非控股股东身份与董事会差异化审查决策  

Identity of a Non-controlling Shareholder and the Board's Review Decision

作　　者：葛秋辰 王春飞[3] GE Qiuchen;WANG Chunfei(Zhejiang University of Finance and Economics;Central University of Finance and Economics)

机构地区：[1]浙江财经大学会计学院 [2]浙江财经大学浙江省新型重点专业智库“中国政府监管与公共政策研究院” [3]中央财经大学会计学院

出　　处：《经济学（季刊）》2024年第5期1640-1655,共16页China Economic Quarterly

基　　金：国家自然科学基金面上项目(72272163,71772194,72273021)的资助。

摘　　要：本文以我国非控股股东提案为研究对象,考察提案股东身份对提案提出和提案被董事会否决的影响。研究发现,外部股东持股比例越高的公司越有可能收到外部股东提案,且外部股东提案在董事会审查环节更可能被否决,该现象在治理风险高的公司中更显著。此外,外部股东提案在公告日有显著正向的市场回报。本研究在一定程度上说明董事会的审查公允性有待商榷,应当提升立法的适用性和可操作性,防止董事会不当使用审查权阻碍股东正常提案。The impact of shareholder identity on the proposing behavior and the review decision made by the board is examined using non-controlling shareholder proposals in China.Results show that firms with higher external shareholding are more likely to receive external shareholder proposals,and those proposals are more likely to be rejected during the board review process,which is more pronounced in companies with high governance risk.Moreover,the external shareholder proposal has a significant positive market return on the announcement date.The fairness of the board needs to be discussed,and the applicability of the legislation should be improved.

关 键 词：非控股股东 股东提案 董事会审查 

分 类 号：F832.51[经济管理—金融学] F271