Research On The Motivation, Path And Effect Of Minority Shareholders Participating In Governance Through Self-media Platforms

The participation of minority shareholders has always been the focus of corporate governance and the protection of minority shareholders' rights and interests.The advent of the Internet era brings not only changes in the management of companies,but also changes in corporate governance.With the development of the Internet and the popularity of mobile electronic devices,we-media began to rise.Throughout academia the governance effect of media studies,mostly is the study of traditional media,few of the new media such as network interactive platform,the media studies at home and abroad are only a few stocks BBS reflects investor sentiment,investors' attention by network and network public opinion research,almost no minority shareholders through the media platform release self-interest appeal to influence the study of the corporate governance decisions.We media platform,an emerging media,needs to combine the governance effect of minority shareholders to play a different governance mechanism from that of traditional media.In addition,the academic circles also exist "company,the higher the proportion of the first largest shareholders,minority shareholders to participate in the management's enthusiasm,the worse the" point of view,but in Guizhou maotai rights of minority shareholders from media platform show great differences with the views,the case is very typical,visible as a result,the case is system research has theoretical value and practical significance.Based on the analysis framework of minority shareholders' participation in governance proposed by scholar Zheng Guojian(2016),this paper conducts a single case analysis on minority shareholders' participation in governance on we media platform of Guizhou moutai.The study found that: first,the double principal-agent problem between controlling shareholders and minority shareholders under the conflict of interest is the basic motive,small and medium shareholders to participate in the management of small and medium-sized shareholders to participate in the cost and the expected return affect their willingness to participate in governance,and the shortcomings of the existing corporate governance mechanism will force of small and medium-sized shareholders seeking from media platform to participate in the governance of this way;Second,since the media platform is informal system of small and medium shareholders to participate in a new way of corporate governance,the implementation path is to cause the network public opinion,media attention,through the media governance mechanism of administrative intervention to urge regulators regulation,coupled with the market mechanism and reputation mechanism to the management pressure,influence corporate governance decisions;Third,since the media leverage public opinion through expanding the governance effect of small and medium-sized shareholders own,safeguard their rights and interests,effective constraints,the controlling shareholder and management benefit expropriation behavior,is to promote the standardized corporate governance,establish a positive image for the company,to small and medium-sized investors' confidence and attractive positive role,but there is caused by the spread of negative public opinion the limitations of short-term stock prices.The study of this paper also indirectly shows that good performance is not a sufficient condition for a standardized governance structure;Related party transaction has the efficiency enthusiasm from the business perspective,but it may violate the fairness from the perspective of corporate governance.The research of this paper has the following contributions: first,from the perspective of individual shareholders to supplement the issue of activism of small and medium shareholders;Second,the research conclusion is reflected in the prior restraint of large shareholders on the opportunistic behavior,more economic significance.Third,we find a new way to realize corporate governance by the informal system of minority shareholders.Suggestions are put forward for small and medium-sized shareholders to participate in governance by using we-media platform,for listed companies to strengthen information disclosure,and for regulatory authorities to improve supervision and efficiency.