上市公司中小股东利益保护的研究-企业管理专业论文.docxVIP

摘要 摘要 自 1989 年上海证券交易所成立以来，中国证券市场迅速发展，帮助企业进行 了融资活动和股份制改造，优化资本结构和资源配置，减少了资源浪费。但是， 在这十几年资本市场发展过程中，中小股东利益受侵害的案件层出不穷,严重损害 了小投资者的投资信心和投资热情,导致股市持续低迷和股价的不断下跌。因此, 加强中小股东利益的保护，维护证券市场健康发展迫在眉睫。 本文研究的目的是通过对大股东对中小股东利益侵害原因的分析，探索通过 降低两种代理成本和制度环境建设等途径加强对中小股东利益保护，为保护中小 股东利益提供理论指导。 本文以理论分析与实证分析相结合，系统地分析了大股东侵害中小股东利益 的表现形式、手段、危害、原因以及侵害度的评估。利用双重委托代理理论，通 过对大股东及代理人的激励和约束，探讨降低第一种代理成本，通过对中小股东 代理人的确立和完善，探讨降低第二种代理成本，通过两种代理成本的降低实现 全体股东利益最大化。最后，在以上分析的基础上，提出保护中小股东利益的对 策。 关键词：上市公司 中小股东 公司治理 Abstract Abstract Since the establishment of Shanghai Stock Exchange in 1989, Chinas securities market develops rapidly, which facilitates the enterprises to make financing and introduce the joint-stock system, to optimize the capital structure and the resources distribution, and to reduce resources waste. However, in the course of the capital market development for more than ten years, the cases that the minor shareholders’ interests are expropriated emerge in large numbers, which seriously injure investment confidence and investment enthusiasm of minor shareholders, and result in the lasting depression of the stock market and the constant drop of the stock price. Therefore, it is extremely urgent to strengthen the protection of minor shareholders interests and safeguard sound development of the securities market. The research purpose of this paper is, by the analysis of the cause of the major shareholders expropriating minor shareholders’ interests, to discuss the means about strengthening the protection of the minor shareholders, and to provide the theoretical guidance for protecting the minor shareholders’ interests. This paper adopts the research approaches both normative research and positive research, systematically analyzes the form, means, danger, reason and the assessment of expropriation degree about major shareholders expropriating minor shareholders’ interests. In accordance with the double principal-agent theory, in order to meet the objective of maximizing the shareholders’ interests, the autho