摘要
文章以中国后股权分置改革时期为背景,借鉴西方多个大股东的相关理论,运用多案例研究方法,通过选取两组五家具有多个大股东结构的上市公司(第一组:西藏药业和锦州港;第二组:ST景谷、天科股份和中百集团)进行案例内纵向研究、组内跨案例对比和组间跨案例对比研究,探讨第二大股东进行制衡的路径。研究发现:第二大股东主要采取引入关系股东、争取董事会席位的制衡路径;无论第二大股东采取何种制衡路径,第二大股东自身会获得一定好处,但并不能保证公司整体效率;国有企业的民营参股股东进行制衡总体上没有违反效率原则。
By the background of a equity division reform in China as the background and based on the theory of multiple large shareholders in the West and the method of multiple cases study,the paper selects five listed enterprises( the first group: Tibet Rhodiola Pharmaceutical Holding Co.,Ltd,Jinzhou Port Co.,Ltd; the second group: Yunnan Jinggu Forestry Co.,Ltd,Sichuan Tianyi Science & Technology Co.,Ltd,Zhongbai Holdings Group Co.,Ltd) of two groups with multiple large shareholders and explores the balancing path of the second largest shareholders through study of longitudinal study in the cases,comparative study within the group and comparative study of cross-cases between groups. The results show that : the second largest shareholder can balance the largest shareholder by introducing associated shareholders,striving for board seats after the equity division reform; regardless of the path taken by the second-largest shareholder,the second-largest shareholders themselves will receive certain benefits,but it cannot guarantee the enterprises' overall efficiency; and the balancing of privately operated second-largest shareholders of the stateowned enterprises in the competition has no violation of the principle of efficiency.
引文
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1对于涨薪,第二大股东一方认为:研发、销售和管理人才是公司发展的动力,为了留住有能力的人才就应该涨薪,提高20%的薪酬水平对员工来说是最基本的增长。第一大股东一方表示:公司目前的业绩水平不足以支撑给员工大幅加薪;若上调20%—40%的薪酬,可能影响公司的长远盈利;如果在员工加薪范围的实际操作中纳入高管,那可能是变相给高管加薪;调整高管薪酬应该基于公司业绩的变化,高管的工作范围、职责的变化等;目前也缺乏相应的业绩考核标准来提升高管薪酬。
1关于盈投控股一方更换董事长的提议,其理由是:目前西南化研院的法定代表人也是天科股份的董事长,即同是天科股份的法定代表人;两单位存在同业竞争问题。对此,昊华集团一方表示:自公司上市以来,与西南化研院的关联交易公平、公开;尽管曾经出现过几次可能由两家单位同时投标的情形,但并不能准确的定义为同业竞争,且更换董事长并不能就此规避这些问题。