“合伙人制”上市企业的治理和估值研究.pdf

万方数据 “合伙人制”上市企业的治理与估值研究 摘 要 本文以阿里巴巴集团提出在香港以“合伙人制”上市为契机，在“合 伙人制”企业上市的前提假设下，对这类企业存在的特有治理课题进行 了研究，并提出解决相应课题的治理机制提案。同时，对这种股权治理 结构对股权估值的影响也进行了深入的研究。 首先，通过对“合伙人制”这种股权架构的具体制度安排，以及阿里 巴巴选择这种机制的动机和目的进行了解，分析其特征，并对目前典型 股权市场的相关法规的规定进行了调查，然后提出了具体的研究方法和 思路。 其次，通过对包括公司制企业和合伙制企业的企业治理需要解决的 主要课题、主要治理理论、研究现状进行了深入了解，再进一步结合 “合伙人制” 的特殊治理构架安排，对其企业治理的特殊性进行了深入剖 析，对解决治理课题的机制和“合伙人制”对这些机制的影响再进行了进 一步的研究，并在上述基础上提出了解决“合伙人制”特殊治理课题的提 案。 最后，本文还通过文献研究和问卷调查的方法，对“合伙人制”对上 市企业股权的估值影响进行了研究。不但对“投票权” 的估值进行了分 析，还进一步将其分解为各种具体的细分权利，并对中国投资者对各细 分权利的相对重要度进行了深入的调查研究。 关键词：合伙人制，上市企业，治理，估值 万方数据 THE RESEARCH ON GOVANANCE AND VALUATION OF LISTED PARTNERSHIP ENTERPRISES ABSTRACT Alibaba ’s “Partnership” equity structure is unveiled to the public when it plans to go public in HKEx in 2013 thought being rejected. This thesis researched its special governance issues and proposed governance structures to alleviate the problems under the assumption that this kind of enterprise was listed. Furthermore, this thesis also studied the impact of “partnership” equity structure on stock valuation. As the first step, a scan to the detail arrangement and characteristic of “partnership” equity structure and the motivation behind it was performed, and the listing rules of typical security exchange were investigated. Then the research methodology and guideline are figured out. Secondly, after investigation on governance issues, governance theories and edge study, the specificity of corporate governance for “partnership enterprises” are clarified due to their special equity structure. For issues worsened by “partnership” structure, the imp