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本文以深圳证券交易所2008年大宗交易资料为样本,对上市公司大股东对小股东的侵害进行了实证分析。结果表明,为获取公司控制权的大宗交易支付的成本与一般大宗交易的支付成本存在显著差异。我国上市公司的股东表决权制度、累积投票制度、控股股东诚信义务的追究机制等方面存在的缺陷是造成大股东侵害小股东的制度性原因。完善股东表决权制度、累积投票制度是改善我国公司治理结构,保护中小投资者利益的重要途径。
This article takes the block transaction data of Shenzhen Stock Exchange in 2008 as a sample, and conducts an empirical analysis on the infringement of minority shareholders by the big shareholders of listed companies. The results show that there is a significant difference between the costs paid for bulk transactions to gain control of the company and the payment costs for general bulk transactions. The defects in the system of voting rights of shareholders, the cumulative voting system and the accountability mechanism of controlling shareholders’ fiduciary interests of the listed companies in our country are the institutional reasons for the major shareholders to infringe the minority shareholders. Improving shareholder voting system and cumulative voting system are important ways to improve the corporate governance structure and protect the interests of small and medium-sized investors.