本研究目的在探討影響我國股東出席股東常會的因素。過去公司為了降低股東干擾股東會運作的情況發生,常阻礙股東出席股東常會。例如:將股東會之地點設在偏僻地區,或是將召開日期集中在某一天等。因此,本研究將股東會召開之時間和地點列入考量。此外,股權結構為控制股東是否有操縱股東會召開條件的重要因素。再加上每年股東會紀念品的發放,也納入本研究的討論之中。 研究發現,開會地點選在台北市、台中市和高雄市的公司,股東出席率會提升;而股東常會開會日期越集中的時候,股東出席率就會降低,因此在農民曆凶日召開股東常會的公司,由於同一時間召開的家數較少,出席率提升;紀念品的發放也會提升股東出席的意願;在股權結構方面,現金流量權與控制權偏離程度越大時,出席率就會越低。而法人持股比例越高時,出席率也會越高。此研究證明,公司會利用股東會日期撞期來干預股東出席股東會,股權結構與紀念品的發放政策對股東出席也有顯著影響。
The purpose of this paper is to investigate the key factors influencing the levels of shareholder participation in annual meetings of shareholder. Firms intent to prevent the attendance of minor-stake shareholders disrupting the meeting procedure. For example, firms probably set the place of annual meetings of shareholder in a remote district, or hold annual shareholder’s meetings on specific dates. As a result, this research will discuss the accessibility of annual shareholder meetings and the clustering of dates. In addition, the ownership structure is a significant factor that controlling shareholders prevent the attendance of minor-stake shareholders. And another factor is souvenir. The factor will also affect the attendance of shareholders. The results show that the attendance of shareholder will increase, when shareholder meeting hold in Taipei, Taichung, and Kaohsiung. And when shareholder meetings’ dates are clustering, the attendance of shareholder will decrease. Souvenir increase the willingness of shareholders to participate in the shareholder meeting. In the aspect of ownership structure, when the degree of control right deviating from cash flow right increase, the attendance of shareholder will decrease. And institutional investors’ holding rate increase, the attendance of shareholder increase. In a word, the finding proves that the clustering of dates prevent the attendance of shareholders coming to shareholder meetings, and ownership structure and souvenir have significant effect on the attendance of shareholder.