公司治理结构下中小股东权益保护

Protection of Minority Shareholders’ Rights and Interests under Corporate Governance Structure

摘要: 公司是市场经济的核心主体。中国经济社会之所以能够在改革开放后以平稳的速度迅速发展，公司在其中扮演了相当重要的角色。公司的健康发展，既与广大投资者利益相关，又与国家经济的稳定增长相影响。但就目前而言，中国的公司治理结构存在较大缺陷，中小股东权益受到侵害是其带来的最主要问题。我国公司法几经修改，中小股东保护力度虽有所加强，但不足之处还很多。在实践中，大多上市公司控股股东滥用支配地位致使公司治理结构存在缺陷，以致中小股东权益受到侵害的情况屡有发生，而法律规制不足，又给上市公司中小股东寻求救济带来了障碍，对于中小股东权益的保护仍然是我国《公司法》完善的最核心问题。基于此，文章从完善投票表决机制和累积投票制、健全信息公开制度以及加大中介机构监管力度等方面提出上市公司中小股东权益保护的思路。以期望能对公司治理起到一定的促进作用。

Abstract: Corporation is the core subject of market economy. The reason why China’s economy and society can develop at a steady speed after the reform and opening up is that companies play a very important role. The healthy development of the company is not only related to the interests of the majority of investors, but also affected by the stable growth of the national economy. However, at present, China’s corporate governance structure has major defects, and the infringement of minority shareholders’ rights and interests is the main problem. Although our company law has been amended several times, the protection of minority sharehold-ers has been strengthened, but there are many shortcomings. In practice, due to the abuse of dominant position by the controlling shareholders of listed companies and the defects of corporate governance structure, the rights and interests of minority shareholders of listed companies are fre-quently infringed, and the lack of legal regulation brings obstacles to the minority shareholders of listed companies seeking relief. How to effectively protect the rights and interests of minority shareholders is still the core issue for the improvement of the Company Law. Based on this, this paper puts forward the idea of protecting the rights and interests of minority shareholders of listed companies from the aspects of improving the voting mechanism, the cumulative voting system and other governance structures, improving the information disclosure system and strengthening the supervision of intermediary institutions.