上市公司股东权益保护研究
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摘要
股东作为公司的投资者,保护其权益是公司得以存在和发展的基础。然而在我国,对股东权益的保护却存在着相当程度的欠缺,尤其是中小股东的权益保护。维护上市公司中小股东的权益对于我国证券市场的健康、稳定发展起着重要作用。作为持股份额较小且人数十分分散的单个中小股东是难以参与公司内部治理的,用脚投票是他们的惟一选择,然而由于股权的集中,这种办法根本起不到约束管理者与大股东的作用。上市公司大股东利用对上市公司的控制地位,在公司经营管理中有机会做出不利于中小股东的决策,使中小股东的权益受到损害。因此,保护中小股东的合法权益已成为当前我国证券市场上的一个热点问题。
本文详细阐述了笔者对保护上市公司股东权益问题的研究和思考,并在借鉴他人研究思路和有关成果的基础上提出了自己的系统化解决思路和方案。本文详细介绍了股东权益保护方面的理论知识,并阐述了目前我国上市公司在保护股东权益方面的现状,对原因加以多方位的分析,终而在借鉴境外股东权益保护机制的基础上提出了一些关于如何保护股东权益方面的诸多办法和政策性建议。
股权分置改革目前正在全方位的开展,国有股一股独大及股权分置的历史遗留问题将得到解决,这也为改善我国上市公司治理结构写下了历史性的一笔。
Shareholder as investor of company , can protect have and foundation that develop rights and interests its company. But in our country, protection in stockholder's equity have analogous to to deficient degree, especially the minority stock holder's rights and interests are protected. Maintain listed company rights and interests of minority stock holder play an important role to of our country healthy, stable development of security market. As hold share volume than little and number of people very scattered it is difficult for minority stock holder to participate in company control individually, it is their only choice to vote with the foot, but the concentration because of the stock right, this kind of method plays a role in restraining the administrator and big shareholder at all. Listed company big shareholder utilize control on listed company status , is it make decision of minority stock holder in unfavorable toing to have an opportunity in the management and administration in company, make the rights and interests of hitting the minority stock holder damaged . So, the minority stock holder's legitimate rights and interests have already become a hot question on the present security market of our country while protecting.This text has been explained to authors to research and thinking protecting the stockholder's equity problem of listed company in detail , and in draw lessons from others study thinking and about achievement foundation put forward one's own systematization solve the thinking and scheme. This text introduce stockholder's equity theory knowledge, protection of respect in detail, explain the current situation in protecting the stockholder's equity of listed company of our country at present, analysis diversified to the reason, end and propose some about how about protect a great deal of ways and policy suggestions of the stockholder's equity on the basis of drawing lessons from external stockholder's equity and protecting the mechanism.The stock right divides and puts the omni-directional development at present of the reform, one of state-owned stock alone heavy and stock right question left over from history put to divide solve, this writes a historical one in order to improve the administration structure of listed company of our country too.
