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本文推导了累积投票制的数学公式,挖掘了其政策涵义,并以之评析了我国上市公司相关实践。中小股东持股比例越大,候选职位越多,选出自己人选的可能性就越大。征集投票权、扩大董事会或监事会规模、董事与监事合并选举有助于发挥累积投票制的作用;缩减董事会或监事会规模、非独立董事与独立董事分开选举、分批改选董事会将削弱累积投票制的功能。
This article deduces the mathematical formula of cumulative voting system, digs out its policy implications and analyzes the related practices of listed companies in our country. The larger the proportion of small and medium shareholders, the more candidate positions, the more likely it is to elect their own candidates. The solicitation of voting rights, the expansion of the board of directors or the board of supervisors, the merger of directors and supervisors will help to play the role of a cumulative voting system; reduce the size of the board of directors or the board of supervisors, non-independent directors and independent directors to be elected separately, and re-election to the board in batches will weaken the cumulative voting system Features.