证券背景独立董事、信息优势与券商持股  

Independent Directors Supported with Securities, the Information Superiority and the Institutional Holdings of the Brokerage Firm

作　　者：何贤杰[1] 孙淑伟[2] 朱红军[1] 牛建军[1] 

机构地区：[1]上海财经大学会计与财务研究院 [2]上海财经大学会计学院

出　　处：《管理世界》2014年第3期148-162,188,共15页Journal of Management World

基　　金：上海财经大学会计与财务研究院资助;国家自然科学基金项目(71202003;71172144;71202004);教育部人文社会科学重点研究基地重大项目(11JJD790008;11JJD790055);上海市浦江人才计划(12PJC045);教育部新世纪优秀人才支持计划(NCET-12-0902)的阶段性成果

摘　　要：近年来,具有证券背景的独立董事因违规行为多次受到监管机构的处罚。这些案例引起了监管层和投资者极大的关注和争议。本文通过考察公司聘请证券背景独立董事与券商自营机构持股的关系,研究了证券背景独立董事对投资者获取上市公司信息公平性的影响。研究结果显示,当上市公司聘请证券背景的独立董事后,券商自营机构的投资者对这些公司的持股比例显著增加。进一步地,我们还发现对于信息透明度较低的公司(如处于法律保护环境较差地区的公司,聘请低质量审计师的公司以及关联交易严重的公司),即内部人信息更具价值的公司,这一现象更加明显。最后,我们的研究还显示,券商自营机构通过投资具有证券背景独立董事的公司,获得了超额收益,这也进一步验证了信息优势的存在。本文的研究成果对于完善我国的独立董事制度,特别是规范独立董事来源构成的规定具有一定的启示意义。In recent years, because of the behavior of violating the regulations, the independent directors supported with secu-rities(IDSWS) have been punished by the regulatory authorities for many times. These cases have aroused very great at-tention and controversy of the regulators and the investors. In this article, through the investigation of the relationshipbetween company's invitation of the IDSWS and the share-holding of the institution of the operation of the brokeragefirm himself(IOTOOTBFH), we have studied the impact of the IDSWS on the fairness of investors obtaining the infor-mation of the listed company. The results of our study show that, after the listed company has invited the IDSWS, theinvestors of the IOTOOTBFH has obviously increased in these companies' proportion of holding stock share. Further,we have also discovered that, for companies with less transparency(for example, the company located in the areawhere the environment of the protection by law is poor, or the company that has hired the auditor of poor quality, orthe company with high frequency of related party transactions), that is to say, the companies in which the informationof insiders has more value, this phenomenon is more noticeable. Finally, our study has also showed that the IOTOOTB-FH has got abnormal gains, which has further proofed the existence of the information superiority. The results of ourstudy have certain enlightenment for the perfection of China's system of independent directors, especially for the stan-dard of the stipulation of the formation.

关 键 词：独立董事 证券背景 信息优势 券商持股 

分 类 号：F832.51[经济管理—金融学] F275