完善公司治理加强国有企业中小股东权益法律保护

Improving Corporation Governance to Enhance Legal Protection of Medium-and Small-Shareholders'Right in State-owned Enterprise

股权结构是决定股份公司内部权力和利益的分配,影响公司治理结构和治理效率的基础性因素。资本多数决原则下国有企业国有股权一股独大决定了中小股东对公司经营管理决策的形成、贯彻能施加的影响微乎其微。行政上的超强控制、内部人控制、隧道效应、国有资产的流失等均与之难脱干系。究其实质股东的利益冲突造就了公司控制权的产生,公司治理必须通过权利制约的安排调节平衡股东的利益冲突。在国有企业改革的实践中,针对中小股东权益受损事件频发的态势,应以控制权与公司治理的相应关系为切入点,挖掘中小股东权益受损的深层原因,从公司表决机制、少数股东权以及中小股东诉权的制度设计三方面完善公司治理,规制控制权滥用,加强中小股东的权益保护。

Ownership structure remains the basic factor of determining inner power and interests of stock company and influencing corporate governance structure and efficiency. In majority rule, overwhelming state- owned enterprises decides small shareholder＇ s tiny effect upon the formation and implementation of corporate management. Overpower control, internal control, tunnel effect and loss of state property lead to this result. Essentially, conflict of interests among shareholders causes to strengthen corporate control, and corporate gov- ernance must take adjustment and balance shareholders＇ interests by restriction of power. During the reform of state-owned enterprise, facing the trend of frequent impairment of small shareholders＇ rights, we should firstly smoothen the relationship of control right and corporate governance, find out deep causes of impairment, and then improve the governance through voting mechanism, minority interest and medium- and small-shareholders＇ right of action, so as to regulate the abuse of control right and strengthen the interest protection of small- and medium-shareholders.