中小股东权益保护的现状、问题及对策建议

Current Situation,Problems and Countermeasures of the Protection of Minority Shareholders′Rights and Interests

在推进国企混合所有制改革过程中,宏观制度保障欠缺、中观行业监督不足、微观治理基础缺失等问题使中小股东在与大股东,特别是国有股东交叉持股时心存顾虑,中小股权益保护问题比以往更为突出和紧迫。需要从完善中小股东法律保护制度建设、逐步强化上市公司信息披露制度、进一步有效利用网络技术手段、保持政策的相对稳定性和连续性、培育保护中小股东权益的文化氛围等方面加强中小股东权益保护的宏观环境,需要从成立中小股东权益保护专门组织、充分发挥中介机构的监督作用、有效发挥媒体的监督功能等方面形成中小股东权益保护的中观保障,需要从形成有效制衡的公司治理机制、加速国有企业混合所有制改革、健全管理层激励约束长效机制、细化中小股东的退出机制等方面夯实中小股东权益保护的微观基础。

In the process of promoting the mixed ownership reform of state-owned enterprises,the problems,such as lack of macro system guarantee,lack of industry supervision,and lack of micro governance foundation,make small and medium-sized shareholders worry when they cross shareholding with large shareholders,especially state-owned shareholders.The protection of the rights and interests of small and medium-sized shareholders is more prominent and urgent than before.Therefore,it is necessary to improve the construction of legal protection system for minority shareholders,gradually strengthen the information disclosure system of listed companies,further effectively use network technology,maintain the relative stability and continuity of policies,and cultivate the cultural atmosphere to protect minority shareholders′rights and interests.A special organization for the protection of the rights and interests of small and medium-sized shareholders should be established,and full play should be given to the supervisory role of intermediary institutions as well as the supervisory function of the media and the like to guarantee the rights and interests of small and medium-sized shareholders of the intermediate protection.We should strengthen the micro-foundation for the protection of minority shareholders′rights and interests from the following aspects:establishing an effective corporate governance mechanism of checks and balances,accelerating the mixed-ownership reform of state-owned enterprises,improving the long-term mechanism of management incentives and constraints,and refining the exiting mechanism for minority shareholders.