累积投票制的引入与实践——以上市公司为例的经验性观察
钱玉林累积投票制的引入与实践——以上市公司为例的经验性观察
Introduction and Practice of Cumulative Voting System
期刊名称：《法学研究》
期刊年份：
作者：钱玉林
单位：扬州大学法学院
中文关键词：累积投票制;上市公司;公司法;实证分析
英文关键词：cumulative voting system;listed corporation;company law;empirical study
中文摘要：
在学界和社会各界的呼吁下，2005年公司法修订时引入了任意性累积投票制。累积投票制作为公司董事、监事的选举制度，目的是为了保护少数股东的权利。虽然立法上采取了任意性累积投票制，但实践中绝大多数样本上市公司实施了累积投票制，这与监管机构和证券交易所对累积投票制倾向于采取强制主义的态度是分不开的。实证数据显示，一方面在目前的股权结构下累积投票制的实施有很强的现实意义，另一方面累积投票制在上市公司中未能得以有效实施。存在诸多有待解决的影响累积投票制有效实施的问题，包括等额选举、股东大会会议出席率低以及表决权的不当行使等实践层面的问题，也包括提名资格限制、当选原则、选举方法以及独立董事、非独立董事和监事分别选举等制度层面的问题。从数学的角度分析，累积投票制在我国上市公司中存在实施的空间和价值。
英文摘要：
The cumulative voting system was successfully introduced into Chinese Company Law revised in 2005 due to the request by academia and various circles of the society. The statute provides that the cumulative voting system is not the mandatory rule, but in practice most of the sample listed corporations have adopted the cumulative voting system in their articles. Such practice cannot be separated from the attitude of Security Regulatory Bodies and Stock Exchanges towards the cumulative voting system, who are inclined to make it mandatory, and data demonstrates that it does not mean the cumulative voting system has been carried out by those companies for the election of directors. Meanwhile, empirical study on the cumulative voting system adopted by the sample companies for the election of directors in 2012 indicates that it is not effective at all in more than half of these companies even though they carried out the system correctly.Although the status of "one share dominates exclusively" still exists in the current structure of stockers of the sample companies, the cumulative voting system is valuable to all of them because the share proportion held by the controlling stockholder are not enough to make the system meaningless. The reason why the cumulative voting system cannot be carried out is that there are still many problems to be solved, such as the rules of nomination, the election principles and the election methods of directors, single-candidate elections, low attendance of shareholders' meetings, and improper voting, etc. The cumulative voting system has the function of protecting minority shareholders if it is designed as a real system.
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