冷漠是理性的吗? 中小股东参与、公司治理与投资者保护

被引：88

作者：

孔东民 ^{[1
]}

刘莎莎 ^{[2
]}

黎文靖 ^{[3
]}

邢精平 ^{[4
]}

机构：

[1] 华中科技大学经济学院金融系

[2] 北京大学光华管理学院金融系

[3] 暨南大学管理学院会计系

[4] 深圳证券交易所

来源：

经济学(季刊) | 2013年 / 12卷 / 01期

关键词：

中小投资者; 公司治理; 投资者参与;

D O I：

10.13821/j.cnki.ceq.2013.01.006

中图分类号：

F276.6 [公司]; F224 [经济数学方法];

学科分类号：

0701 ; 070104 ;

摘要：

基于深交所独特的网络投票数据,本文从公司治理和投资者保护视角,考察两个层面的问题:中小股东是否积极参与公司决策?中小股东利益是否得到保护?结果表明,中小股东参与度与公司治理负相关;网络投票平台能够表达中小股东意愿,且能够保护其利益;整体上,中小股东的"冷漠"是非理性的,并损害了其利益;但就中小股东对议案的认同度而言,则存在"搭便车"式的边际收益。本研究为市场监管与投资者保护提供了明晰的政策支持。

引用

页码：1 / 28

页数：28

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