摘要
美、英、日、德、巴西和中国台湾地区累积投票制的实践经验表明,公司治理模式很大程度上可以解释各国(地区)是否采用累积投票制、累积投票制的实施细则和作用的差异:英美模式下累积投票制作用有限,实施细则具有差异化、多元化和个性化的特征;德日模式下作用更加有限,实施细则跟随美英,流于形式;而家族模式下的作用则因股权结构而异,为中小股东赋权是良好公司治理的必要不充分条件,且立法模式偏好"强制式"。就我国而言,在控股股东和内部人对公司控制力较强的背景下,目前累积投票制存在以下问题:作用有限、强制实行的阈值过高、缺乏前置程序和事后保障程序、董监分别选举、董事会规模较小、容易成为恶意并购的工具等。针对上述问题,本文提出如下建议:对控股股东行为进行直接约束,降低强制实行累积投票制的阈值,为股东赋予董事、监事候选人的提名权和罢免权,降低中小股东选出代言人所需的股权集中程度,防止累积投票制成为恶意收购的工具。
This paper investigate the practices of cumulative voting in US,UK,Japan,Germany,Brazil,and Taiwan,China.It shows that corporate governance models can largely explain the differences in whether or not to adopt cumulative voting,as well as rules and roles of cumulative voting across countries:In the Anglo-Saxon Model,cumulative voting has limited effects,but its rules tend to be idiosyncratic,diversified and customized;In the German-Japanese Model,the role of cumulative voting is more limited,and its rules are akin to those in US,indicating that its form outweighs its substance;While in the Family Control Model,the role of cumulative voting varies with ownership structure,leading to the conclusion that empowering minority shareholders is a necessary yet insufficient condition for good corporate governance,and a mandatory cumulative voting mechanism is prevalent.Based on the international experiences,this paper proposes the following suggestions for China:restrict directly on the behavior of controlling shareholders,lower the threshold for mandatory cumulative voting,give minority shareholders the rights of nominating candidates and removing elected directors and/or supervisors,reduce the level of concentration of votes for minority shareholders to successfully elect spokespersons representing their interests,and prevent cumulative voting from being a tool for hostile takeovers.
出处
《金融监管研究》
北大核心
2018年第2期94-109,共16页
Financial Regulation Research
基金
本文受到国家自然科学基金项目(71402181)、教育部人文社会科学重点研究基地项目(16JJD790056)、中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目(13XNJ003)的资助。
关键词
累积投票制
公司治理
内部人控制
Cumulative Voting
Corporate Governance
Insider Control
