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1、山西财经大学 硕士学位论文 累积投票法律制度研究 姓名：程小军 申请学位级别：硕士 专业：经济法学 指导教师：马跃进 2011-01-10 3 摘要 累积投票制度是指公司股东大会选举董事或者监事时，每一股份拥有与应 选董事或监事人数相同的表决权，股东拥有的表决权可以集中使用，也可以分 别使用，并按得票多少依次决定董事人选的表决权制度。累积投票制度作为一 项维护中小股东利益的选举制度，在其1 3 0 年的历史发展历程中不断趋于成熟， 对弥补资本多数决原则的表决制度的弊端、优化公司治理结构、保护中小股东 权益起到了至关重要的作用。但是对于我国来说，无论从立法上还是从实践上 来看，累积投票制度却是一
2、项新的制度，都处在初创和探索阶段，与其相关的 法律制度亦不完备。基于我国的现状，本文将分五个部分来分析我国累积投票 制度的立法和适用性问题： 第一部分：累积投票法律制度的内涵及特征。该部分主要论述了累积投票 制度的概念、运行机理以及特征，重点阐述了该制度的运行机理和特征，希图 通过将该制度与直接投票制度进行比较，达到对累积投票制度实质的深刻理解。 第二部分：累积投票制度的历史演进。累积投票制度从产生到现在已有 1 3 0 年的历史，这部分主要介绍了该制度的产生、发展情况，重点阐述了累积投票 制度在美国的发展与成长过程，希图梳理累积投票制度的发展趋势和其发展变 化的历史动因。 第三部分：累积投票
3、制度的法理基础及价值分析。正是累积投票制度具有 深厚的法理基础和诸多有效价值，才使包括我国在内的世界各国纷纷采用之。 该部分主要论述了累积投票制度的法理基础，即累积投票制度与一股一权原则、 与多数决原则的关系，累积投票制度的价值，即在优化公司治理、维护中小股 东利益方面的卓越贡献。希图让大家了解我国引进累积投票制度的必要性和必 然性。 第四部分：累积投票法律制度的有效性分析。累积投票制度是一项实践性、 数理性特别强的选举制度。只有通过公司实例的分析才能让大家真正了解该制 4 度的运行原理和真正功用。该部分主要通过实例来阐释累积投票制度的内在运 行机理以及其博弈性特点。 第五部分：笔者撰写本文的
4、真正目的在于对我国现行累积投票制度的立法 缺陷以及阻碍该制度良性运行的环境进行剖析，进而在此基础上提出完善我国 累积投票制度的可行性建议。因此该部分主要分析了我国立法中有关累积投票 制度的不足以及我国实施累积投票制度的不利环境，并在此基础上提出了适当 修正累积投票制度模式、适当扩大有表决权股东的范围、明确规定累积投票制 度可以一起适用于董事与监事的选举、尽快确立行使累积投票权的前置程序、 切实建立抵消累积投票制度的保障机制等建议，希图能为我国累积投票制度的 完善尽一份绵薄之力。 关键字：累积投票制度 中小股东利益 董事 5 Abstract Cumulative voting system m
5、eans that the election of directors or general meetings of supervisors, each stock has to be elected directors or supervisors with the same number of voting rights, shareholders have the right to vote can concentrate, can also be used separately, according to the number of votes the candidates in tu
6、rn decided to directors The voting system. Cumulative voting system as a safeguard the interests of small shareholders, the election system, in its 130- year history of the development process of constantly becoming more mature, to make up the majority rule on the voting system defects and optimize
7、corporate governance, protection of minority shareholders rights and interests to a crucial role. But for our country, in terms of legislation or from the practical point of view, the cumulative voting system is a new system, are in start- up and exploration phase, associated with the legal system d
8、oes not complete. Based on the current situation, this article will be divided into five parts to analysis of the cumulative voting system and the applicability of the legislation： Part I: Cumulative voting connotation and characteristics of the legal system. This part discusses the concept of cumul
9、ative voting system, operation mechanism and characteristics, focusing on the mechanism and operation of the system characteristics, hitu directly through the system and voting system compared to the cumulative voting system on a deep understanding of substance. Part II: Evolution of the cumulative
10、voting system. Cumulative voting system from its birth to now 130- year history, this part introduces the system of production, development, focuses on the cumulative voting system in the process of development and growth of the United States, hitu combing the development trend of the cumulative vot
11、ing system and its historical development and changes in motivation. Part III: the legal basis of the cumulative voting system and value analysis. It is the cumulative voting system with strong legal basis and the value of many effective only to countries around the world including China have adopte
12、d. This part discusses the legal basis of the cumulative voting system, that system of cumulative voting rights and share one principle of majority rule and the relationship between the value of the cumulative voting system, that optimize corporate governance and safeguard the interests of small sha
13、reholders,s outstanding contribution . Hitu so that we understand the introduction of cumulative voting system in China the necessity and inevitability. Part IV: the effectiveness analysis of the cumulative voting system. Cumulative voting system is a practical, rational numbers particularly strong
14、electoral system. Only through the analysis of the 6 company instance to the system so that we truly understand the operation principle and the real function. This part uses an example to explain the cumulative voting system, the internal operation mechanism and the characteristics of their Game. Pa
15、rt V: I write the real purpose of this paper is to present the cumulative voting system on our legislative shortcomings, and hinder healthy operation of the system to analyze the environment, and then puts forward in perfecting the feasibility of the proposed cumulative voting system. Therefore, the
16、 main part of the legislation relating to Chinas lack of cumulative voting system, and our implementation of the cumulative voting system, the adverse environment. In this amendment is proposed based on the cumulative voting system, the appropriate mode, and expand the scope of the voting shareholders, the cumulative voting system can be defined with the applicable election of directors and supervisors, as soon as possible to establish the cumulative voting power of pre- exercise program, a
