会计学院知识库

  股东关系作为公司治理领域中的基本问题，对企业长期发展及资本市场稳定具有重要意义。从长期情况来看，我国中小股东偏好于以“搭便车”的方式参与上市公司治理，无力监督上市公司管理层及控股股东的机会主义行为，从而导致我国上市公司代理问题突出，中小股东权益遭受侵占的情况频繁发生。然而，正是由于其形势上处于的弱势地位，使得中小股东再一次加重了主观意识上与行为上的消极，由此陷入了“被侵占且不积极”的恶性循环。该现状极大地打击了中小投资者参与投资活动的积极性，甚至催生了负面投资行为。然而中小股东消极投资行为可能阻碍资本市场的发展，从而无益于国民经济的增长与资本市场繁荣。因此，中小投资者权益保护已成为我国各界讨论的焦点。
  文章以黔源电力为研究样本，揭示当中小股东与控股股东利益诉求存在分歧时，中小股东如何利用数字技术手段参与公司治理与重大事项决策。并围绕着数字技术这一新兴视角，对如何提高中小股东公司治理积极性的作用机制进行了剖析。研究表明：数字技术的有效应用，通过作用于中小股东参与治理成本与信息获取成本，因此极大提升了中小股东介入公司治理的积极性，也印证了本文案例公司黔源电力中小股东的积极行为特征。也意味着数字技术的普及对优化我国公司治理模式，保障中小投资者合法权益及维护资本市场稳定具有重要意义，也为促进我国股东积极主义发展与公司治理领域的数字化应用提供一定经验借鉴。

As a basic issue in the field of corporate governance, shareholder relationship is of great significance to the long-term development of an enterprise and the stability of the capital market. From a long-term perspective, my country's small and medium-sized shareholders prefer to participate in the governance of listed companies in a "free-rider" way, and they are unable to supervise the opportunistic behavior of the management and controlling shareholders of listed companies. Encroachment occurs frequently. However, it is precisely because of its weak position in the situation that small and medium shareholders once again aggravate their negative attitudes and behaviors, and thus fall into a vicious circle of "being occupied and not active". The current situation has greatly discouraged the enthusiasm of small and medium investors to participate in investment activities, and even gave birth to negative investment behaviors. However, the passive investment behavior of small and medium shareholders may hinder the development of the capital market, which is not conducive to the growth of the national economy and the prosperity of the capital market. Therefore, the protection of the rights and interests of small and medium investors has become the focus of discussion in all walks of life in my country.
This article takes Qianyuan Electric Power as a research sample to reveal how small and medium shareholders use digital technology to participate in corporate governance and decision-making of major issues when there are differences in the interests of minority shareholders and controlling shareholders. And around the emerging perspective of digital technology, it analyzes the mechanism of how to improve the enthusiasm of small and medium shareholders in corporate governance. The research shows that the effective application of digital technology, by acting on the cost of participating in governance and information acquisition cost of small and medium shareholders, greatly enhances the enthusiasm of small and medium shareholders to participate in corporate governance, and also confirms the positive behavior characteristics of small and medium shareholders of Qianyuan Electric Power, a case company in this paper. . It also means that the popularization of digital technology is of great significance to optimizing my country's corporate governance model, protecting the legitimate rights and interests of small and medium investors, and maintaining the stability of the capital market.