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论文编号：	7583
作者编号：	2120132485
上传时间：	2015/6/15 22:48:04
中文题目：	累积投票权制度扩散机制研究
英文题目：	Research on the Diffusion Mechanism of Cumulative Voting System
指导老师：	武立东
中文关键字：	制度扩散；制度逻辑；合法性；累积投票制
英文关键字：	system diffusion；institutional logic；legality；cumulative voting
中文摘要：	累积投票权制度是我国保护中小股东权益的重要制度，通过行使累积投票权，中小股东能参与上市公司重大事项决策制约大股东行为，有助于解决我国上市公司普遍存在的第二类代理问题，属于公司治理改革的重要环节。本文基于动态多元化制度理论视角，以2003至2013年我国A股上市公司为研究样本，采用实证分析手段分析了我国累积投票权制度的扩散机制。 本文首先从制度逻辑视角出发，研究了主导制度逻辑在不同类别制度的扩散中产生的重要作用。文章以独立董事制度的强制推行作为切入点，从上市公司的回应行为中识别出公司组织层存在的三类制度逻辑：认知性逻辑、规制性逻辑及抵制性逻辑。接着围绕认知性逻辑构建主动设立独立董事与实施累积投票制度的关系模型，验证了基于认知性制度逻辑传承而产生的制度扩散路径依赖现象。其次，本文基于制度环境合法性理论，验证了制度环境合法性压力可能对制度扩散产生的影响，围绕制度扩散的模仿机制和信号机制构建实证模型，分别检验了行业模仿比例、上市公司ST指标与累积投票制度实施的关系。接着，本文将新公司法实施作为分界点，将总样本划分为两个时间段子样本，验证不同时间段内累积投票制度扩散的特征，从而分析新公司法实施对累积投票制度的意义。本文实证结果表明，累积投票权制度的扩散确实出现了基于主导制度逻辑传承而产生的路径依赖特征，主导制度逻辑在不同时期的制度实践中扮演桥梁角色，连接独立董事制度改革和累积投票制度改革；累积投票制度的模仿扩散并未出现在行业内部，行业内未形成导致制度同形的合法性压力；制度扩散的信号机制在ST公司中得到了验证，实施累积投票制度被ST公司视为一种完善治理机制、保护中小股东利益的信号传递给投资者，以使公司获得“合法性”。 总之，本文综合概括了一个制度扩散的分析框架，分析了制度逻辑和外部制度环境对制度扩散的影响，从动态视角分析了制度扩散的规律，丰富了制度扩散理论和公司治理制度改革方面的研究。
英文摘要：	Cumulative voting system is an important system in China to protect the interests of minority shareholders. By exercising cumulative voting right, minority shareholders can participate the major decisions of listed companies to constraint the substantial shareholders' actions. Therefore, cumulative voting system is helpful in solving the second agency problem which is commonly existed in Chinese listed companies, and it is a significant part in reformation of corporate governance. This paper uses the cumulative voting system as examples, the view of diversified dynamic system theory as basis, the Chinese A-shares listed companies from 2003-2013 as investigation samples, and the empirical analysis as method, in order to find out the diffusion rule of protecting system on minority shareholders in Chinese listed companies. Firstly, from the angle of institutional logic, this paper studies the crucial effect of major institutional logic on diffusion rule of system in different periods. The paper uses the enforced execution of independent director system as starting point, and finds out three kinds of institutional logics, which are cognitive logic, regularity logic and resistance logic, in companies' organization level from responds of listed companies. Secondly, this paper verifies the path of diffusion rule of system's dependency phenomenon generated by the basis of inheritance in cognitive systematic logic, by building the relation model which is about setting independent directors and implementing cumulative voting system centered in cognitive logic. Thirdly, this paper also verifies the potential effect of legality pressure on the diffusion rule of system based on the theory of legality of systematic circumstance. Then the empirical model is established centering on the imitation mechanism and signal mechanism of institutional diffusion, and the relation among proportion of industrial imitation, ST indices of listed companies and implementation of accumulated voting system has been tested respectively. Fourthly, this study separates the overall samples into two parts depending on the demarcation point when the new company law was promulgated. And by means of testing the characteristics of accumulated voting system diffusion in the different period, the effect of new company law's promulgation on cumulative voting system is analyzed. In this paper, the empirical results show that the spread of the cumulative voting system is actually a system logic based on dominant inheritance shows the phenomenon of path dependence. And the leading system of logic plays the role as a bridge in the system at different times of the practice, as the connection of the independent director system reform and the reform of the system of cumulative voting. Cumulative voting system imitation diffusion does not appear within the industry, and the industry has not formed the legitimacy pressure which leads to system isomorphs. The signal mechanism of system diffusion is proved in the ST company, since the implementing of the cumulative voting system is treated by ST companies as a perfect governance mechanism, to protect the interests of minority shareholders and carry signal transmission to investors, so as to enable companies to achieve "legitimacy". Finally, the paper sums up a framework about the system of a diffusion analysis, by respectively considering of the system logic and the effect on spread of the external system environment in the system. The rule of the system is analyzed from the perspective of dynamic diffusion, which enriches the system of diffusion theory and the research of corporate governance reform of the system.
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