信息透明度、公司治理与中小股东参与

本文利用深交所社会公众股东网络投票的数据,研究了公司信息透明度、中小股东参与公司决策与治理以及其他治理机制之间的关系。经验证据表明当公司信息透明度越差,中小投资者参加投票的积极性越高。上市公司的股权结构会影响中小股东的投票参与率,并且上述关系在信息透明度更差的公司中更显著。进一步分析发现,中小股东参与公司治理能够提高公司未来绩效,并且这种绩效改善在信息透明度更差的公司中更为明显。本文说明中小股东参与公司治理能有效地缓解代理问题,而公司信息透明度会影响其效果的发挥。

Information Transparency,Corporate Governance and Minority Shareholders’ Participation in Corporate Decision

Based on the data of public shareholders online voting of Shenzhen Securities Exchange,wefind that the more opaque corporate information environment,the higher frequency minority shareholders' participation in corporate governance. Ownership structure has an impact on minority shareholders' online voting,and the relation is strengthened by information transparency. Further analysis indicates that minority shareholders' participation in corporate decision improves future corporate performance,and the link is especially stronger for firms with low information transparency. Our study suggests minority shareholders' participation in corporate decision alleviates type II agency problem,and information transparency moderates the effect of minority shareholders' participation in corporate decision.