臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：阿里巴巴上市案之若干觀察
書刊名：法令月刊
作者：黃朝琮
作者(外文)：Huang, Chao-tsung
出版日期：2015
卷期：66:10
頁次：頁62-94
主題關鍵詞：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；Alibaba IPO；VIE；Alibaba partnership；Fee shifting provision；Regulatory competition
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:1
  • 共同引用共同引用:139
  • 點閱點閱:15
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。
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.
期刊論文
1.蔡昌憲(20100900)。法域競爭之運作內涵--從公司設立登記地競爭到美國沙賓法引發之跨國上市競爭。臺北大學法學論叢，75，117-174。new window  延伸查詢new window
2.方嘉麟(20090400)。經營權爭奪戰中股東召集權設計兼論監察人角色--以元大復華併購案為例。政大法學評論，108，213-258。new window  延伸查詢new window
3.王文宇(20031000)。公司章程之定位與資本制度之改革。法令月刊，54(10)，38-52。new window  延伸查詢new window
4.黃朝琮(20150100)。論公司章程管轄法院條款。法令月刊，66(1)，73-92。new window  延伸查詢new window
5.曾宛如(20060100)。「讓與全部或主要部分營業或財產」之探討--兼論董事會與股東會權限劃分之議題。國立臺灣大學法學論叢，35(1)，267-310。new window  延伸查詢new window
6.王文宇(20040300)。向上提升或向下沉淪？--論國際化對我國公司法制之影響。月旦法學，106，24-38。new window  延伸查詢new window
7.林仁光(20140800)。西風東漸--談內線交易Civil Penalty制度之發展。月旦法學，231，80-97。new window  延伸查詢new window
8.Thompson, Robert B.、Thomas, Randall S.(2004)。The New Look of Shareholder Litigation: Acquisition-Oriented Class Actions。Vanderbilt Law Review，57(1)，131-209。  new window
9.邵慶平(20150600)。表決權拘束契約與累積投票制。月旦民商法雜誌，48，103-114。  延伸查詢new window
10.黃朝琮(20150400)。董事違反受託義務之事前救濟。法令月刊，66(4)，115-141。new window  延伸查詢new window
11.顏雅倫(20110700)。創業投資事業、閉鎖性股份有限公司與股東協議機制--並論股東表決權拘束契約相關最高法院判決的影響。法令月刊，62(7)，98-125。new window  延伸查詢new window
12.Mirvis, Ted(2007)。Anywhere but chancery: Ted Mirvis sounds an alarm and suggests some solutions。The M&A Journal，7，17-18。  new window
13.孔煥志、隋雪芹(2012)。貿仲上海第一起VIE仲裁案。商法，2013(1月號)，90。  延伸查詢new window
14.方元沂(20111100)。法人屬人法適用範圍之研究--以內部事務原則為中心。華岡法粹，51，175-197。new window  延伸查詢new window
15.李曉宇(2013)。VIE模式境外上市風險與防範。金融法苑，88，234-249。  延伸查詢new window
16.張舫(2012)。美國「一股一權」制度的興衰與啟示。現代法學，34(2)，152-163。  延伸查詢new window
17.黃永慶(2013)。VIE模式錯了嗎？。金融法苑，86，32-40。  延伸查詢new window
18.黃朝琮(20150300)。特殊目的併購公司（SPAC）之發展與規範。月旦民商法雜誌，47，54-76。  延伸查詢new window
19.劉連煜(2015)。阿里巴巴上市與公司治理。月旦法學教室，151，25-27。  延伸查詢new window
20.蔡英欣(20090600)。股東表決權分配之規範模式。國立臺灣大學法學論叢，38(2)，71-129。new window  延伸查詢new window
21.Allen, Claudia H.(2015)。Bylaws mandating arbitration of stockholder disputes?。Delaware Journal of Corporate Law，39(3)，751-818。  new window
22.Bainbridge, Stephen M.(1991)。The short life and resurrection of SEC Rule 19C-4。Washington University Law Review，69(2)，565-634。  new window
23.Black, B.、Kraakman, R.(1996)。A self-enforcing model of corporate law。Harvard Law Review，109，1911-1982。  new window
24.DeMott, Deborah A.(2015)。Forumselection bylaws refracted through an agency lens。Arizona Law Review，57(1)，269-297。  new window
25.Fisch, Jill E.、Griffith, Sean J.、Solomon, Steven Davidoff(2015)。Confronting the peppercorn settlement in merger litigation: An empirical analysis and a proposal for reform。Texas Law Review，93(3)，557-624。  new window
26.Gillis, P. L.、Lowry, M. R.(2014)。Son of Enron: Investors weigh the risks of Chinese variable interest entities。Journal of Applied Corporate Finance，26(3)，61-66。  new window
27.Griffith, Sean J.(2015)。Correcting corporate benefit: How to fix shareholder litigation by shifting the doctrine on fees。Boston College Law Review，56(1)，1-59。  new window
