中小股东参与决策权的保障思考——基于公司章程的实证研究  

Reflection on the Protection of Minority Shareholders’ Rights to Participate in Decision-making:An Empirical Study Based on the Articles of Incorporation

作　　者：杜朝运[1,2] 马娟 Du Chaoyun;Ma Juan(School of Economics,Xiamen University,Xiamen 361005,Fujian,China;School of Economics and Business,Quanzhou Vocational College,Quanzhou 362000,Fujian,China)

机构地区：[1]厦门大学经济学院,福建厦门361005 [2]泉州经贸学院,福建泉州362000

出　　处：《金融发展研究》2020年第1期9-19,共11页Journal Of Financial Development Research

基　　金：国家社会科学基金项目“社会网络变迁与普惠金融发展研究”（18BJL079）

摘　　要：运用我国2013—2016年沪深两市民营上市公司的数据,考察了在公司章程中反映对中小股东参与决策权保障的、尚未被强制法定的、可由上市公司股东自行决定的累积投票权制度和特别决议事项条款个数多少对控制权私利的影响。研究表明,可自主抉择的公司在章程中设立条款采用累积投票制度,可以大大减少发生大股东利用控制权获取私人利益的行为;章程中特别决议事项多于法定6项的上市公司,其大股东更加遵纪守法;公司章程对中小投资者参与决策权保障程度越高(即公司章程中采用了累积投票制度且同时特别决议事项多于法定6项),中小股东参与公司决策的机会越多,对大股东权利使用的监督效果越明显,发生控制权滥用、获取控制权私利的行为越少。Using the data of private listed companies in Shanghai and Shenzhen from 2013 to 2016,this paper investigates the impact of the cumulative voting rights and the special decision terms in the company's articles of incorporation,which reflect the protection of the minority shareholders'participation in decision-making rights,and the relative articles which are not yet compulsively legitimated and the cumulative voting decided by the shareholders of the listed company.The results show that:the terms adopting the cumulative voting system can significantly reduce the behaviors of large shareholders'gaining private gains by using the control power,the large shareholders of the listed companies which have more than 6 legal special decision items will be more law-abiding;the higher level of the guarantee for minority shareholders to participate in decision-making(cumulative voting system is adopted in the articles of incorporation with more than 6 legal items of special decision),the more opportunity will be available for the minority shareholders to participate in decision making;the behaviors of misusing the control power to gain private interests will be less if the supervision effectiveness of the power of the large shareholders is more obvious.

关 键 词：中小股东 参与决策权 保障 

分 类 号：F830.91[经济管理—金融学]