投资者不参与投票:信息不对称还是利益不相关  

Investors Do Not Participate in the Vote:Information Asymmetry or Benefit Independency

作　　者：汪炜[1] 叶建宏[1] 

机构地区：[1]浙江大学经济学院,浙江杭州310027

出　　处：《浙江大学学报（人文社会科学版）》2015年第3期68-83,共16页Journal of Zhejiang University:Humanities and Social Sciences

基　　金：国家社会科学基金青年项目(11CJL033);浙江省哲学社会科学规划项目(11JCYJ11YB);浙江大学"985工程"二期项目

摘　　要：投资者针对股东大会的各项议案进行表决投票,是股东权利保护的重要机制,也是中小股东参与公司治理的重要方式。利用深圳证券交易所上市公司股东大会投票数据,可证实投票议案的信息不对称程度和利益相关性是投资者参与投票的重要动因。投资者参与投票建立在投票信息被市场关注的基础上,利益相关性不会影响市场关注度较低的议案。进一步地,按照投票前股票异常收益率区分"好议案"与"坏议案","坏议案"弃权率仅受市场关注度影响,而利益相关性与"好议案"的弃权率显著负相关,表明投资者面对"坏议案"的投票信息会选择"用脚投票"方式卖出股份,以降低预期损失,而积极参与"好议案"投票。The average shareholding proportion of the largest shareholders in Chinese listed companies exceeds 30%, and majority shareholders can make decisions directly based on superiority of control rights, while rights of minority shareholders are often ignored. To protect minority shareholders＇ rights, China Securities Regulatory Commission （CSRC） has guided the listed companies to implement internet voting system for shareholders＇ meeting, and encouraged minority shareholders to participate in corporate governance through attending shareholders＇ meeting. Up to now, the network voting practice has been carried out for nearly 10 years and the voting mechanism has been improved greatly. However, voting rates of shareholders＇ meetingsare not high, and a large number of minority shareholders abstain from voting. Why have voting participation rates not increased while internet voting system for shareholders＇ meeting has improved？ Which factors affect the voting behavior of the minority shareholders？ There are few literatures focusing on minority shareholders participating in corporate governance, and researches on abstention behavior of minority shareholders have not been fully developed yet. Using the shareholders＇ meeting voting data of the companies listed on Shenzhen Securities Exchange from 2007 -2012, this paper analyzes the factors affecting abstention rates of shareholders＇ meeting and reveals the internal mechanism of the shareholders＇ abstaining from voting. The empirical results show as follows. （1） reflecting the degree of information asymmetry index of voting resolutions ＂market attention＂ and benefit dependency index are two important factors for investors＇ participating in the vote. That resolution information of shareholders＇ meetings is open to the public can help reduce abstention rates, and investors can be driven by their benefit to participate in the vote. （2）Investors＇ participation in the vote is based on resolutions being concerned by the market. Abstention

关 键 词：投资者 投票弃权率 信息不对称 利益不相关 股东大会 股东权利 

分 类 号：F271[经济管理—企业管理] F832.51[经济管理—国民经济]