28.Guo, Li(2014)。Chinese style VIEs: Continuing to sneak under smog?。Cornell International Law Journal，47(3)，569-606。  new window
29.Hamermesh, L. A.(2015)。Consent in corporate law。The Business Lawyer，70(1)，161-174。  new window
30.Jeffries, Browning(2014)。The plaintiffs' lawyer's transaction tax: The new cost of doing business in public company deals。Berkeley Business Law Journal，11(1)，55-111。  new window
31.Kostant, Peter C.(1999)。Exit, voice and loyalty in the course of corporate governance and counsel's changing role。Journal of Socio-Economics，28(3)，203-246。  new window
32.Martin, S.、Partnoy, F.(2005)。Encumbered shares。University of Illinois Law Review，2005(3)，775-814。  new window
33.Schindelheim, David(2012)。Variable interest entity structures in the People's Republic of China: Is uncertainty for foreign investors part of China's economic development plan?。Cardozo Journal of International Comparative Law，21(1)，195-234。  new window
34.Shen, Wei(2012)。Deconstructing the myth of Alipay drama-Repoliticizing foreign investment in the telecommunications sector in China。Telecommunication Policy，36(10/11)，929-942。  new window
35.Shen, W.、Young, A.(2015)。Dual share plan in context: Making sense of Hong Kong's decision not to embrace Alibaba's listing。International Company and Commercial Law Review，26(1)，4-17。  new window
36.Shi, Serena Y.(2014)。Comment, Dragon's house of cards: Perils of investing in variable interest entities domiciled in the People's Republic of China and listed in the united states。Fordham International Law Journal，37(4)，1265-1307。  new window
37.Special Study Group of the Committee on Federal Regulation of Securities, American Bar Association(2002)。Special Study on Market Structure, Listing Standards and Corporate Governance。The Business Lawyer，57(4)，1487-1558。  new window
38.Tian, Wen(2014)。Comment you can't sell your firm and own it too: Disallowing dual-class stock companies from listing on the securities exchanges。University of Pennsylvania Law Review，162(6)，1495-1516。  new window
39.Coffee, John C. Jr.(2002)。Racing towards the top? The impact of cross-listings and stock market competition on international corporate governance。Columbia Law Review，102(7)，1757-1831。  new window
40.Seligman, Joel(1986)。Equal protection in shareholder voting rights: The one common share, one vote controversy。George Washington Law Review，54，687-724。  new window
41.劉連煜(20120200)。敵意併購下目標公司董事的受任人（受託）義務--以開發金控敵意併購金鼎證券為例。政大法學評論，125，1-53。new window  延伸查詢new window
42.陳肇鴻(20090200)。論權益交換與大股東持股揭露之法律問題。法學新論，7，105-130。new window  延伸查詢new window
43.林郁馨(20080900)。從美國證券集體訴訟談證券詐欺訴訟的填補損害及嚇阻功能。月旦財經法雜誌，14，173-193。  延伸查詢new window
44.邵慶平(20090300)。規範競爭理論與公司證券法制的建構：兼論對臺灣法制的可能啟示。國立臺灣大學法學論叢，38(1)，1-59。new window  延伸查詢new window
研究報告
1.君合律師事務所(2014)。阿里巴巴合夥人制度簡析。  延伸查詢new window
圖書
1.金鼎(2014)。公司章程之效力與界限--以英美法制為借鏡。臺北：元照。  延伸查詢new window
2.陳自強(2004)。契約之內容與消滅。學林。new window  延伸查詢new window
3.王文宇(2003)。公司法論。元照出版有限公司。  延伸查詢new window
4.Hirschman, Albert O.(1970)。Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States。Harvard University Press。  new window
5.Holland, Justice Rand J.、陳春山(2011)。美國公司法--德拉瓦州公司法經典案例選輯。新學林。  延伸查詢new window
其他
