独董非规定性辞职公告的文字溢筹——市场对措词的反应分析  

Market Reaction to Text Signals of Independent Director's Voluntary Resignation Announcement

作　　者：方先明[1] 陈楚 FANG Xian-ming;CHEN Chu

机构地区：[1]南京大学经济学院,江苏南京210093

出　　处：《经济管理》2018年第5期73-91,共19页Business and Management Journal ( BMJ )

摘　　要：独立董事作为上市公司的外部监督者,其非规定性辞职往往蕴含着极大的信息量,为市场高度关注。基于独董非规定性辞职公告信息,本文从语言情感层面对上市公司与非规定性辞职独董的关系进行量化,进而研究辞职公告中独董辞职的原因、上市公司是否对非规定性辞职独董表示感谢以及主观性评价等文字信号的语言溢筹。结果表明,相较于上市公司对非规定性辞职独董表示感谢,未表示感谢的情况会放大市场对独董非规定性辞职事件的消极反应。上市公司对非规定性辞职独董的主观评价反映出两者关系良好时,市场反应显著消极,但这一负向冲击并无持续性。相较于表明具体辞职原因的,独董辞职原因不明的情形下,辞职公告中上市公司是否对独董表示感谢和是否进行主观性评价的市场负向反应显著。According to the measures for the administration of information disclosure of listed companies,the listed company needs to issue an announcement about the voluntary resignation of the independent director.The announcement usually includes the independent director s voluntary resignation reasons,and whether the listed company expresses thanks to or makes a subjective evaluation on the independent director.The text and language emotion to some extent reflect the views of the listed company on the independent director s work performance,and further can reflect the relationship between the independent director and the listed company.According to the signal transmission theory,investors will use the announcement wording to speculate about the governance structure,financial status,management level and other related information of the listed company,so as to solve the moral hazard problem under the condition of asymmetric information.Therefore,it s valuable for making full use of the text in the independent director s voluntary resignation announcement.It s of great practical significance for perfecting our independent director system and promoting the capital market to be gradually effective.Therefore,the paper in-depth taps the value of information hidden behind the announcement and then studies the market response to the announcement wording.Compared with the previous literature,the paper has its unique value.From the research point of view,the paper considers that the announcement wording will reflect the degree of affinity between the independent director and the listed company from the perspective of interpersonal communication and social psychology.So investors will interpret the announcement wording by themselves and then put into action,thus making the stock price fluctuate.Based on this,the paper puts the listed companies,the independent director and the market reaction into a unified theoretical framework.As to the selection of indicators,the paper quantifies the relationship between the listed company and th

关 键 词：非规定性辞职 独立董事 语言溢筹 市场反应 

分 类 号：F830.91[经济管理—金融学]