股权制衡下的公司治理研究——基于阿里巴巴与雅虎的股权之争

股权制衡下的公司治理研究——基于阿里巴巴与雅虎

的股权之争

摘要随着中国经济的快速发展和海外扩张的需求,引入战略投资者已经成为了

一种潮流, 而引入战略投资者带来的股权结构的变化也是市场希望看到的, 而阿

里巴巴与雅虎股权之争的案例让我们对战略投资者和股权制衡结构有了更多的

思考, 两者对于公司治理的影响其实是一把双刃剑。本文通过分析股权之争的整

个过程, 力求得出让战略投资者、股权制衡结构真正能对公司治理水平和投资者

保护发挥积极意义的条件和方法。

本文采取的是案例研究方法, 全文共两大部分, 第一大部分是案例介绍部分,

从案例所面临的背景出发引出案例, 首先对该案例涉及的公司和行业背景进行介

绍,接着对案例的来龙去脉进行一个详细的介绍。第二大部分是案例分析部分,

首先通过文献综述挖掘出本文的创新点和新角度。正文借鉴战略战略管理理论、

经理管理防御壁垒理论、公司治理理论、博弈理论和信息不对称理论来具体分析

整个案例的关键点, 从股权之争事件的各种动因出发, 研究在引入战略投资者后

股权制衡结构带给阿里巴巴集团公司治理机制的变化, 重点探讨股权争夺及制衡

结构对投资者保护的影响, 分析各利益相关者在此次事件中的得失, 中小投资者

为何成为了最终受害者。通过研究分析发现, 在不触及公司内部治理机制及缺乏

完善的法律制度保障的情况下, 单纯靠引入战略投资者而形成的股权制衡结构难

以从根本上提高企业的公司治理水平,中小投资者的利益也难以得到有效的保

护。最后结合案例出现的问题和值得借鉴的地方对我国企业如何利用股权结构和

战略投资者来提高公司治理水平以保护投资者利益提出建议。

[ 关键词] 战略投资者,股权制衡,公司治理,投资者保护I

Abstract

With China's rapid economic development and the needs of overseas

expansion.The introduction of strategic investors has become a trend, and the equity

structure of the changes by the introduction of strategic investors is also the market

want to see. Alibaba and Yahoo equity competition case let us have more thinking to

strategic investors and large shareholder's counterbalance, both factors is is a

double-edged sword to corporate governance. Through the whole process of analysis

of equity competition between Alibaba and Yahoo, the paper strive to find a way

allow strategic investors and equity balances structure can really play positive

significance to corporate governance and investor protection This paper use a case study method. The paper is divided into two parts, and the

first part is the introductory section, starting from the case background .The first of

the cases involving the company and industry background, and then give a detailed

description to the case. The second part is case studies section,

digging the innovation

and the new perspective of the paeper through the literature review.Text would use

strategic management theory, manager defense barriers theory, corporate governance

theory, game theory and asymmetric information theory to analysis the key points of

the entire case.Starting from the reason of equity dispute case,the paper study the

changes to the Alibaba Group's corporate governance mechanisms after the

introduction of strategic investor.The paper will focus on equity balances structure’s

impact to investor protection, to analyze the pros and cons of the various stakeholders

in this case,and study why the small and medium investors to become the ultimate

victims. Through research we can found that the case without positive changes of the

internal corporate governance mechanisms and the protection of good legal

system,It’s difficult to fundamentally improve the level of