上市公司股东大会表决否决情况实证研究

发布时间：2018-03-14 10:53

本文选题：公司治理　切入点：股东大会　出处：《西南政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：股东大会表决否决,是股东之间的利益冲突最显性表现。本文采用实证研究的方法,选取了深圳证券交易所主板、中小板、创业板各200家上市公司作为样本,利用中国证监会指定信息披露网站所披露的各公司股东大会决议公告等数据,归纳和总结了其中的议案否决情况,并对其进行分析研究。文章首先以列表的形式为读者展示了样本公司股东大会表决否决的总体情况并归纳了不同市场之间否决情况的共同点与差异点;其次,文章对否决情况的时间分布进行了统计和研究;第三,文章研究了股权结构与否决情况的关系;最后,文章列举了几类容易出现否决情况的议案类型,并对其中的原因进行了逐一分析。实证分析结果显示:第一,否决情况在我国上市公司股东大会中出现的频率较低,且大都集中于主板上市公司。第二,从时间上看,虽然每年上市公司否决情况的数量存在上下波动,但整体上看未来有逐年上升的趋势。第三,公司的股权结构与股权制衡度是影响股东大会决议的重要因素,“一股独大”下大股东的表决权优势使否决情况很难发生,而股权结构越分散,对第一大股东的制衡度越高,便越容易出现否决情况。第四,人事任免、经营投资活动、再融资等类型的议案更容易被否决,上述事项同样也是直接涉及股东利益,最容易产生分歧和冲突的事项。另外,关联交易中的股东表决权排除制度也是影响否决情况的一个关键因素。
[Abstract]:The shareholders' general meeting vote to veto is the most obvious manifestation of the conflict of interest between shareholders. This paper adopts the method of empirical research, selects 200 listed companies of Shenzhen Stock Exchange main Board, small and medium Board, and gem as samples. Using the data disclosed on the designated information disclosure website of the China Securities Regulatory Commission, such as the announcement of the resolution of the shareholders' general meeting of each company, this paper summarizes and summarizes the rejection of the motion. Firstly, the paper presents the general situation of the voting veto of the shareholders' general meeting of the sample company and summarizes the common points and differences between the different markets in the form of a list. The paper makes statistics and studies on the time distribution of veto; third, the paper studies the relationship between ownership structure and veto; finally, the article lists several types of motion that are prone to veto. The results of empirical analysis show that: first, the frequency of veto in the general meeting of listed companies in China is low, and most of them are concentrated on the main board listed companies. Second, from the time point of view, Although the number of vetoing cases of listed companies fluctuates up and down each year, as a whole, there will be an upward trend in the future year by year. Third, The ownership structure and the equity balance degree of the company are the important factors that influence the resolution of the shareholders' general meeting. The voting advantage of the large shareholders under the "one share dominance" makes the veto very difficult to happen, and the more dispersed the ownership structure, the higher the checks and balances on the largest shareholders. The more likely it is to have a veto. 4th, personnel appointments and dismissals, investment activities, refinancing and other types of bills are more likely to be vetoed. These issues are also directly related to the interests of shareholders, and are most likely to lead to differences and conflicts. In addition, The exclusion of shareholders' voting rights in related party transactions is also a key factor affecting the rejection.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91

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