董事会对短期主义行为的治理  

The Governance of Short-Term Behavior by the Board of Directors

作　　者：侯东德 

机构地区：[1]西南政法大学民商法学院

出　　处：《中国法学》2018年第6期133-150,共18页China Legal Science

摘　　要：面对我国资本市场愈演愈烈的收购浪潮,许多上市公司的董事会都开始修改公司章程以应对收购者。在修改公司章程的过程中,董事会往往将其职责的重点放在全力以赴去阻止收购上,导致某些反收购条款争议颇多。其实,控制权的流动是一种市场常态,而董事会更应该予以关注的是如何警惕和预防可能出现的投资者短期主义行为。股东行动主义的兴起往往造就了那些激进投资者,他们利用改变公司治理结构的机会从而对公司战略施加影响,以达到短期内提升股价并套现的目的。这种行为会对公司的长期战略和长远利益造成一定的损害,需要目标公司董事会以客观中立的标准对投资者意图予以充分考察,并展开有效沟通,接纳合理的建议,在强监管下适当行动,构建起更完善的治理结构。In the face of the increasingly fierce acquisition wave in the capital market of China,the boards of many listed companies have begun to revise their regulations of association in response to acquirers. In the process of modifying the regulations,the board of directors tends to focus on preventing the acquisition,which results in a lot of controversial provisions of anti-takeover. In fact,the flow of control rights is very normal,and what the board of directors should be more concerned about is how to be vigilant and prevent possible short-term behavior of investors. The rise of shareholder activism tends to create the radical investors who take advantage of the opportunity of changing the corporate governance structure to exert an impact on corporate strategy in order to achieve the purpose of boosting stock prices and cash-out in the short time. This kind of behavior will cause some damage to the long-term strategy and interests of the company. The board of directors of the target company needs to make a full investigation of the intention of the investors with objective and neutral criteria,communicate effectively with investors, accept reasonable suggestions, take appropriate actions under strong supervision,and construct a more perfect governance structure.

关 键 词：激进投资者 短期主义 信义义务 公司章程 反收购措施 

分 类 号：D922.291.91[政治法律—经济法学]