第二大股东对第一大股东的制衡路径分析——基于中国民营企业与国有企业的多案例研究

郝云宏1， 汪茜1， 王淑贤2

(1. 浙江工商大学 工商管理学院， 浙江 杭州 310018；2. 浙江工商大学 杭州商学院， 浙江 杭州 310018)

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。

关键词:上市公司；多案例研究；第二大股东；制衡路径

收稿日期:2015-06-08

基金项目:国家自然科学基金项目“基于策略互动实施方法的大股东控制权利形成机理研究：影响因素与伦理决策”(71272143)；教育部人文社会科学项目“基于S—C—P框架的控制权利人收益的形成机制及其治理机制研究”(10YJA630053)

作者简介:郝云宏，男，院长，教授，博士生导师，主要从事公司治理与战略管理研究；汪茜，女，博士研究生，主要从事公司治理与战略管理研究；王淑贤，女，教授，主要从事理论经济学研究。

中图分类号:F270

文献标识码:A

文章编号:1000-2154(2015)12-0025-09

Abstract: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 state-owned enterprises in the competition has no violation of the principle of efficiency.

The Analysis of the Balance Path of the Second Largest

Shareholder to the Largest Shareholder

——Multiple Case Study of Private and State-Owned Enterprises in China

HAO Yun-hong1, WANG Qian1, WANG Shu-xian2

(1.SchoolofBusinessAdministration,ZhejiangGongshangUniversity,Hangzhou310018,China；

2.HangzhouCollegeofCommerce,ZhejiangGongshangUniversity,Hangzhou310018,China)

Key words: listed companies; multiple cases study; second-largest shareholders; balancing path

一、 问题提出