1.Koumrian, Olga(2015)。Shareholder Litigation Involving Acquisitions of Public Companies - Review of 2014 M & A Litigation，https://www.cornerstone.com/GetAttachment/897c61ef-bfde-46e6-a2b8-5f94906c6ee2/Shareholder-Litigation-Involving-Acquisitions-2014-Review.pdf。  new window
2.(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。  延伸查詢new window
3.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。  延伸查詢new window
4.中國國務院(2015)。外商投資產業指導目錄，http://www.sdpc.gov.cn/zcfb/zcfbl/201503/W020150313428562159489.pdf。  延伸查詢new window
5.(2014)。外國投資法草案徵意見百度阿里有望享准國民待遇，http://finance.chinanews.com/CJ72015/02-03/7028679。  延伸查詢new window
6.(2015)。政策力促特殊股權結構公司境內上市中概股人心思歸或掀集體返鄉潮，http://www.ccstock.cn/finance/hangyedongtai/2015-06-08/A1433698499565.html。  延伸查詢new window
7.香港交易所(2014)。香港交易所上市決策HKEx-LD43-3，https://www.hkex.com.hk/chi/rulesreg/listrules/listdec/Documents/LD43-3-c.pdf。  new window
8.香港交易所(2015)。不同投票權架構概念文件的諮詢總結，https://www.hkex.com.hk/chi/newsconsul/hkexnews/2015/15 0619news_c.htm。  延伸查詢new window
9.漢坤律師事務所(2013)。與VIE架構有關的近期案件的法律分析，http://wenku. baidu.com/view/b72276e0aef8941ea76e0538.htm。  延伸查詢new window
10.Alibaba Group Holding Limited(2014)。Alibaba Group Holding Limited, Amendment No. 7 to Form F-l Registration Statement，http://www.sec.gov/Archives/edgar/data/1577552/000119312514341794/d709111dfla.htm。  new window
11.Alibaba Group Holding Limited(2014)。Alibaba Group Holding Limited, Amended and Restated Memorandum and Articles of Association of Alibaba Group Holding Limited，http://www.sec.gov/Archives/edgar/data/15775 52/000119312514333674/d709111dex32.htm。  new window
12.Bainbridge, Stephen M.(2015)。Fee Shifting: Delaware's Self-Inflicted Wound，http://papers.ssrn.com/id=2624750。  new window
13.Barusch, Ronald(2013)。Alibaba's Structure v. Dual Class-The Bottom Line，http://blogs.wsj.com/moneybeat/2013/10/23/dealpolitikalibabas-structure-v-dual-class-thebottom-line/。  new window
14.Bradford, C. Steven(2015)。The Death of Loser-Pays in Delaware，http://lawprofessrs.typepad.com/business_law/2015/06/the-death-ofloser-pays-in-delaware.html。  new window
15.Brown, J. Robert, Jr.(2014)。Fee Shifting in Derivative Suits and the Oklahoma Legislature，http://www.theracetothebottom.org/home/feeshifting-in-derivative-suits-andthe-oklahoma-legislatur.html。  new window
16.Brown, J. Robert, Jr.(2015)。Shifting Back the Focus: Fee Shifting Bylaws and a Need to Return to Legislative Intent，http://papers.ssrn.com/id=2547094。  new window
17.Coffee, John C. Jr.(2015)。Federal Preemption and Fee-Shifting，http://clsbluesky.law.Columbia.edu/2015/01/26/federal-preemptionand-fee-shifting/#_ednref5。  new window
18.Curran, Enda(2014)。How Hong Kong Lost the Alibaba IPO，http://www.wsj.com/articles/SB10001424052702303546204579440820673013810。  new window
19.Daines, R. M.，Koumrian, O.(2013)。Shareholder Litigation Involving Mergers and Acquisitions，http://blogs.law_harvard.edu/corpgov/2013/03/22/shareholder-litigation-involvingmergers-and-acquisitions-february-2013-update/。  new window
20.De La Merced, M. J.，Gough, N.(2013)。Chinese Internet Giant Alibaba Plans to Issue I. P. O. in New York，http://t.co/aYOcsN5BzP。  new window
21.Delaware Corporation Law Council(2015)。Explanation of Council Legislative Proposal，http://www.delawarelitigation.com/files/2015/03/COUNCIL-SECONDPROPOSAL-EXPLANATORYPAPER-3-6-15-U0124513.docx。  new window
