论文部分内容阅读
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。
The non-tradable share reform is a fundamental institutional change in China’s capital market for the foundation of corporate governance. The shareholder voting behavior is an important link in the governance of listed companies in China’s capital markets. In this paper, we use the split share structure reform to classify the voting data and discuss the reason why the minority shareholders’ voting participation behavior and the high passing rate and the low participation rate coexist from the angle of influencing the voting attendance rate. The empirical results show that the passing rate of proposals is positively correlated with the concentration of tradable shares, the number of shares held by net investors and the proportion of non-tradable shares. The voting attendance rate increases with the concentration of tradable shares and the number of shares per net trader, Unit reform is declining. The phenomenon that the high pro-forma negotiable stock ratio and the relatively low participation ratio coincide shows that many tradable shareholders tend to choose the strategic discourse steadily.