Research On The Participation Of Small And Medium Shareholders In Corporate Governance From The Perspective Of Investor Rights Protection

Protecting the interests of small and medium-sized investors has always been a concern of all sectors of society.Although a large number of scholars have studied this issue,in the actual situation,the violation of the interests of minority shareholders is still occurring.Resulting in the lack of confidence of small and medium-sized investors in the market.The majority of the equity of listed companies in China is in a state of relative concentration or high concentration.In order to pursue the maximization of the interests of major shareholders,it is not uncommon for major shareholders to seize the interests of small and medium-sized shareholders with their absolute dominant advantages.Due to the high time and economic cost of small and medium-sized investors' participation in corporate governance,the poor effect of their participation in corporate governance,the lack of channels for intervention and other reasons,Minority shareholders are more willing to sell shares to express years of discontent.But,as the network environment changes,the development of the Internet has provided great convenience for minority shareholders.Many minority shareholders are no longer free riders,but able to stand up and express their views,and even directly participate in the company's major decision-making and operation management.This paper takes small and medium-sized shareholders of shenkangjia as the research object,and takes agency theory,cost-benefit analysis theory and game theory as the theoretical basis.From the perspective of the protection of investors' rights and interests,this paper studies the motivations,approaches and effects of small and medium-sized investors' participation in corporate governance.Found:(1)The reason of small and medium shareholders to participate in corporate governance: the interests of small shareholders by large shareholders encroach on problems,the company's performance,small and medium-sized shareholders of listed companies for a long time the stake is higher,and the company dispersed ownership structure can improve the small and medium shareholders to participate in corporate governance the possibility of a successful,small and medium-sized shareholders choose actively participating in corporate governance.(2)Ways for small and medium-sized shareholders to participate in corporate governance: in general,in the early stage,small and medium-sized shareholders can use the interactive platform of investor relations of listed companies to express their opinions and communicate with the company's management;When resultant force needs to be formed,network platform can be used for joint;In addition,when the minority shareholders nominate directors,they can discuss in advance how to make full use of the cumulative voting system to increase the possibility of nominating directors to the board of directors.In the end,the network voting system can effectively protect the rights and interests of minority shareholders.(3)Minority shareholders' participation in corporate governance: minority shareholders' active participation in corporate governance can effectively supervise the behavior of major shareholders,protect their own rights and interests,improve corporate governance and exert positive governance effect.However,the participation of minority shareholders in corporate governance also has some limitations.Irrational participation in corporate governance may lead to frequent changes of corporate control and affect the normal operation and development of listed companies.In addition,when the internal interests of minority shareholders are inconsistent,there may be a possibility of the breakdown of the cooperative relationship between minority shareholders.Finally,on the basis of the previous analysis,the paper puts forward relevant Suggestions for protecting the rights and interests of small and medium-sized investors.