独立董事本地任职提升了企业投资效率吗--基于中国资本市场A股上市公司2007-2013年的经验证据  

Can Local Tenure of Independent Directors Enhance Corporate Investment Efficiency——The Empirical Evidence from A-share Listed Companies during2007-2013 of China's Capital Market

作　　者：周泽将[1] 刘中燕[2] 

机构地区：[1]安徽大学商学院,安徽合肥230601 [2]安徽大学经济学院,安徽合肥230601

出　　处：《山西财经大学学报》2016年第6期64-74,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金青年项目“女性高管、会计行为与投资决策”(71302113);安徽省哲学社会科学青年项目“独立董事本地任职对企业财务行为的影响研究”(AHSKQ2015D52);安徽省高校优秀青年人才基金重点项目“中国情境下女性董事对公司财务行为及绩效的影响研究”(2013SQRW005ZD)

摘　　要：独立董事在中国资本市场中如何扮演保护投资者利益的角色备受关注。本文选择本地任职这一独特视角,以2007-2013年间A股上市公司为研究对象,使用投资现金流敏感度模型实证分析独立董事本地任职对企业投资效率的影响。研究表明:(1)总体上而言,独立董事本地任职显著降低了投资现金流敏感度,表现为促进了企业投资效率的提升;(2)进一步分组后发现,当独立董事存在政治关联、包含女性和所在企业为非国家控股时,本地任职的投资效率促进作用显著降低。这表明,本地任职提升了独立董事的监督作用,但这一作用的发挥受限于独立董事的特征和外部企业环境。本文从投资效率视角丰富了中国情境下独立董事任职有效性的相关研究。How independent directors can play a role in investor protection of China＇s capital markets has attracted lots of attention. Selecting local tenure as a unique perspective and using A-share listed companies from 2007 to 2013 as sample, this article applies investment-cash flow sensitivity model to analyze the influence of independent director＇ s local tenure on corporate investment efficiency. As the resuhs show, in general, independent director＇s local tenure decreases investment-cash flow sensitivity significantly, indicating the in- crease of investment efficiency. If the sample is divided into groups further, the promotion of local tenure on investment efficiency is smaller when there is political connection, female members among independent directors, or the enterprises are non-state-owned. The above outcomes manifest that local tenure facilitates supervisory function of independent directors, but the function is limited by characteristic of independent directors and corporate external environment. This article enriches the related research on the validity of independent director＇s office in Chinese context from investment efficiency aspect.

关 键 词：独立董事 本地任职 投资效率 政治关联 女性董事 企业性质 

分 类 号：F275.5[经济管理—企业管理]