上市公司股权异化研究——以资产收益权与表决权为视角的实证分析

Research on Alienation of Shareholders Rights in Listed Companies——Empirical Analysis on Perspectives of Capital Gain Right and Right to Vote

中文关键词:  上市公司  股权  异化  表决权

英文关键词:listed companies  shareholders right  alienation  right to vote

中文摘要:

      股权投资的分散化和大众化、股市“价差”巨大、股票筹码化，引发上市公司股权异化，具体表现为资产收益权由追求公司股息红利异化为追求股票价差，表决权异化为中小股东的“鸡肋”和大股东操控公司的攫利工具。股权异化，侵蚀公司治理机理，妨碍资本市场融资与资源优化配置功能的有效发挥，阻碍市场经济健康发展，危害巨大。运用实证方法，分析股权异化征象，揭示危害与成因，探索治理对策，消除股权异化危害，完善上市公司治理机制，以充分发挥上市公司对社会主义市场经济建设与发展的促进作用。

英文摘要:

      The decentralization and popularization of equity investment, the ups and downs of stock market with its huge price gap, and the tendency of bargaining chip stocks, contribute to the alienation of shareholders rights in the listed companies. Specifically speaking, the capital gain right of equity focuses on the pursuit of price gap instead of the pursuit of dividends, and the right to vote alienates into the “chicken ribs” for minority shareholders and the tool of manipulation for major shareholders. The alienation of shareholders rights does great harm for it erodes the corporate governance mechanism, impedes the financing on the capital market and the optimal allocation of resources, and hinders the healthy development of market economy. With empirical methods, this paper analyzes the phenomenon of the alienation of shareholders rights, reveals its hazards and causes, and explores the countermeasures to eliminate the hazards of equity alienation and improve the corporate governance mechanism in the listed companies so as to give full play to the role of listed companies in contributing to the construction and development of healthy socialist market economy.