22.Demos, Telis(2014)。Five Questions SEC Posed to Alibaba，http://blogs.wsj.com/moneybeat/2014/10/17/fivecomments-about-structure-that-thesec-had-for-alibaba/。  new window
23.Eastland, Craig(2015)。Survey of Fee-Shifting Bylaws Suggests DGCL Amendments Won't End Debate，http://blog.legalsolutions.thomsonreuters.com/practice-oflaw/survey-of-fee-shifting-bylawssuggests-dgcl-amendments-wontend-debate/。  new window
24.Frankel, Alison(2015)。Robbins Geller Files New Challenge to Minimum-Stake-to-Sue Bylaw，http://blogs.reuters.com/alisonfrankel/2015/04/21/robbins-gellerfiles-new-challenge-to-minimumstake-to-sue-bylaw/。  new window
25.Ganor, Mira(2014)。Why Do Dual-Class Firms Have Staggered Boards?，http://papers.ssrn.com/id=2469650。  new window
26.Hamermesh, L. A.，Monhait, N. M.(2015)。Fee-Shifting Bylaws: A Study in Federalism，http://blogs.law.widener.edu/delcorp/2015/06/29/fee-shifting-bylaws-a-study-infederalism/#sthash.zXyQUUxq.dpbs。  new window
27.Institutional Shareholder Services Inc.(2015)。2015 Benchmark U.S. Proxy Voting Policies，http://www.issgovernance. com/file/policy/2015faquspoliciesonselectedtopics.pdf。  new window
28.LaCroix, Kevin M.(2015)。A Q&A with Mark Lebovitch of Bernstein Litowitz: A Plaintiffs' Counsel's Perspective on the Fee-Shifting Bylaw Debate，http://www.dandodiary.com/2015/04/articles/corporate-governance/a-qa-wi thmark-lebovitch-of-bernsteinlitowitz-a-plaintiffs-counselsperspective-on-the-fee-shiftingbylaw-debate/。  new window
29.LaCroix, Kevin M.(2015)。IPO Companies and Fee-Shifting Bylaws，http://www.dandodiary.com/2014/10/articles/ipos/ipo-companies-andfee-shifting-bylaws/。  new window
30.Lebovitch, M.，van Kwawegen, J.(2015)。Of Babies and Bathwater: Deterring Frivolous Stockholder Suits Without Closing the Courthouse Doors to Legitimate Claims，http://papers.ssrn.com/id=2578884。  new window
31.Lipton, Ann M.(2015)。Manufactured Consent: The Problem of Arbitration Clauses in Corporate Charters and Bylaws，http://papers.ssrn.com/id=2572014。  new window
32.McMahon, D.，Mozur, P.(2014)。Alibaba and VIEs: A Primer，http://blogs.wsj.com/moneybeat/2014/05/06/alibabaand-vies-a-primer/。  new window
33.NASDAQ, Inc.(2015)。NASDAQ Stock Market Rules IM-5640，http://nasdaq.cchwallstreet.com/NASDAQ/Main。  new window
34.Ridgely, Henry duPont(2014)。The Emerging Role of Bylaws in Corporate Governance，http://www.delawarelitigation.com/files/2014/11/The_Emerging_Role_of_Bylaws_in_Corporate_Governance-copy.pdf。  new window
35.Solomon, Steven Davidoff(2014)。A Ruling's Chilling Effect on Corporate Litigation，http://dealbook.nytimes.com/2014/05/23/a-rulings-chillingeffect-on-corporate-litigation/?_r=0。  new window
36.Ventoruzzo, Marco(2015)。The Disappearing Taboo of Multiple Voting Shares: Regulatory Responses to the Migration of Chrysler-Fiat，http://papers.ssrn.com/id=2574236。  new window
37.White, Mary Jo(2015)。A Few Observations on Shareholders in 2015，http://www.sec.gov/news/speech/observationson-shareholders-2015.html#.VQxHiGIayK1。  new window
38.(2015)。Alibaba Group Holding Limited (BABA)，http://finance.yahoo.com/q?s=BABA。  new window
圖書論文
1.王文宇(2003)。商業組織之核心法則--以公司、信託、合夥為例。新公司與企業法。  延伸查詢new window
2.邵慶平(2008)。組織與契約之間--經濟分析觀點。公司法：組織與契約之間。臺北：翰蘆。  延伸查詢new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：1118（臺灣：1112，外國：6） ／ 本年度總使用人次：2413552 ／ 訪客人次（自102年09月）：68212215
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上