙人的官僚化与不平等制度，对合伙人采用激励和约束对等的管理 机制以及限制合伙人任职期间股份转让等九个方面。希冀能为完善阿里巴巴集团 董事会治理结构起到一定的参考作用。关键词：董事会治理结构；合伙人制度；阿里巴巴集团万方数据ABSTRACTThe vigorous development of the Internet enterprises benefits from the stimulation of the risk investment.However,the corporate equity is diluted gradually with the increasing of financing times.In general,there is quite a strong equity dependence for the model of the board of directors,which also forces many founders of technology-intensive enterprises to leave the company and lose the leadership of the company.Therefore,the enterprises founder will improve the governance structure of the board of directors to keep the leadership of the company or take the companys future development into consideration.Internet enterprises,such as Google,Facebook,Baidu and Jingdong all employ the dual class structure to keep control of the company.Alibaba,however,owns a unique management model in terms of the establishment of the system of the board of directors,the cultivation of successors and the distribution of controlling rights.Alibaba created a new governance structure for the board of directors-partnership system,which was based on referencing the governance structure of the board of directors home and abroad and combining the characteristics of the enterprise.In the partnership,there is no necessary connection between the share proportion of the founder and corporate control rights and it has some superiority in mastering the corporate control rights.However,it also leads to the serious separation between the control rights and ownership,easy to trigger off the agent problems,such as insiders occupy the rights of corporate and conflicts of shareholders,etc.Therefore,the paper aims to study the potential problems in the partnership governance structure for the board of directors by citing the Alibaba as the example.This paper employed the literature research method and case analysis method.It first elaborated the partnership governance structure for the board of directors in the Alibaba group,and then located the existing problems in the partnership governance structure for the board of directors during the operation process in Alibaba and analyzed its causes;Finally,it put forward the suggestion of improving the partnership governance structure for the board of directors in the Alibaba group.This Paper can be divided into six chapters.The first chapter is an introduction,in which mainly elaborated the research background and significance,literture review,research mentality and methods,article framework.The second chapter described some related concepts such as the board of directors,the governance structure of the board of 3万方数据directors and the partnership governance structure for the board of directors,etc.The partnership governance structure for the board of directors refers to the fact that according to the articles in the company,most director candidates are nominated by partners and the other ones by shareholders,and all director candidates can be formally appointed as a director through the shareholder meeting.The partnership under the governance structure of the board of directors has borne the characteristics of nominating most of the directors,supplementing the deficiency of directors and ensuring the partners to be from enterprises,etc.Then the paper sorted out some related theories.The principal-agent theory provided a theoretical foundation to solve the agency problems among shareholders,board of directors and the management class.The stakeholder theory argued that it was helpful to improve enterprise values by dealing with the relationship among stakeholders.The third chapter introduced the case of the partnership governance structure for the board of directors in Alibaba,which included two parts.The first part made an introduction of the development process of the company,equity structure and the structure of the board of directors.The second part analyzed the original background of the partnership system and its operation condition.The partnership governance structure for the board of directors was created in the condition of possessing a lower shareholding for Ma Yun and the management class as well as maintaining the enterprise values.Although the enterprises profited in a good condition under the partnership governance structure for the board of directors,the potential risks still existed because of too many rights from the partners.The fourth chapter told that excessive rights of partner will affect the equity of small and medium-sized shareholders,that the board of directors lacked a scientific decision-making mechanism,that partners9 private benefits were associated with the benefits of companies and that variable interest entities might damage the interests of shareholders through the analysis of Alibaba Group.Then the paper analyzed the causes of those problems,including the fact that rely more on autonomy of venture shareholders and partners,that companies lacked a reasonable supervision mechanism,that directors were controlled by insiders and showed a lack of independence and that the separation of ownership and controlling rights led to the inequality of shareholders5 responsibilities and so on.The fifth chapter introduced the governance structure of Goldmans board of directors so as to provide references fbr improving the governance structure of the board of directors in the Alibaba Group.The sixth chapter put forward the fact that Alibaba Group could improve their governance structure of the board of 4万方数据directors from the aspects of the management mechanism of the board of directors,the supervision and incentive mechanism of directors and the management class and the management system of partnership.Specifically,they could include nine aspects,namely,improving ownership structure to protect the equity of small and medium-sized shareholders,establishing the evaluation system to improve the performance of the board of directors,build the strategic decision-making process for the board of directors to increase the operation transparency for the board of directors,setting up the auditing committeefor supervising the management class and reviewing the financial information,improving the proportion of directors outside to guarantee the professional operation in companies,establishing the equity-based salary system to ensure its consistency with shareholders5 interests,avoiding the bureaucracy and inequality system among partners,adopting the management mechanism of equaling the incentives with constraints,as well as limiting the share transfer of the partners during their tenure.It is hoped that this paper can play a reference role in improving the governance structure of the board of directors in the Alibaba Group board to some extent.Key Words:Governance structure for the board of directors;Partnership system;Alibaba Group5万方数据1引言1引言1.1 研究的背景和意义1.1.1 研究背景互联网企业的高速发展，得益于风险投资的推波助澜。然而，股权的稀释也 使得有些公司的决策权发生改变，比如我国最早的互联网公司瀛海威的创始人张 树新在1998年被大股东中发银行“解聘”，瀛海威后因经营策略等问题逐渐衰弱。成功创建新浪网的王志东，在新浪2000年上市的次年被迫辞职，离开董事会。一 般而言，公司董事会模式有相当强的股权依存度，这也让许多技术密集型企业创 始人被迫离开，失去企业的领导权。因此，创始人为了保持领导权或出于对公司 未来发展的考虑，会对企业的董事会治理结构进行设计。2005年，阿里巴巴和雅虎签订的合作协议，并未给阿里巴巴带来太多的协同 效应，反而引发控制权之争问题，此后不断升级。从2008年微软宣布溢价62%收购雅虎，到2011年马云的支付宝事件，阿里巴巴的控制权得到人们广泛关注。2013年，中国香港证券交易所因阿里巴巴公司治理机制，不符合中国香港对股东 的保障机制，拒绝了阿里巴巴的上市计划。不管是“雅虎之争”，“支付宝事件”，还是“中国香港上市被否”，都是围绕着阿里巴巴集团的董事会治理机制。针对互 联网界的合伙人制度，引发很多学者探讨，很多学者把阿里巴巴的新的合伙人制 度与投行的合伙人制度、双重股权结构等进行对比分析。合伙人制的董事会治理 结构具有“同股不同权”的特点，但不同于双层股权结构，主要在于赋予了合伙 人较大的权利。哈佛大学教授LucianBebchuk认为阿里巴巴集团内部人控制严 重，且已经发生多笔重大关联交易，虽然目前合伙人可能不会侵犯股东利益，公 司仍面临严重的治理风险；此外鉴于阿里巴巴利润的高速增长，即使合伙人转移 公司利润，也很难被投资者察觉，投资者仍可以获得不错的回报。2014年，阿 里巴巴集团虽然成功上市，但围绕其董事会治理结构的讨论仍不绝于耳。摩根士 丹利资本国际认为合伙人制度存在缺陷，控制权的严重分离会影响股东对公司的 信心。密歇根大学教授埃里克戈登认为，阿里巴巴集团的VIE结构在未来