中小股东一致行动改善了公司治理水平吗?  

Does Concerted Action by Minority Shareholders Improve the Corporate Governance?

作　　者：郑志刚[1,2] 李邈 雍红艳 黄继承 ZHENG Zhigang;LI Miao;YONG Hongyan;HUANG Jicheng(School of Finance,Renmin University of China;School of Accounting,Capital University of Economics and Business)

机构地区：[1]中国人民大学财政金融学院,北京100872 [2]首都经济贸易大学会计学院,北京100070

出　　处：《金融研究》2022年第5期152-169,共18页Journal of Financial Research

基　　金：国家自然科学基金面上项目(72172150)的资助。

摘　　要：在资本市场推行注册制改革的背景下,维护中小股东利益成为保障注册制改革效果,助力资本市场平稳运行的关键。本文实证考察了作为非实际控制人的中小股东如何利用一致行动参与公司治理。研究表明,中小股东通过一致行动形成投票表决权的集中配置,进而制衡大股东,从而改善公司绩效。在治理机制方面,中小股东一致行动对绩效的改善,一方面源于其帮助中小股东在股东大会上提出更多代表自身利益的议案,在董事会中委派更多董事,在决策过程中形成更大影响力;另一方面则源于其帮助中小股东实现对大股东的制衡和对经理人的监督,从而抑制实际控制人的“隧道挖掘”行为,缓解内部人控制问题。进一步研究发现,中小股东一致行动的作用效果受到一致行动人的持股比例、形成动机、上市公司的投票表决制度以及一致行动人类型的影响。Two or more natural persons, legal persons or other organizations take concerted action when they express the same intention when exercising their voting rights through agreements, cooperation and related-party relations. Concerted action is thus the centralized allocation of voting rights. According to listed companies’ annual reports, at least 773 listed companies experienced some form of concerted action by minority shareholders from 2008 to 2018. This implies that concerted action has become a means by which minority shareholders can participate in corporate governance and safeguard their own equity interests in the era of equity decentralization.This study empirically investigates how minority shareholders actively participate in corporate governance by exhibiting concerted action under existing laws and articles of association. The study first examines the ultimate economic consequences of concerted action by minority shareholders. The results show that concerted action helps minority shareholders concentrate their voting rights, check and balance the activities of major shareholders and managers, and ultimately improve corporate performance. The mechanistic analysis shows that concerted action improves performance in two distinct ways. First, concerted action strengthens the influence of minority shareholders in general meetings of shareholders and on boards of directors. This is reflected in the improved effectiveness of minority shareholders’ proposals and influence on the appointment of directors when these shareholders act in a concerted fashion, compared to when they do not. Second, concerted action strengthens minority shareholders’ role as a check and balance on controlling shareholders and managers. This is reflected in concerted action by minority shareholders leading to a reduction in “tunnel excavation” behavior by controlling shareholders and an increase in CEO turnover, relative to when there is no concerted action by minority shareholders.Based on a study of the economic consequence

关 键 词：中小股东一致行动 股权制衡 中小股东利益保护 公司治理 

分 类 号：F832.51[经济管理—金融学] F271