中小股东投异议票行为研究：决策动机与经济后果

中小股东投异议票反映了与管理者和大股东的代理冲突信息。本项目基于我国特殊制度背景，利用对中小股东单独计票并公开披露的自然实验，结合新证券法实施并区分不同议案，从理论和实证上分析中小股东投异议票的决策动机和经济后果。首先，从两类代理问题、公司监管情况和中小股东损失风险视角选取高管薪酬差距和大股东委派董事、已发现和未发现监管问题、中小股东利益冲突和“搭便车”风险考察中小股东投异议票的决策动机。其次，从投资者、内部治理和外部监管视角选取市场反应和中小股东持股行权、会计信息质量和企业融资成本、媒体报道和监管处罚考察中小股东投异议票的经济后果。研究结果为股权集中环境下中小股东投票的间接治理效应，代理风险衡量、中小股东损失回避和学习行为以及中小股东“自治”与公共监管的联合效应提供了新的证据，对监管机构、投资者和其他利益相关者利用和完善中小股东投票机制进而推动微观企业治理和资本市场高质量发展有启示作用。

The behavior of minority shareholders’ voting dissent reflects the information of agency conflict with managers and blockholders. Based on the special institutional background of China, using the natural experiment of counting separately and public disclosure for minority shareholders’ voting, this project analyzes the decision motives and economic consequences of minority shareholders' voting dissent from the theoretical and empirical perspective combining with the implementation of the new securities law and distinguishing different proposals. Firstly, from the perspective of two types of agency problems, the company's regulatory situation and the loss risk of minority shareholders, selecting executive compensation gap, directors appointed by blockholders, regulatory problems that have been found and have not been found, conflicts of interest and “free riding” risk among minority shareholders, this project explores the decision motives of minority shareholders' voting dissent. Secondly, from the perspective of investors, internal governance and external supervision, this project studies the economic consequences of minority shareholders' voting dissent from the perspectives of market reaction, minority shareholders holding shares and exercising rights, accounting information quality, enterprise financing cost, media coverage and regulatory penalties. The results provide new evidence for the indirect governance effect of minority shareholders voting in the context of ownership concentration, agency risk measurement, minority shareholders’ loss avoidance and learning behavior, as well as the joint effect of minority shareholders "autonomy" and public supervision, which has an enlightening effect for regulators, investors and other stakeholders to make use of and improve the minority shareholders voting mechanism and further promote the micro enterprise governance and the high quality development of the capital market.