学者型独立董事影响企业投资效率吗?——来自中国上市公司的经验证据  

Do Academic Independent Directors Influence Investment Efficiency?Evidence from China Listed Companies

作　　者：黎来芳 薛菲 许少山 LI Lai-fang;XUE Fei;XU Shao-shan

机构地区：[1]中国人民大学商学院财务与金融系

出　　处：《科学决策》2022年第3期1-31,共31页Scientific Decision Making

基　　金：中国人民大学科学研究基金项目(中央高校基本科研业务费专项资金资助)(项目编号:21XNH137)。

摘　　要：以2002-2019年A股上市企业为样本,研究了学者型独立董事对企业投资效率的影响。结果表明,学者独董比例越高,企业投资效率越高。机制检验发现,通过降低委托代理问题和提高信息披露质量,学者独董能有效抑制过度投资行为;同时,学者独董通过缓解企业融资约束改善投资不足的问题。进一步地,从学者独董的专业背景和学历背景来看,当财务背景或技术背景学者独董、高学历学者独董占比高时,学者独董能更好地发挥职能。从任职状态来看,当学者独董的已任职时间更长或者兼职公司数量更多时,更能提高公司的投资效率。最后,当公司受分析师关注更少或者融资环境严峻时,学者独董对于公司投资效率的提升作用更为明显。研究肯定了学者独董的重要作用,同时对于发挥学者独董职能提高企业投资效率具有启示意义。Based on China A-share listed companies from 2002 to 2019,this paper studies the influence of independent academic directors on firms’investment efficiency.The results show that the higher the proportion of academic independent directors,the higher the investment efficiency.The result is not only reflected in firms’investments but also reflected in firms’underinvestment.The mechanism test shows that academic independent directors can effectively reduce over-investment by reducing the agency problem and improving the quality of firms’information.At the same time,by alleviating the financing constraints of firms,academic independent directors can also firms’under-investment.Furthermore,when the ratio of academic independent directors with financial background is high,or the ratio of academic independent directors with technology background is high,or the ratio of academic independent directors with high-education experience is high,academic independent directors can improve firms’investment efficiency.From the perspective of the tenure status of academic independent directors,when academic independent directors have longer tenure in the company or have more part-time jobs outside the firm,they can better improve firms’investment efficiency.Finally,when the firm receives less attention from analysts or the financing condition is more challenging,the existence of academic independent directors has a more pronounced effect on improving the firms’investment efficiency.The research of this paper supports the function of independent directors of scholars.It has substantial significance on how to play the role of academic independent directors to improve firms’investment efficiency.

关 键 词：学者型独立董事 投资效率 监督职能 咨询职能 

分 类 号：F275[经济管理—企业管理]