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非控股股东投票参与决策、数字化转型与公司治理

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非控股股东投票参与决策是维护投资者利益以及完善公司治理的重要方面.基于2012-2020年中国沪深A股上市公司非控股股东出席股东大会投票数据,研究发现:(1)非控股股东参与股东大会投票率越高,对公司治理水平的提升效应越显著.公司数字化转型强化了非控股股东投票参与决策的公司治理效应.(2)非国有企业和法治环境水平高的公司会强化非控股股东投票参与决策的公司治理效应.(3)非控股股东投票参与决策通过发挥治理效应抑制控股股东"掏空"和提高高管薪酬契约有效性,进而提高公司治理水平,具体表现为控股股东资金占用、公司关联交易的显著下降和高管薪酬粘性的降低.研究结果拓展了非控股股东的公司治理效应相关研究,为数字经济背景下优化股权结构、完善投资者保护制度、提升公司治理水平提供了有益参考.
Non-controlling Shareholder Voting Participation in Decision Making,Digital Transformation and Corporate Governance
Non-controlling shareholders'voting participation in decision-making is an important aspect of safeguarding the interests of investors and improving corporate governance.Based on the voting data of non-controlling shareholders attending shareholder meetings of A-share listed companies in Shanghai and Shenzhen from 2012 to 2020,it is found that:(1)the higher the voting rate of non-controlling shareholders participating in shareholder meetings,the more significant the corporate governance improvement.The digital transformation of companies has strengthened the corporate governance effect of non-controlling shareholders'voting participation in decision-making.(2)Non-state-owned enterprises and companies with a high level of legal environment will strengthen the corporate governance effect of non-controlling shareholders'voting participation in decision-making.(3)Non-controlling shareholders'voting participation in decision-making improves corporate governance by exerting governance effects to suppress controlling shareholders'"hollowing out"and improve the effectiveness of executive compensation contracts.This is manifested in the significant decrease in controlling shareholders'fund occupation,company-related party transactions,and the decrease in executive compensation stickiness.The research findings expand the research on the corporate governance effects of non-controlling shareholders,providing useful references for optimizing equity structure,improving investor protection systems,and enhancing corporate governance levels in the context of the digital economy.

non-controlling shareholdersdigital transformationcorporate governancecontrolling shareholder hollowing out

王涛、陈沉、贾西猛、闫宇聪

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中国财政科学研究院,北京 100142

广东工业大学管理学院,广东广州 510520

四川大学商学院,四川成都 610064

中南财经政法大学金融学院,湖北武汉 430073

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非控股股东 数字化转型 公司治理 控股股东"掏空"

国家自然科学基金青年基金广东省哲学社会科学规划学科共建项目广东省哲学社会科学规划学科共建项目广东省哲学社会科学规划学科共建项目国家自然科学基金面上项目

72002144GD23XGL028GD23XGL027GD23XGL00172374050

2024

南京财经大学学报
南京财经大学

南京财经大学学报

CHSSCD
影响因子：0.284
ISSN：1672-6049
年,卷(期)：2024.(2)
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