Research On The Equity Financing,Human Capital Of Entrepreneur And Partnership Of Alibaba

With the rapid development of the market economy, human capital is more and more important in the operation and development of enterprises. In the initial stage of development in enterprises, material resources are relatively scarce.The development of enterprises need material resources as the foundation and guarantee. However, with the continuous expansion of business scale,The material capital investment has been paid off. Material capital is no longer the scarce resources of enterprises,while the position of human capital become more prominent, especially the human capital of the entrepreneur, which has strong exclusiveness. Entrepreneurs use their own knowledge and skills to integrate the material capital and human capital owned by the enterprise, so that more value can be created for the enterprise,which is the role that the material capital can not play. Therefore, the human capital of the entrepreneur should be ensured in the normal operation of the enterprise. In this way the human capital of entrepreneur can make an effectively impact on Enterprises, accordingly, good performance of the enterprise will also mobilize the enthusiasm of the business management of entrepreneurs.In this thesis, we explore the reason of using the Alibaba Partnership and the influence of the partnership on the arrangement of corporate control based on the case of the six financing processes in the development of Alibaba Group.This thesis details the six significant financing processes in the development of Alibaba Group. Although Alibaba obtained large amounts of funds, Jack Ma lost the first major shareholder status.In order not to lose the control of the Alibaba, he proposed the Alibaba Partnership. The main reason for the use of the Alibaba Partnership is that Jack Ma and his management team are essential for the development of Alibaba, the huge value of their’s human capital can not be replaced by any individual or team.The Alibaba Partnership has been recognized by all stakeholders.If Jack Ma leave Alibaba,the act will bring huge loss to the stakeholders, employees and creditors. Although Alibaba Partnership realized control of the enterprise,the Partnership still has many problems,so we put forward the corresponding measures to protect the interests of all the shareholders. Our country should establish the corresponding incentive and restraint mechanism to guarantee the entrepreneur human capital to realize its value for the new corporate governance model. In this way not only protect the interests of shareholders but also realize the value of entrepreneur human capital.This thesis analyzes the reason of using the Alibaba Partnership from the perspective of entrepreneur human capital exclusiveness and puts forward the corresponding measures to the existence and the promotion of this Partnership.Our country should set the corresponding systems, policies and environment for this new type of corporate governance structure. In order to study the change and innovation of corporate governance structure in our country and the influence of the entrepreneur as the core of the corporate governance structure, the research on the influence of the corporate governance structure on corporate governance is helpful.