本文详细阐述了笔者对保护上市公司股东权益问题的研究和思考,并在借鉴他人研究思路和有关成果的基础上提出了自己的系统化解决思路和方案。本文详细介绍了股东权益保护方面的理论知识,并阐述了目前我国上市公司在保护股东权益方面的现状,对原因加以多方位的分析,终而在借鉴境外股东权益保护机制的基础上提出了一些关于如何保护股东权益方面的诸多办法和政策性建议。
股权分置改革目前正在全方位的开展,国有股一股独大及股权分置的历史遗留问题将得到解决,这也为改善我国上市公司治理结构写下了历史性的一笔。
Shareholder as investor of company , can protect have and foundation that develop rights and interests its company. But in our country, protection in stockholder's equity have analogous to to deficient degree, especially the minority stock holder's rights and interests are protected. Maintain listed company rights and interests of minority stock holder play an important role to of our country healthy, stable development of security market. As hold share volume than little and number of people very scattered it is difficult for minority stock holder to participate in company control individually, it is their only choice to vote with the foot, but the concentration because of the stock right, this kind of method plays a role in restraining the administrator and big shareholder at all. Listed company big shareholder utilize control on listed company status , is it make decision of minority stock holder in unfavorable toing to have an opportunity in the management and administration in company, make the rights and interests of hitting the minority stock holder damaged . So, the minority stock holder's legitimate rights and interests have already become a hot question on the present security market of our country while protecting.This text has been explained to authors to research and thinking protecting the stockholder's equity problem of listed company in detail , and in draw lessons from others study thinking and about achievement foundation put forward one's own systematization solve the thinking and scheme. This text introduce stockholder's equity theory knowledge, protection of respect in detail, explain the current situation in protecting the stockholder's equity of listed company of our country at present, analysis diversified to the reason, end and propose some about how about protect a great deal of ways and policy suggestions of the stockholder's equity on the basis of drawing lessons from external stockholder's equity and protecting the mechanism.The stock right divides and puts the omni-directional development at present of the reform, one of state-owned stock alone heavy and stock right question left over from history put to divide solve, this writes a historical one in order to improve the administration structure of listed company of our country too.
引文
[1] 李维安主编,《中国公司治理原则与国际比较》,中国财政出版社,2001年版
[2] 高程德主编,《现代公司理论》,北京大学出版社,2000年版
[3] 梁能主编,《公司治理结构:中国的实践与美国的经验》,中国人民大学出版社,2000年版
[4] 刘俊海,《公司的社会责任》,法律出版社,1999版
[5] 梅慎实,《现代公司机关权力构造论》(修订本),中国政法大学出版社,2000年版
[6] 青木昌彦、钱颖一,《转轨经济中的公司治理结构》,中国经济出版社,1995版
[7] 刘俊海,《股份有限公司股东权的保护》,人民法院出版社,1995年版
[8] 宋德给,《中国资本市场论》,中国物价出版社,1998年版
[9] 程合红、刘智慧、王洪亮,《国有股权研究》,中国政法出版社,2000年版
[10] 何浚,“上市公司治理结构的实证分析”,《经济研究》,1998年第5期
[11] 陈佳贵、杜莹芬、黄群慧,《国有企业经营者的激励与约束—理论、实证与政策》,经济管理出版社,2001年版
[12] 拉菲·拉波塔等,“投资者保护与公司治理”,《经济法学、劳动法学》,2002年第4期
[13] “聚焦证券市场民事责任制度”,《经济法学、劳动法学》,2001年第11期
[14] 厉以宁,《厉以宁九十年代文选》,北京大学出版社,1998年版
[15] 王维编译,《国外上市公司法人治理》,石油工业出版社,2001年版
[16] 万建华、戴志望、陈建,《利益相关者管理》,海天出版社,1998年版
[17] 何维达主编,《公司治理结构的理论与案例》,经济科学出版社,1999年版
[18] 夏滨,曹雪峰,《最新股份制实务》,中国税务出版社,1999年版
[19] 中国证券监督管理委员会,“上市公司治理准则”,《证券时报》,2002年1月10日
[20] 中国证券监督管理委员会,《关于在上市公司建立独立董事制度的指导意见》,《证券时报》,2001年8月16日
[21] 周大中,《公司法——股份有限公司之研究》,法律出版社,1985年
[22] 姚国章,《国有企业改革与法人治理结构建设》,《软科学》,2001年第3期
[23] 蒋铁柱、陈强,《表决权集合:上市公司中小股东权益保护的有效途径》,《社会科学》,2004年第12期
[24] 姜卉、吴子瑛,《对我国上市公司中小股东权益保护缺失的思考》,《经济师》,2005年第4期
[25] 徐向艺、卞江,《公司治理中的中小股东权益保护机制研究》,《中国工业经济》,2004年第9期
[26] 蒋美云,《论公司治理结构与中小投资者权益保护》,《商业研究》,2005年第16期总第324期
[27] 欧阳瑞,《从中国台湾实践看祖国大陆证券市场中小投资者权益保护》,《特区经济》,2005年第8期
[28] 李蓉、黄振,《浅析对中小股东的法律保护》,《特区经济》,2005年第5期
[29] 王路等,《内外部环境分析建立法人治理结构》,《中国电力企业管理》,2001年第2期
[30] 肖力,《试论完善法人治理结构是中国公司制的核心》,《经济师》,2001年第3期
[31] 陈广胜,《浅议股票退出机制建立的作用》,《北方经贸》,2002年第6期
[32] 夏汛鸽,《中国的公司治理结构改革》,《经济研究资料》,1999年第2期
[33] 青木昌彦、钱颖一,《转轨经济中的公司治理机构:内部控制和银行的作用》,中国经济出版社,1995年版
[34] 中国证券监督委员会网站,http://www.csrc.gov.cn
[35] 深圳证券交易所网站,http://www.sse.org.cn
[36] 上海证券交易所网站,http://www.sse.com.cn
[37] AdolfA. Berle, Jr.&Gardiner C. Means, 1963, The Modem Corporation and Private property, Mac Millan New York.
