很多学者的研究表明,现金流权与控制权的分离会对企业产生负面效应,而阿里巴巴合伙人制度的创立带来了许多积极影响,从而引发了对两权分离的新的认识。本文首先介绍了阿里巴巴的合伙人制度,接着分析了合伙人制度的缺陷和优点,然后以阿里优秀的业绩为支撑说明了合伙人制度的优势,最后指出现金流权与控制权分离也可能是利大于弊,关键是有健全的制度进行保障。 Many scholars’ research shows that the separation of cash flow right and control will have a negative effect on the enterprise. However, the establishment of the Alibaba partner system has many positive effects, which lead to a new understanding of the separation of the two rights. This article first introduces Alibaba’s partner system, then analyzes the defects and merits of the partner system, and then shows the superiority of the partner system with the excellent performance of Alibaba. Finally, it points out that the separation of cash flow rights and control rights may also be More than harm, the key is to have a sound system to protect.