上市家族企业股东大会出席率浅析

On listed family enterprise stockholders' meeting attendance rate

利用2008-2013年间中国上市家族企业的数据,文章发现:会议召开方式对股东大会出席股份占总股份的比例有影响,这种影响在年度股东大会中表现得更为突出;股权结构、最终控制人控制上市公司的方式、独立董事在董事会中所占比例、企业经营状况、杠杆率等因素对中小股东出席比例都有显著的影响。大会出席比例的这些特征是由全体股东对管理层代理问题的抑制和中小股东对大股东"掏空"行为的抑制动机所决定的。

using the data from the listed family firms between 2008-2013. we find that the proportion of the shares which attend the shareholders＂ meeting is significantly impacted by the meeting mode. the owner- ship structure, the way by which the ultimate con- troller controls the listing corporation, the propor- tion of the independent directors in the board of di- rectors, the performance, and the leverage ratio of the firms. The determining forces behind these results are the agency problem inhibiting by all the shareholders against the managers and the ＂tunneling＂ behavior in- hibiting by the minority shareholders against the ma- jor shareholders.