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上市公司终极股东通常可以同时动用股权控制链和社会资本控制链来获取并强化其对上市公司的终极控制。本文通过对沪深两市共60家上市公司的其他主要大股东、董事和经理人员进行问卷调查,并对所获得的480份有效问卷的数据进行相应的实证分析,验证了在我国上市公司的治理实践中,终极股东普遍存在着动用社会资本控制链来获取并强化其终极控制的现象。并且,终极股东在强化其对上市公司股东大会、董事会和经理层的控制过程中所动用的社会资本存量并不一致:对其他主要股东动用的社会资本最高;其他董事次之;非直接委派的经理人员最少。不同性质的终极股东动用社会资本及由此所产生的影响也存在着明显的差异。
The ultimate shareholders of listed companies can usually use both equity control chain and social capital control chain to obtain and strengthen their ultimate control of listed companies. This paper conducts a questionnaire survey on the other major shareholders, directors and managers of a total of 60 listed companies in Shanghai and Shenzhen Stock Exchanges and conducts a corresponding empirical analysis on the data obtained from 480 valid questionnaires, verifying the validity of the listed companies in China In the practice of governance, the ultimate shareholders generally have the phenomenon of using the social capital control chain to acquire and strengthen their ultimate control. Moreover, the ultimate shareholders’ stock of social capital used in the process of strengthening their control over the general meeting of shareholders, the board of directors and the managers of listed companies are not the same: the social capital used by other major shareholders is the highest; the other directors are the second; the non-directly assigned managers The least staff. There are also significant differences in the use of social capital by the ultimate shareholders of different nature and the resulting impact.