[38] Alchain, Armen and Harold Demsetz, 1972, Production, information Costs, and Economic Organization, American Economic Review
[39] Allen, Franklin, and Douglas Gale. 1999. Comparing Financial Systems. Cambridge Mass: MIT Press.
[40] Aoki, Masahiko and Hugh Patrick. 1993. The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies. New York: Oxford University Press.
[41] Barea, Fabrizio. 1995. On Corporate Governance in Italy: Issues, Facts, and Agency Rome:Bank of Italy. Manuscript.
[42] Beaver, W, 1989, Financial Reporting: An Accounting Revolution, Second Edition,Prentice-Hall
[43] Bebchuk, Lucian. 1999. The Rent Protection Theory of Corporate Ownership and ControlCambridge, Mass: Harvard Law School. Manuscript.
[44] Beek, Thorsten, Ross Levine, and Norman Loayza. 2000. Finance and the Sources of Growth. Journal of Financial Economics.
[45] Blair, Margaret, 1995, Ownership and Control: Rethinking Corporate Governance forthe 21 Century, Washington: the Brookings Institution.
[46] Barzel, Yoram, 1989, Economic Analysis of Property Right, Cambridge University Press,New York.
[47] Barclay, Michael and Clifford Holderness, 1989, Private Benefits 加,Control of PublicCorporations, Journal of Financial Economics, 25: 371-95.
[48] Bergstrom, Clas and Kristian Rydqvist, 1990, Ownership of Equity in Dual-Class Firms,Journal of Banking and Finance, 14: 255-269.
[2] 高程德主编,《现代公司理论》,北京大学出版社,2000年版
[3] 梁能主编,《公司治理结构:中国的实践与美国的经验》,中国人民大学出版社,2000年版
[4] 刘俊海,《公司的社会责任》,法律出版社,1999版
[5] 梅慎实,《现代公司机关权力构造论》(修订本),中国政法大学出版社,2000年版
[6] 青木昌彦、钱颖一,《转轨经济中的公司治理结构》,中国经济出版社,1995版
[7] 刘俊海,《股份有限公司股东权的保护》,人民法院出版社,1995年版
[8] 宋德给,《中国资本市场论》,中国物价出版社,1998年版
[9] 程合红、刘智慧、王洪亮,《国有股权研究》,中国政法出版社,2000年版
[10] 何浚,“上市公司治理结构的实证分析”,《经济研究》,1998年第5期
[11] 陈佳贵、杜莹芬、黄群慧,《国有企业经营者的激励与约束—理论、实证与政策》,经济管理出版社,2001年版
[12] 拉菲·拉波塔等,“投资者保护与公司治理”,《经济法学、劳动法学》,2002年第4期
[13] “聚焦证券市场民事责任制度”,《经济法学、劳动法学》,2001年第11期
[14] 厉以宁,《厉以宁九十年代文选》,北京大学出版社,1998年版
[15] 王维编译,《国外上市公司法人治理》,石油工业出版社,2001年版
[16] 万建华、戴志望、陈建,《利益相关者管理》,海天出版社,1998年版
[17] 何维达主编,《公司治理结构的理论与案例》,经济科学出版社,1999年版
[18] 夏滨,曹雪峰,《最新股份制实务》,中国税务出版社,1999年版
[19] 中国证券监督管理委员会,“上市公司治理准则”,《证券时报》,2002年1月10日
[20] 中国证券监督管理委员会,《关于在上市公司建立独立董事制度的指导意见》,《证券时报》,2001年8月16日
[21] 周大中,《公司法——股份有限公司之研究》,法律出版社,1985年
