摘要
股权分置改革是中国资本市场针对公司治理基础的一项根本性制度变迁,股东投票出席行为是中国资本市场上市公司治理的重要环节。本文利用股权分置改革分类表决数据,从影响投票出席率因素的角度探讨中小股东的投票参与行为以及高通过率与低参与率同时存在的原因。实证研究结果表明:提案通过率与流通股集中度、网投人均持股数和非流通股比例均正相关;投票出席率随流通股集中度、网投人均持股数的增加而上升且随股改进度呈下降趋势。流通股高赞成率与相对较低参与率同时存在的现象表明,众多流通股股东倾向于稳定地选择策略性弃权。
Reform on nontradable shares is one of the fundamental institutional changes of Chinese capital market which is focused on corporate governance of Chinese publicly listed companies. Voter participation is one of the core parts in corporate governance, so by using the voting data of different types of shareholders in the reform, from the perspective of factors affecting voter participation rate, the paper explores minority shareholders＇ voting participation and the reasons why high pass rate and low turnout coexist. The empirical results show that proposal pass rate positively correlates with the ownership concentration of tradable shares, average shares per intemet voter and the rate of nontradable shares. Voter participation rate increases with the rise of the ownership concentration of tradable shares and average shares per internet voter, and decrease along with the proceeding of reform on nontradable shares. The coexistence of high approval rate and low turnout implies that massive minority shareholders choose to abstain strategically.
出处
《金融论坛》
CSSCI
北大核心
2009年第7期45-51,共7页
Finance Forum
关键词
股权分置改革
投票出席率
投票行为
公司治理
reform on nontradable shares
voter participation rate
voting behavior
corporate governance
