论投票制度与我国上市公司治理的改进

现代企业理论认为，一个关于解决企业所有权安排问题的基本框架（原则）就是让企业剩余索取权与控制权的分享相对应（对称）。然而，在目前普遍实行的投票制度下，这一目标无法实现，引发了投票制度与治理原则之间的矛盾，本文对其根源进行了分析。在我国上市公司中这一矛盾尤为突出，为此，我国新修订的公司法引入了累计投票制以改善上市公司内部治理结构。本文分析了累计投票制所面临的重重障碍，并对如何改进投票制度提出了建议。

Voting System and Corporate Governance in China

According to theories on corporate management, it is the basic principle on corporate ownership to strike a balance between the right of the company to seek for the dividend and its power of control, which remains a big issue in China under the current voting system. The amended PRC Company Law introduces the accumulated voting system in effort to improve corporate governance structure. This paper makes an analysis of the obstacles standing in the way and offers advices of improvement.