独立董事保护了中小股东权益吗?——基于中国上市公司投票机制的研究

Does Independent Director Protect Rights and Interests of Small and Medium Shareholders?——Research on Voting Mechanisms of Chinese Listed Companies

本文研究表明:(1)上市公司年度内举行独立董事会会议次数越多,即独立董事越勤勉,越有可能实施累积投票制度;(2)上市公司董事会设立审计委员会,即独立董事运作机制越好,实施累积投票制度和网络投票的可能性越高。基于此,本文建议从单纯强调独立董事规模与比例,转向注重提升独立董事的勤勉程度和完善独立董事运作机制,切实保护中小股东权益。

Empirical analyses indicate that diligence degrees and operating mechanisms of independent directors have some influence on voting mechanisms oriented by ＂protection for rights and interests of small and medium＂ of Chinese listed companies.Based on above empirical results, we suggest enhancing diligence degrees and improving operating mechanisms instead of simply enhancing scale and proportion of independent directors in order to effectively protect rights and interests of small and medium.