Internet companies usually have to rely on financing to grow, which puts their founders at risk of losing control. In this situation, the dual ownership structure arises at the historic moment and becomes a powerful w...Internet companies usually have to rely on financing to grow, which puts their founders at risk of losing control. In this situation, the dual ownership structure arises at the historic moment and becomes a powerful weapon for the founders to control. In order to maintain the right of control, most enterprises have chosen the typical structure of the dual ownership system-AB share system, and Alibaba Group has established an upgraded version of the dual ownership structure-partner system in view of its own development characteristics. This paper uses the method of case study, taking Alibaba Group as an example, from the perspective of control rights protection to study the Alibaba partnership system in depth. On the basis of combing and analyzing the protection mechanism of Alibaba's control rights, this paper further compares the AB share system with the partner system, sums up the advantages and limitations of the partner system, and puts forward some relevant solutions. This paper will provide some reference for the research on the dual ownership structure of Chinese Internet companies.展开更多
In recent years, water pollution has become increasingly serious in China. Meanwhile, decrease of water bodies in quality, frequent pollution incidents, safety of drinking water and water shortage have become prominen...In recent years, water pollution has become increasingly serious in China. Meanwhile, decrease of water bodies in quality, frequent pollution incidents, safety of drinking water and water shortage have become prominent day by day. However, water pollution can not be controlled effectively. To clear underlying reasons for increasingly worsening water environment, the external effects of pollution behavior and fictitious property right of pollution control bodies were analyzed using property right theory, and then internal reasons for serious water pollution were discussed. Fi- nally, control measures of water pollution were put forward.展开更多
The mode of arrangement and innovation of governance for corporate rights of control should be in accordance with the global resource disposition opportunities and efficiency competition. Based on rights formulated by...The mode of arrangement and innovation of governance for corporate rights of control should be in accordance with the global resource disposition opportunities and efficiency competition. Based on rights formulated by acts and regulations, this paper establishes models of arrangement for corporate rights of control, and then analyses the composite basic features derived from the models. To conclude, a main frame for the arrangement and innovation of corporate rights of control is put forward based on the real practice of listed companies in China.展开更多
Modem enterprise theory defines onterprise＇s ownership through the concepts of residual rights of control and claim to residue. It also believes that when they are in homologous, the ownership of enterprise can be ar...Modem enterprise theory defines onterprise＇s ownership through the concepts of residual rights of control and claim to residue. It also believes that when they are in homologous, the ownership of enterprise can be arranged in the best place. When the enterprise is under normal run, shareholders are its owner, but when it goes into bankruptcy, claimers should take place of shareholders becoming the owner of the enterprise. But in China, the ownership of state-owned enterprise （SEE） goes into double misplaces. Management controls the enterprise under the normal run, which leads salaries to seize the earnings and share equities. The state who acts as the shareholder not only lessens investments but also fixes its earnings as much as possible. It gives up the claim to residue, which leads claimers to bear the enterprise＇s residual risks （when the residual income is negative）. When the enterprise goes into bankruptcy, as the shareholder, the state determines whether it can exist or not in order to maximize its own utility. Rights of claimer are being seriously damaged as they can be manipulated freely in the enterprise. Banks＇ bad debts are also in an extremely high level. In this article, the author will establish a model and use the relative data to do technical analysis.展开更多
We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value o...We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent展开更多
By studying the cultural background and corporate culture in China, Japan and USA, this paper analyzes the effects of cultural background and corporation culture on the transaction cost and the efficiency of control r...By studying the cultural background and corporate culture in China, Japan and USA, this paper analyzes the effects of cultural background and corporation culture on the transaction cost and the efficiency of control right, thus shows that cultural backgrounds have great impact on merger. This paper further studies the choice and application of the mode of culture combination of the transnational merger.展开更多
文摘Internet companies usually have to rely on financing to grow, which puts their founders at risk of losing control. In this situation, the dual ownership structure arises at the historic moment and becomes a powerful weapon for the founders to control. In order to maintain the right of control, most enterprises have chosen the typical structure of the dual ownership system-AB share system, and Alibaba Group has established an upgraded version of the dual ownership structure-partner system in view of its own development characteristics. This paper uses the method of case study, taking Alibaba Group as an example, from the perspective of control rights protection to study the Alibaba partnership system in depth. On the basis of combing and analyzing the protection mechanism of Alibaba's control rights, this paper further compares the AB share system with the partner system, sums up the advantages and limitations of the partner system, and puts forward some relevant solutions. This paper will provide some reference for the research on the dual ownership structure of Chinese Internet companies.
文摘In recent years, water pollution has become increasingly serious in China. Meanwhile, decrease of water bodies in quality, frequent pollution incidents, safety of drinking water and water shortage have become prominent day by day. However, water pollution can not be controlled effectively. To clear underlying reasons for increasingly worsening water environment, the external effects of pollution behavior and fictitious property right of pollution control bodies were analyzed using property right theory, and then internal reasons for serious water pollution were discussed. Fi- nally, control measures of water pollution were put forward.
文摘The mode of arrangement and innovation of governance for corporate rights of control should be in accordance with the global resource disposition opportunities and efficiency competition. Based on rights formulated by acts and regulations, this paper establishes models of arrangement for corporate rights of control, and then analyses the composite basic features derived from the models. To conclude, a main frame for the arrangement and innovation of corporate rights of control is put forward based on the real practice of listed companies in China.
文摘Modem enterprise theory defines onterprise＇s ownership through the concepts of residual rights of control and claim to residue. It also believes that when they are in homologous, the ownership of enterprise can be arranged in the best place. When the enterprise is under normal run, shareholders are its owner, but when it goes into bankruptcy, claimers should take place of shareholders becoming the owner of the enterprise. But in China, the ownership of state-owned enterprise （SEE） goes into double misplaces. Management controls the enterprise under the normal run, which leads salaries to seize the earnings and share equities. The state who acts as the shareholder not only lessens investments but also fixes its earnings as much as possible. It gives up the claim to residue, which leads claimers to bear the enterprise＇s residual risks （when the residual income is negative）. When the enterprise goes into bankruptcy, as the shareholder, the state determines whether it can exist or not in order to maximize its own utility. Rights of claimer are being seriously damaged as they can be manipulated freely in the enterprise. Banks＇ bad debts are also in an extremely high level. In this article, the author will establish a model and use the relative data to do technical analysis.
文摘We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent
文摘By studying the cultural background and corporate culture in China, Japan and USA, this paper analyzes the effects of cultural background and corporation culture on the transaction cost and the efficiency of control right, thus shows that cultural backgrounds have great impact on merger. This paper further studies the choice and application of the mode of culture combination of the transnational merger.
