中国上市公司小股东保护:一个公司治理的视角

The Protection of Small Shareholders of Chinese Listed Companies: ——A Perspective From Corporate Governance

上市公司小股东权益遭受侵害的一个重要原因在于上市公司治理存在制度缺陷。存在于我国上市公司治理制度中不利于小股东保护。有四大缺陷使其通过各种途径小股东遭受侵害。为完善我国小股东保护制度提出五项建议:稳步推进上市公司股票全流通;建立小股东对控股股东的权力制衡机制;加快董事会制度建设;完善上市公司信息披露制度;构建独立高效的证券司法体系,完善法律救济与实施机制。

One of the main reasons for the expropriation of small shareholders is that institutional defects exist in corporate governance i n many listed companies.This paper analyzes four main defects lying in the c orpor ate governance of Chinese listed companies and the way of expropriation of small shareholders.These defects are unfavorable to the protection of these shareholders.Five proposals are put forward to perfect the protection of t hem including the steady realization of full circulat ion of shares issued by listed companies, to set up restrictive and bal ancing mechanism of the controlling shareholder by small shareholders, quick establishment of the system of the board of directors, the perfection of the system of information disclosure of listed companies, the construction of the independent and efficient judicial system related to securities, and the perfection of the mechanism of legal remedy and enforceme nt.