[22] 姚国章,《国有企业改革与法人治理结构建设》,《软科学》,2001年第3期
[23] 蒋铁柱、陈强,《表决权集合:上市公司中小股东权益保护的有效途径》,《社会科学》,2004年第12期
[24] 姜卉、吴子瑛,《对我国上市公司中小股东权益保护缺失的思考》,《经济师》,2005年第4期
[25] 徐向艺、卞江,《公司治理中的中小股东权益保护机制研究》,《中国工业经济》,2004年第9期
[26] 蒋美云,《论公司治理结构与中小投资者权益保护》,《商业研究》,2005年第16期总第324期
[27] 欧阳瑞,《从中国台湾实践看祖国大陆证券市场中小投资者权益保护》,《特区经济》,2005年第8期
[28] 李蓉、黄振,《浅析对中小股东的法律保护》,《特区经济》,2005年第5期
[29] 王路等,《内外部环境分析建立法人治理结构》,《中国电力企业管理》,2001年第2期
[30] 肖力,《试论完善法人治理结构是中国公司制的核心》,《经济师》,2001年第3期
[31] 陈广胜,《浅议股票退出机制建立的作用》,《北方经贸》,2002年第6期
[32] 夏汛鸽,《中国的公司治理结构改革》,《经济研究资料》,1999年第2期
[33] 青木昌彦、钱颖一,《转轨经济中的公司治理机构:内部控制和银行的作用》,中国经济出版社,1995年版
[34] 中国证券监督委员会网站,http://www.csrc.gov.cn
[35] 深圳证券交易所网站,http://www.sse.org.cn
[36] 上海证券交易所网站,http://www.sse.com.cn
[37] AdolfA. Berle, Jr.&Gardiner C. Means, 1963, The Modem Corporation and Private property, Mac Millan New York.
[38] Alchain, Armen and Harold Demsetz, 1972, Production, information Costs, and Economic Organization, American Economic Review
[39] Allen, Franklin, and Douglas Gale. 1999. Comparing Financial Systems. Cambridge Mass: MIT Press.
[40] Aoki, Masahiko and Hugh Patrick. 1993. The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies. New York: Oxford University Press.
[41] Barea, Fabrizio. 1995. On Corporate Governance in Italy: Issues, Facts, and Agency Rome:Bank of Italy. Manuscript.
[42] Beaver, W, 1989, Financial Reporting: An Accounting Revolution, Second Edition,Prentice-Hall
[43] Bebchuk, Lucian. 1999. The Rent Protection Theory of Corporate Ownership and ControlCambridge, Mass: Harvard Law School. Manuscript.
[44] Beek, Thorsten, Ross Levine, and Norman Loayza. 2000. Finance and the Sources of Growth. Journal of Financial Economics.
[45] Blair, Margaret, 1995, Ownership and Control: Rethinking Corporate Governance forthe 21 Century, Washington: the Brookings Institution.
[46] Barzel, Yoram, 1989, Economic Analysis of Property Right, Cambridge University Press,New York.
[47] Barclay, Michael and Clifford Holderness, 1989, Private Benefits 加,Control of PublicCorporations, Journal of Financial Economics, 25: 371-95.
[48] Bergstrom, Clas and Kristian Rydqvist, 1990, Ownership of Equity in Dual-Class Firms,Journal of Banking and Finance, 14: 255-269.
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