阿里巴巴管理架构可能对公共投资者不利_亚博手机版怎么下载

阿里巴巴管理架构可能对公共投资者不利_亚博手机版怎么下载

本文摘要:Lucian Bebchuk is professor of law是economicsandfinanceanddirectoroftheprogramoncorporategovernanceatharvardlawschool .按卢西亚分类的布丘克(Lian wallstreetiseagerlywatchingwhatisexpectedtobeoneofthelargestinitialpublicofferinginhistory 3360 theofferingofthechineseinternet of this week.investorshavebeendescribedbythemediaas“salivating”and“floodingunderwriterswiters”or tant for investors,however, tokeeptheireyesopentotheseriousgovernancerisksaccompanyinganalibabainvestment .华尔街希望关注中国互联网零售商。

亚博手机版怎么下载

Lucian Bebchuk is professor of law是economicsandfinanceanddirectoroftheprogramoncorporategovernanceatharvardlawschool .按卢西亚分类的布丘克(Lian wallstreetiseagerlywatchingwhatisexpectedtobeoneofthelargestinitialpublicofferinginhistory 3360 theofferingofthechineseinternet of this week.investorshavebeendescribedbythemediaas“salivating”and“floodingunderwriterswiters”or tant for investors,however, tokeeptheireyesopentotheseriousgovernancerisksaccompanyinganalibabainvestment .华尔街希望关注中国互联网零售商。据媒体报道,投资者在这次的IPO中说“销售商被订单淹没了”。但是投资者在投资阿里巴巴时适当注意面临相当严重的公司管理风险。severalfactorscombinetocreatesuchrisks.forone是insidershaveapermanentlockoncontrolofthecompanybutholdonlyasmallminorityofthes therearemanywaystodivertvaluetoaffiliatedentities,butthereareweakmechanismstopreventthis.consequently,Public investors should asignificantamountofthevaluecreatedbyalibawouldnotbesharedwiththem .这些风险来自多因素。

首先,内部的人只有少数股权,但对公司有永久的控制权。其次,阿里巴巴可以用很多方法把价值转移到实体上,但阻止它的机制非常薄弱。因此,公共投资者应该担心的是,将来阿里巴巴建设的价值中,相当一部分会出来和他们分享。

In Alibaba是, controlisgoingtobelockedforeverinthehandsofagroupofinsidersknownasthealibabapartnership.theseareallmanagersinthealibabagrooup artnershipwillhavetheexclusiverighttonominatecandidatesforamajorityoftheboardseats.further more ifthepartnershipfailstoobtainshi ndidates是, itwillbeentitled“initssolediscretionandwithouttheneedforanyadditionalshareholderapproval”toappointdirectorsunilateralled thuse ctorsalwayshaveamajorityofboardseats.manypubliccompaniesaroundtheworld是especially in emerging economies, havealargeshareholderwithalockoncontrol.suchcontrollingshareholders,however, oftenownasubstantialportionoftheequitycapitalthatprovidesthemwithbeneficialincentives.inthecaseofalibaba, 在investorsneedtoworryabouttherelativelysmallstakeheldbythemembersofthecontrollingalibabapartnership .阿里巴巴,掌握公司控制权始终在内这些合作伙伴都是涉及阿里巴巴集团或企业的管理者。他们享有获奖提名许多董事的独特权利。另外,如果合伙人不能让股东通过奖项提名的候选人,他们有权“全面要求,受到股东的反对”,单方面任命董事,他们自由选择的董事总是占董事会的大部分席位。在世界范围内,特别是在新兴经济体,很多上市公司都有控制权的大股东。

但是这种有限公司股东的资金在资本中占很大一部分,他们有执着于利益的动力。关于阿里巴巴,投资者因为阿里巴巴合作伙伴持有的股票比较少,所以有担忧的恰当性。After the I.P.O .Alibaba’sexecutivechairman,Jack Ma, isexpectedtohold 7.8 percentofthesharesandallthedirectorsandexecutiveofficerswillholdtogether 13.1 percent.overtime, insidersmaywellcashoutsomeoftheircurrentholding是, but Alibaba’sgovernancestructurewouldensurethatdirectorschosenbythealibabapartnershipwillforevercontroltheboard, regardlessofthesizeofthestakeheldbythepartnership’s members .上市后,阿里巴巴执行主席马云持有7.8%的股份,所有董事和高级管理层所有者的股份总额为13.1% 过了一段时间,内部人员可能会购买一些股票,但阿里巴巴的管理框架确保由阿里巴巴合作伙伴投票决定的董事总是支配董事会,而不管合作伙伴拥有者的数量如何。

withanabsolutelockoncontrolandalimitedfractionoftheequitycapital, thealibabainsiderswillhavesubstantialincentivestodivertvaluefromalibabatootherentitiesinwhichtheyownasubstantialpercentageofthi yplacingfutureprofitableopportunitiesinsuchentities是ormakingdealswithsuchentitiesontermsthatfavorthemattheexpenseofalibaba . 通过增加这种意义上的永久控制和资本的一部分,阿里巴巴内部的小圈子有很大的动力将这个集团的价值转移到他们享有相当大资本的其他地方。为此,将未来的收益机会放在这样的实体上或在交易时达成协议可以达成对阿里巴巴有利的条款。Alibaba’sprospectusdisclosesinformationaboutvariouspast“relatedpartytransactions”。

