本文以阿里巴巴及类似的创新型公司上市融资结构为视角,研究公司法上作为内部治理机制和反并购措施的双层融资结构的产生原因与制度正当性。这种制度设计突破了公司法上的一股一权原则,面临扩张管理层权力与保障股东权益之间的矛盾。通过梳理美国公司法和交易所规制规则的演变过程,分析理论界在20世纪80年代展开的激烈讨论,有助于我国更好地理解和运用类别股制度。最后,结合中国的资本市场特色,本文提出建立以分类适用、股东会审批和法院审查为特色的规制体系。 In this paper, Alibaba and similar innovative listed companies financing structure as a perspective to study the corporate law as an internal governance mechanism and anti-mergers and acquisitions of the dual financing structure of the causes and system legitimacy. This system design broke through the one-vote principle of company law and confronted the contradiction between expanding the power of management and protecting the rights and interests of shareholders. By combing the evolvement process of the American company law and exchange regulation rules, it is helpful to analyze and make use of the class system in our country in the intense discussion of the theory circles in the 1980s. Finally, combined with the characteristics of China’s capital market, this paper proposes to establish a regulatory system featuring classification application, shareholder approval and court review.