上市公司独立董事发挥怎样的作用?——中国上市公司独立董事辞职市场感知的视角  

Which Roles Do Independent Directors Play in Chinese Listed Firms?——The Market Perception of Independent Directors' Resignation in Chinese Listed Firms

作　　者：雷倩华[1] 罗党论[2] 陈晖丽[1] LEI Qianhua LUO Danglun CHEN Huili(School of Business Administration, South China University of Technology, Guangzhou 510640, China Lingnan College, Sun Yat-Sen University, Guangzhou 510275 , China)

机构地区：[1]华南理工大学工商管理学院,广东广州510640 [2]中山大学岭南学院,广东广州510275

出　　处：《财经论丛》2017年第4期61-70,共10页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(71602059);教育部人文社科基金资助项目(15YJC630051);广东省自然科学基金资助项目(2015A030310223;2016A030313482;2016A030310417)

摘　　要：本文基于中国上市公司独立董事辞职的市场感知的视角,探讨中国上市公司独立董事的实际作用。研究发现,在控制上市公司独立董事的"资源"背景后,代理问题较大的上市公司独立董事辞职的市场反应与代理问题较小的上市公司独立董事辞职的市场反应并无显著差异。说明了独立董事并没有发挥"治理监督"的作用。而同时,具有"政治关系"资源和"非政治关系"资源的独立董事辞职,市场反应都显著为负,说明了独立董事发挥了"资源支持"的作用。进一步地,本文发现上市公司最需要的是具有地方政治关系和企业实际管理经历的独立董事。本文结论能为证监会的监管和投资者的决策提供一定的借鉴参考。Based on the market perception of independent directors5 resignation in Chinese listed firms, this paper stud-ies which roles independent directors play in Chinese listed firms. It is found that after controlling the resources background of independent directors in listed firms ,there is no difference between the market reaction to the resignation of independent direc-tors with more agency cost and with less agency cost ,which shows that the independent directors do not play the role of “gov-ernance and supervision” . This paper divides independent directors5 resource background into two kinds： apolitical relation-ships” resource and “ non-political relationships” resource, and finds that the market reacts negatively to the resignation of these two kinds of independent directors, which shows that the independent directors play the role of ＂resource supporting＂. Furthermore, this paper finds that the listed firms need independent directors with local political relationship and with enter-prise management experience mostly. This paper can provide a reference for the decisions of CSRC and investors.

关 键 词：独立董事 监督 资源支持 市场反应 

分 类 号：F830.91[经济管理—金融学]