“andthesedisclosuresreflectthesignificanceandriskstopublicinvestorsofsuchtransactions.for example,in 2010, alibabadivesteditscontrolandownershipofalipay, whichdoesallofthefinancialprocessingforalibaba是andalipayisnowfullycontrolledandsubstantiallyownedbyalibaba’sexecutivechairma 例如,2010年,阿里巴巴压迫了支付宝(Alipay )的控制权和所有权。支付宝(Alipay )分担了阿里巴巴平台的所有支付过程,现在马云本人几乎控制住了,成为了大致的所有者。publicinvestorsshouldworrynotonlyaboutwhetherthealibaba’sdivestingofalipaybenefitedmr.maattheexpenseofalibaba, butalsoaboutthetermsofthefuturetransactionsbetweenalibabaandalipay.becausealibabareliesonalipay“toconductsubstantially”paymy lace,thesetermsareimportantforalibaba’sfuturesuccess .公共投资者应该担心的不仅仅是阿里巴巴是否以压迫支付宝(Alipay )本身为代价造福马云。

阿里巴巴依靠支付宝(Alipay )开展旗下市场的“几乎所有支付流程”,因此这些条款保持了阿里巴巴未来的顺利。MR.MaownsalargerfractionofaliPay’sequitycapitalthanofalibaba’s是sohewouldeconomicallybenefitfromtermsthatwouldisfavoraliba given the circumstances,thei.p.o.prospectusacknowledgesthatmr.mamayacttoresolvealibaba-alipayconflictsnotinalibaba’s favor 实质上,鉴于这些情况,阿里巴巴的邀请函否认,在消除阿里巴巴和支付宝(Alipay )冲突时,马云可能没有站在前者一边。theprospectusseekstoallayinvestorconcerns,however, byindicatingthatmr.maintendstoreducehisstakeininalipaywithinthreetofiveyears, includingbyhavingsharesinalipaygrantedtoalibabaemployees.butstatingsuchanintentiondoesnotrepresentanirreversiblelegalcomming transfersofalipayownershipstakesfrommr.matoothermembersofthealibabapartnershipwouldstilleavethepartnership’saggregate bedecip herthanalibaba .但是,股票征集书试图引起投资者的担忧,马云不打算在三十五年内为支付宝(Alipay )的股票投保安全保险,也包括交给阿里巴巴内部的人。但是,指出这种意图并不意味着著是不能承诺的法律承诺。

另外,即使将支付宝(Alipay )的所有权股票从马云转移到其他阿里巴巴的合作伙伴,合作伙伴的整体利益也不会具体准确地落到支付宝(Alipay )的一边。giventhesignificantrelatedpartytransactionsthathavealreadytakenplace,andtheprospectofsuchtransactionsinthefuture是alibabatricaction policy .”butthisnewpolicyhardlyprovidesinvestorswithsolidprotection.unlikecharterandbylawprovisions, corporatepoliciesaregenerallynotbinding.further more, Alibaba’spolicyexplicitlyallowstheboard是wherethenomineesofalibabapartnershipwillalwayshaveamajority, 考虑到toapproveanyexceptionstothepolicythattheboardchooses .已经经常出现,但这项新政策不能为投资者获得彻底的确保。与公司规章制度不同,企业政策几乎没有约束力。

另外,阿里巴巴的政策具体允许董事局关注按照自己意愿批准后的政策,在董事局中阿里巴巴伙伴任命的人选总有一天会占多数。Of course, thealibabapartnersmightelectnottotakeadvantageoftheopportunitiesfordiversionprovidedtothembyalibaba’sstructurre evenifthepartne 是the future businesssuccessofalibabamightbelargeenoughtomakeupforthe costsofdiversionsandleavepublicinvestorswithgoodreturnsonts 阿里巴巴的合作伙伴可能不会自由选择利用阿里巴巴的公司结构获得给他们的过渡机会。另外,即使合作伙伴确实利用了这样的机会,阿里巴巴未来的生意也很顺利,不足以弥补移动的成本,还可以留下公共投资者猥琐的投资回报率。Before jumping in,however, investorsrushingtoparticipateinthealibabai.p.o.mustrecognizethesubstantialgovernancerisksthattheywouldbetaking. doesnotprot 尽管blicinvestors .打算参加阿里巴巴IPO的投资者们必须意识到,在跳水之前,不要分担相当大的公司管理风险。

阿里巴巴的结构没有为公共投资者提供足够的维护。

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