交易所年报问询函与独立董事主动辞职行为研究  

Stock Exchange Comment Letters and Independent Directors’ Voluntary Resignation

作　　者：史春玲[1] 孙耀东[2] 

机构地区：[1]吉林师范大学经济管理与法学学院财务管理系 [2]吉林师范大学数学与计算机学院统计系

出　　处：《金融监管研究》2022年第11期80-97,共18页Financial Regulation Research

基　　金：吉林省教育厅科学研究项目“数智时代会计专业硕士创新实践能力培养研究”的资助,项目编号:JJKH20230525SK

摘　　要：本文基于2015—2020年我国A股上市公司数据,实证检验了年报问询函对独立董事主动辞职行为的影响及其作用机制。研究发现,相较于未被问询公司,被问询公司的独立董事出于风险规避和声誉保护的动机,更有可能选择“明哲保身”而主动辞职;同一年内被问询的次数越多,存在延期回函,以及问询函中问题数量越多、字数越多、语气越负面,或要求审计师出具意见时,独立董事主动辞职的概率越高。机制检验表明,会计信息质量越低、媒体报道力度越弱,被问询公司独立董事主动辞职的概率越高。此外,年报问询函对不同特征和职业背景的独立董事辞职选择的影响亦具有差异性,被问询公司中年轻的独立董事以及具有财务背景的独立董事主动辞职的概率更高。本文的结论表明,独立董事作为理性经济人,同样追求个人利益最大化,具有明显的风险规避特征。监管部门和上市公司应充分正视这一问题,并建立相应的激励约束机制,促使独立董事尽职履责。Based on the data of China’s A-share listed companies from 2015 to 2020,this paper empirically examines the influence of stock exchange comment letters on independent directors’voluntary resignation behavior and its mechanism.The results show that compared with the companies not received comment letters,the independent directors of the companies received comment letters are more likely to resign for the purpose of risk avoidance and reputation protection;in the same year,the more times the company receive comment letters,the delayed reply letter,the more questions,the more words,the more negative tone,or the request for auditor’s opinion,the higher the probability of the independent director’s voluntary resignation.The mechanism test shows that the lower the quality of accounting information and the weaker the media coverage,the higher the probability of independent directors’voluntary resignation.In addition,the comment letters have different effects on independent directors with different characteristics and backgrounds.Young independent directors and independent directors with financial background have a higher probability of resigning after receiving the comment letters.The conclusion of this paper shows that independent directors,as rational economic man,also pursue the maximization of personal interests and have obvious characteristics of risk avoidance.Regulators and listed companies should fully face up to this problem,and establish corresponding incentive and restraint mechanisms to encourage independent directors to perform their duties.

关 键 词：独立董事 年报问询函 辞职 履职风险 

分 类 号：F832.51[经济管理—金融学] F271