The Study On Control System During The Corporate Expansion In China

Company need to constantly financing in the process of growth,the company founder's stock was gradually diluted in the company's expansion.the battle for company's control always happen between the founders and institutional investors,the founders have the risk of lose the control of the company.In the west,the dual-class share system is the most common way for the founder of a company to retain control.In the background of no hope to list in china,alibaba creatively proposed the alibaba partnership system to maintain control of the company.Through the comparison between the corporate partnership system,the dual-class share system and the class share system,i find that after the company sets up class share,its shareholding structure become Dual-class Share Structure.The alibaba partnership system is not a traditional dual-class share system.In essence,it is the subject stock that makes special agreements on voting rights.There are essential differences between the alibaba partnership system and the dual-class share system.The research on the alibaba partnership system should be included in the discussion of the class share system.I discuss the historical evolution of corporate control system in this paper,and i think the capital market's development,innovation in financing means provides the internal impetus for the development of the company system.As the emergence of a new corporate governance system,class share system meet the heterogeneous needs of investors and the need to maintain control of the management team.With the development of economy,the market competition is becoming more and more fierce,and the status of production factors in resource allocation is changing quietly.The material capital provided by shareholders was once the most important investment method and the most scarce resource.Today,however,the importance of human capital is increasingly prominent in some special industries and sectors.Especially in the high-tech Internet industry,its dependence on human capital is more prominent.Human capital has more and more power in the corporate control system.China's company law adheres to the principle of shareholder equality,which is regarded as the important connotation and inevitable result of the equality of shareholders.Alibaba partner system gives to the majority of the directors to nominate,in order to achieve the purpose of keeping control,its essence is to give a partner weight compared with other ordinary shareholders have no nomination.The equity rights and interests of the partners is different from ordinary shareholders equity rights and interests of the content,from the form has violated the same stock rights principle of company law in our country,which is alibaba failed to list in China.But alibaba partner system control mode to achieve the human capital and material capital in balance in the history of corporate control,to solve the double control easy to abuse the founder of the shareholding system,realize the company's interests balance of power between the related subjects.The partnership system of alibaba is in line with the modernization development trend of the corporate governance concept and is conducive to promoting the efficiency and innovation of corporate governance in China.It is necessary to learn foreign advanced experience,the introduction of category system,and draw lessons from alibaba partner system,construct the new control system for the development of the company in our country,at the same time,in order to ensure the benign development of the control system,need to set the boundary of the law.