我国在美上市互联网企业创始人控制权保护研究 ——以阿里巴巴实行"合伙人制度"为例

互联网企业创始人的控制权保护对于维护企业管理层的稳定、发挥企业家精神、提高企业市场竞争力具有举足轻重的作用。阿里巴巴的双重股权结构如何保护公司创始人的控制权成为理论界和实务界关注的焦点。通过厘清阿里巴巴的“合伙人制度”的组织架构及作用机制,剖析“合伙人制度”与双重股权结构的异同,研究发现:“合伙人制度”使创始人拥有选拔合伙人和提名半数以上董事会成员的权限,以此更好地保护互联网企业创始人的控制权；“合伙人制度”在各维度都能比AB股制度更好地保护互联网企业创始人的控制权。研究结论为互联网企业保护创始人控制权和监管部门制定互联网企业创始人控制权保护政策提供了借鉴和依据。

Research on the Protection of Founders' Control Right in China's Internet Companies Listed on Stock Market of the USA: Taking Alibaba's Lakeside Partners System as an Example

The protection of founder''s controlling right in the Internet companies plays a significant role in maintaining the stability of top management, giving full play to entrepreneurship and enhancing the market competitiveness. How the Dual Class Structure in Alibaba can protect the founder''s controlling right has been of great concern among theorists and practitioners. This paper clarifies the organizational structure and function mechanism in Alibaba''s Lakeside Partners to make a probe into the similarities and differences between Lakeside Partners and Dual Class Structure. The research finds that:Lakeside Partners system entitles the founders to select their partners and nominate the members of directors of board which gives better protection of founders'' control right in Internet companies; Lakeside Partners system has more protection for founders'' control right in Internet companies than AB share in all aspects. This paper can be of reference to Internet companies in protection for their founders'' control right, and provide the basis for regulatory authorities to make such policy.