Research On The Implementation Of Cumulative Voting System Of Listed Companies In Shanxi Province

In listed companies,large shareholders usually use their own equity advantages to control the company's management,thereby affecting corporate governance,especially corporate decision-making.If small and medium shareholders want to effectively control this situation,they need to use the cumulative voting system to increase their say in the company's management.The new "Company Law" in 2005 stipulated the cumulative voting system,which did not attract the attention of shareholders of listed companies.However,as the cases in which the legal rights of small and medium shareholders were infringed by large shareholders continued to occur,the function of the cumulative voting system became more and more prominent Value,small and medium shareholders began to actively participate in corporate governance using the cumulative voting system.Therefore,studying the implementation of the cumulative voting system for listed companies has extremely important theoretical and practical value for regulating the governance of listed companies and protecting the legitimate rights and interests of small and medium shareholders.This article selects all 37 main board listed companies in Shanxi Province as a research sample,uses a comparative analysis method to explore the effect of the cumulative voting system in China,and analyzes the main problems and reasons in the implementation of the cumulative voting system;the use of standardized research methods for comparison The problems derived from the analysis method propose specific improvements and countermeasures to improve the cumulative voting system.The structure of the paper is as follows: The first part is an introduction,which mainly introduces the research background,research significance,research content,research methods and research status of the cumulative voting system;the second part is the basic theory of the cumulative voting system,which mainly introduces the implementation of the cumulative voting system The historical development of the relationship between the cumulative voting system and related basic principles;the third part is the current status of the implementation of the cumulative voting system of 37 listed companies in Shanxi Province.It mainly introduces the provisions of theconstitution of the Shanxi Province listed company on the cumulative voting system and the company 's general election The specific implementation effect;The fourth part is the analysis of the problems and causes of the cumulative voting system of listed companies in Shanxi Province,mainly from the institutional and non-institutional factors to analyze the reasons why the cumulative voting system has no actual effect;fifth Some are suggestions for improving the cumulative voting system of listed companies.Through research,it is found that the cumulative voting system does not surpass the principles of "one share,one power" and "capital majority decision".In essence,it still follows the principle of one share,one right and capital majority decision to protect the legal rights of small and medium shareholders.Therefore,China should proceed from the reality that the current listed company 's shareholding is highly concentrated,legislation requires the implementation of a mandatory cumulative voting system,and at the same time improve the relevant procedures and remedies for the cumulative voting system,so that the cumulative voting system truly has a legal basis;China should continue to optimize the shareholding structure of China's companies,promote the correct implementation of the cumulative voting system,stimulate the enthusiasm of small and medium shareholders to participate in company management,and make small and medium shareholders no longer "vote with their feet."...