我国公司章程的合意属性:契约、宪章还是自治法?——基于2006-2009年A股公司董事会权限条款的经验研究

The Desirability of Articles of Association of Listed Companies in China:Contract,Charter or Autonomy Law?——Evidence from Provisions of Board Authority in A-Shares Companies from 2006 to 2009

理论界对我国公司章程的合意属性持有三种不同的观点:契约、宪章和自治法,但都没有经验证据作为佐证。本文对2006-2009年期间A股公司章程中有关董事会六大权力限制条款的设置情况进行了逐项统计,发现绝大部分A股公司并未严格按照证监会颁布的《公司章程指引》的强制要求在公司章程中逐一设置上述条款,已经设置的章程条款的经济后果并不总是一致且正向的,而且,不是所有公司股东都能够根据公司实际情况对董事会权力予以恰当的限制。这一研究发现支持了我国公司章程合意属性应为自治法的观点。

The desirability of articles of association of listed companies in China is theo- retically classified into three views, namely contract, charter and autonomy law, by schol- ars, but every view lacks empirical evidence. This paper makes a statistical study of six pro- visions concerning limitations on board authority in articles o{ association of A-shares listed companies from 2006 to 2009, and finds that the majority of A-shares companies do not abide by the mandatory provisions of CSRC Guideline for Articles of Association of Listed Compa- nies and the provisions which have been written in the articles of association of listed compa- nies do not always lead to consistent and positive economic consequences. Furthermore, not all the shareholders can place appropriate restrictions on board authority according to actual corporate situation. These findings provide support for the view on regarding autonomy law as the desirability of articles of association of listed companies in China.