独立董事的高管背景与“独立性”——基于董事会投票的经验证据  

Independent Directors with Executive Background and Their "Independence" :Evidence from Board Voting

作　　者：刘琳晨 陈暮紫[2] 吴武清[3] Liu Linchen;Chen Muzi;Wu Wuqing(Shanghai Advanced Institute of Finance,Shanghai Jiao Tong University,Shanghai 200030,China;School of Management Science and Engineering,Central University of Finance and Economics,Beijing 200081,China;Renmin Business School,Renmin University of China,Beijing 100872,China)

机构地区：[1]上海交通大学上海高级金融学院,200030 [2]中央财经大学管理科学与工程学院,100081 [3]中国人民大学商学院,100872

出　　处：《南开经济研究》2019年第6期199-218,共20页Nankai Economic Studies

基　　金：国家自然科学基金(71673315、71203247);北京市社科基金(16YJB036)的资助

摘　　要：独立性是独立董事制度的灵魂,而在董事会会议中发表独立意见是独立董事监督功能和独立性的重要体现。本文将独立董事是否提出异议意见作为“独立性”的一个重要标志,利用我国A股上市公司2007—2016年的董事会投票数据,在控制了个人、议案以及公司等层面的相关变量后,重点考察独立董事的高管背景对其公开质疑行为乃至独立性的影响。结果表明,高管背景的独立董事更具有独立性。进一步研究发现,相比于非会计背景的高管背景独立董事,具有会计背景的高管背景独立董事独立性更强;国有企业的高管背景独立董事比非国有企业的高管背景独立董事更倾向于提出公开质疑。研究结果对于监管部门完善独立董事制度,投资者考察公司治理水平、投资效率以及会计信息披露质量等方面有借鉴意义。Independence is the soul of the independent director system,and independent opinions at the board meetings are important reflection of oversight function and independence of independent directors.Using the board voting data of A-share listed companies from 2007-2016,this paper regards veto on board as a symbol of"independence"to examine the impact of the executive background of independent directors on their dissenting behavior and their independence;it sets control variables of four aspects—individual aspect,proposal aspect,firm aspect and other aspect.The results show that independent directors with executive background are more likely to vote against management proposals.Further study finds that executive independent directors with accounting background are more likely to veto than executive directors without accounting background;executive independent directors in SOEs are more likely to veto than executive independent directors in non-SOEs.This research helps regulators to improve independent director system,and also helps investors analyze the level of governance,the efficiency of investment and the quality of accounting information of listed companies.

关 键 词：独立董事 独立性 高管背景 董事会投票 

分 类 号：G34[文化科学] K22[历史地理—历史学]