近代中国股份有限公司治理结构中的大股东权利

The Main Shareholders’ Rights in Corporate Governance

近代中国的公司法规中出现过限制大股东表决权和选举权的规定。这种限制大股东权利的思想是从西方引入的,其目的一是为了保护中小投资人的利益,二是为了增加经营者在与大股东谈判中的筹码;同时,这也是孙中山"发达国家资本"和"节制私人资本"思想在经济政策中的体现。但实际效果并不好,因为大股东的股权可以分散于其家族成员之中,从而减小其限制的效果,为此可以设计出优先股等其他的办法,更能有效地限制大股东。然而在政府权力大于私人产权的情况下,只要政府想要介入某个企业,就可以介入某个企业,而不必借助于其他理由。这样,大股东权利问题就显得不重要了。

There were some stipulations that restricted the main shareholders＇ voting and electing rights in corporate regulations or state laws in modern China. The thought of restricting main shareholders＇rights stemmed from western countries. The purpose was to protect other majority shareholders＇ interests and to promote managers＇ counters in relationship with the main shareholders. Meanwhile this was the embody of Sun Zhongshan＇ s economic policies such as ＂to develop state capital＂ and ＂to restrict private capital＂. But the effect was not ideal. Because the main shareholder＇s rights could be dispersed among his family members, the result of restriction would be weakened. Maybe the design of preferred stock was much more effective.