我国上市公司股东投票权价值分析

投票权作为股东所享有的一项权能是有价值的。股东投票权包括用手投票与用脚投票两种方式。以往的研究或者是不加区分地将二者的价值共同衡量，或者是将二者完全割裂分别探讨我国企业大股东用脚投票权的缺失和中小股东用手投票权的不完善。本文将在股东投票权的统一框架下，探讨用手投票与用脚投票的价值，并分析二者的相互影响。

Analysis on the value of stockholders' voting rights of Chinese listed companies

As one of the rights of common shares,voting rights have value.Voting rights include the rights of voting-by-hand and voting-by-foot.In previous studies,the researchers either concentrated on the value of voting rights as a whole or separated the two completely and studied the loss of major stockholders' right of voting-by-foot and disadvantage of minor stockholders' right of voting-by-hand respectively.This article discusses the value of voting by hands and feet and analyzes their interaction under unified framework.