电子商务平台企业的审计委员会制度研究

Research on the Audit Committee System of E-Commerce Platform Companies

摘要: 电子商务平台企业作为数字经济时代的重要市场主体，其控制权的配置呈现出从“同股同权”向“双层股权结构”演进的趋势。双层股权结构将表决权与现金流权分离，实现了创始团队在融资扩张时对企业的控制，契合了平台企业轻资产、重人力资本、强网络效应的经营特性。然而，双层股权结构易引发公司内部治理失衡、中小股东权益受损、监督机制失灵等问题。我国新修订的《公司法》确立了审计委员会作为公司监督机构的核心地位。一方面，双层股权结构可能削弱审计委员会的独立性；另一方面，审计委员会制度设计可能成为制约控制权滥用的关键机制。本文以控制权配置的变革为基础，分析双层股权结构在电商平台企业的适用逻辑与治理困境，从审计委员会视角探讨监督机制的完善路径，以期为我国电商平台企业控制权治理制度的完善提供理论支撑。

Abstract: As an important market entity in the digital economy era, the control rights of e-commerce platform enterprises are evolving from “equal shares with equal rights” to “dual-layer equity structure”. The dual-layer equity structure separates voting rights from cash flow rights, enabling the founding team to control the enterprise during financing and expansion, which aligns with the operating characteristics of platform enterprises, such as light assets, heavy human capital, and strong network effects. However, the dual-layer equity structure is prone to causing internal governance imbalance, damage to the rights of minority shareholders, and failure of the supervision mechanism. The newly revised “Company Law” of China has established the audit committee as the core position of the company’s supervision institution. On one hand, the dual-layer equity structure may weaken the independence of the audit committee; on the other hand, the design of the audit committee system may become a key mechanism to restrain the abuse of control rights. Based on the transformation of control rights configuration, this paper analyzes the applicable logic and governance dilemmas of the dual-layer equity structure in e-commerce platform enterprises from the perspective of the audit committee, and explores the improvement path of the supervision mechanism, with the aim of providing theoretical support for the improvement of the control rights governance system of e-commerce platform enterprises in China.