本文利用深交所的社会公众股东网络投票数据，研究了中小股东参与网络投票与公司决策的影响因素和经济后果。结果表明，大股东代理问题严重、机构投资者持股比例较高的公司，中小股东的网络投票参与率较高；中小股东的网络投票参与率与公司股票异常回报正相关，并且这种关系随着大股东代理问题的严重程度而增强。与小股东利益更为相关的股权分置改革提案中，中小股东投票参与率更高，并且这种更高的投票参与率在股权分置改革提案中能为中小股东增进财富。%Based on the data of public shareholders online voting of Shenzhen Stock Exchange, we study the de- terminants and economic consequence of minority shareholders＇ participation in online voting and corporate deci- sion. The results show that the more severe agency problem of controlling shareholder and the higher institution- al shareholders＇ ownership, the more actively minority shareholders participate in online voting. We also find that the participation of minority shareholders in online voting is positively associated with abnormal return, and the relation is strengthened with the agency problem of controlling shareholder. Regarding the proposal of split - share reform that is most related to the interest of minority shareholders, they are more likely to execute online voting right, which greatly improve the wealth of minority shareholders.
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