股权分置改革：程序公正和投资者关系

The Reform of Dual-class Shares System:Procedural Justice and Investor Relations Perspective

中国社会正处于变革时期,诸多改革都涉及利益分配,改革的过程和结果对于评判改革的成败是相当重要的。本文借鉴社会学理论,从中小流通股东角度研究了股权分置改革背景下的投资者关系问题。本文为流通股东对股改程序公正的理解寻找了两个前因:信息披露和反馈的及时性以及流通股东潜在的影响力。研究发现,提高信息反馈的及时性和流通股东的潜在影响力可以改善流通股东对程序公正的理解,可以改善投资者关系。研究同时发现,流通股东对程序公正的理解是信息反馈及时性和流通股东潜在影响力对投资者关系的中介变量。最后,本文提出一些政策建议。

Chinese society is in a period of reforms. Most of the reform measures are involved in the redistribution of interests. The process and results of the reforms are important to judge the success or failure of the reforms. This article studies investor relations＇ issues from the perspective of small and medium tradable stockholders under the context of the reform of dual-class shares system based on sociological theory. The article designs two antecedents for the tradable stockholders＇ perceptions of the procedural justice under the reform of dual-class shares system： the timeliness of information disclosure and feedback and the potential influence of tradable stockholders＇. The study finds that improving the timeliness of a company＇s information disclosure and feedback can improve the tradable stockholders＇ perceptions of the procedural justice, and that the higher tradable stockholders＇ perceptions of their potential influence can improve their perceptions of procedural justice. It also finds that the percep- tions of procedural justice play an intermediary role on the relationship between the timeliness of a company＇s information disclosure and feedback, the potential influence on investor relations. The policy implications are： the reform of dual-class shares system as well as the whole social reforms should compliance with open, fair and just principles to improve the tradable stockholders＇ perceptions of the procedural justice, government departments should protect the reform by institution construction and supervision of market, it is necessary for the small and medium tradable stockholders to actively play their sacred right and to raise their awareness of participation.