阿里巴巴上市案之若干觀察

Some Observations on Alibaba IPO

黃朝琮(Chao-Tsung Huang)

《法令月刊》 66卷10期 (2015/10) Pp. 62-94

https://doi.org/10.6509/TLM.2015.6610.03

摘要

阿里巴巴上市案為2014年有價證券初級市場中之全球矚目案件，其募資金額不僅為史上最高，所使用之上市架構及公司治理結構亦有若干特色。本文於其中擇取VIE架構、合夥人制與股東訴訟費用承擔條款，介紹其中內容及相關的法制脈絡。上開各機制除涉及大陸、香港、美國聯邦證交法與美國德拉瓦州法制的選擇與適用，而有規範套利的現象外，VIE架構顯示出契約與組織之間的可能互換關係，以及使用契約重新分配既有股東權益之可能；合夥人制則引發對於一股一權原則的進一步思考，並展示股東外移權與訴求權的巧妙互動關係；股東訴訟費用承擔擔條款則可作為我國董事有無制訂內部細則權限之思考的素材。凡此都是公司治理中之有趣議題，值得進一步省思與觀察。

關鍵字

阿里巴巴上市案 ； VIE架構 ； 合夥人制 ； 費用承擔條款 ； 規範競爭理論

並列摘要

Alibaba IPO received a great deal of attention in the IPO market in 2014. Not only is it the biggest IPO by market value of all time, signifi cant issues are raised in connection with its IPO structure and corporate governance design. This article analyzes Alibaba's VIE structure, partnership as well as the fee shifting provision in its articles of association in their relevant contexts. Those mechanisms involves the strategic choice and selection of PRC law, Hong Kong law, US federal securities regulation as well as Delaware law, demonstrating the phenomenon of regulatory arbitrage. Besides, VIE structure exemplifies the interchangeability between contract and organization, showing how the mechanism of contact can be applied for purpose of reallocating traditional shareholder rights among corporate stake holders. The unique Alibaba partnership not only stirs the old issues about the one share one vote principle, leading to the reconsideration of the justification of such principle, but also shows the interesting relationship between ＂voice＂ and ＂exit.＂ The fee shifting provision adopted by Alibaba is another issue under heavy debate in the US legal community. Although fee shifting provision may not be as important in Taiwan as it is in the US, the appearance of fee shifting bylaw inspires the author to explore the possible source of authority of the board of a Taiwan Company to unilaterally adopt bylaws. Those are interest issues and worth further exploration.

並列關鍵字

Alibaba IPO ； VIE ； Alibaba Partnership ； Fee Shifting Provision ； Regulatory Competition

參考文獻

Holland, Randy J.、陳春山譯(2011)。美國公司法：德拉瓦州公司法經典案例選輯。臺北:新學林。

中國政府網（2015），《國務院關於大力推進大眾創業萬眾創新若干政策措施的意見》，http://www.gov.cn/zhengce/content/2015-06/16/content_9855.htm（最後瀏覽日：2015/6/20）。

中國商務部（2015），《商務部公告2012年第49號關於附加限制性條件批准沃爾瑪公司收購紐海控股33.6%股權審查決定的公告》，http://w ww.mofcom.gov.cn/article/b/fwzl/201208/20120808284418.shtml（最後瀏覽日：2015/5/8）。

中國商務部（2015），《商務部就〈中華人民共和國外國投資法（草案徵求意見稿）〉公開徵求意見》，http://www.mofcom.gov.cn/article/ae/ag/201501/20150100871007.shtml（最後瀏覽日：2015/5/8）。

中國國務院（2009），《中華人民共和國商務部令2009年第6號，公布〈關於外國投資者並購境內企業的規定〉》，http://www.mofcom.gov.cn/article/b/c/200907/20090706416939.shtml（最後瀏覽日：2015/5/8）。