新秀独立董事与股价崩盘风险  

Rookie Independent Directors and Stock Price Crash Risk

作　　者：曹丰[1] 张雪燕 Cao Feng;Zhang Xueyan(School of Business,Hunan University,Changsha 410082)

机构地区：[1]湖南大学工商管理学院,长沙410082

出　　处：《管理评论》2023年第8期268-282,共15页Management Review

基　　金：国家自然科学基金面上项目(71972068);国家自然科学基金青年项目(71602053);全国会计领军(后备)人才项目。

摘　　要：缺乏董事会工作经验、初次担任独立董事的新秀(新秀独立董事),究竟是独立性更差、从业经验缺乏导致监督无效,还是更有动机建立声誉、独立性更强使得监督更有效?本文从对资本市场和投资者具有重大影响且能较为综合反映新秀独董监督效果的股价崩盘风险入手,针对上述疑问进行了探索。研究发现:新秀独董加剧了股价崩盘风险。进一步分析表明,当新秀独董具有行业专长、不甚忙碌、拥有学术背景、具有海外经历以及面临的法治环境更加严格时,新秀独董对股价崩盘风险的正向影响被减弱。机制检验表明:新秀独董履职表现不如人意(更少地提出异议)、履职效果有待提高(降低公司信息披露质量)是新秀独董影响公司股价崩盘风险的路径。本研究一方面丰富了新秀独董和股价崩盘风险的相关文献;另一方面对深入理解新秀独董治理行为和效果、完善独董选聘机制,以及促进资本市场平稳健康发展具有启示意义。Rookie independent directors(RIDs)refer to those who serve as independent directors for the first time and lack experience in the board of directors.Will they lead to ineffective supervision due to their lack of independence and experience or lead to more effec-tive supervision because they are motivated to build personal reputation and more independent?This paper explores the above questions from the perspective of stock price crash risk which has a significant impact on the capital market and investors and can comprehensively reflect the supervision effect of the RID.Research findings:RIDs increase the risk of stock price crash.Further analysis shows that when RIDs have industry expertise,a not very busy schedule,an academic background,overseas experience and exposure to a strict legal en-vironment,their positive impact on the stock price crash risk is weakened.The mechanism test shows that poor performance of RID(as evidenced by their lack of dissenting voices or resulting in lower quality of corporate information disclosure),which is the path through which RIDs influence the risk of stock price crash.On the one hand,this study enriches the literature on the RIDs and stock price crash risk.On the other hand,it has enlightening significance for deeply understanding the governance behavior and effect of RIDs,improving the mechanism of selecting and hiring independent directors,and promoting the steady and healthy development of capital market.

关 键 词：新秀独立董事 股价崩盘风险 独立董事异议行为 独立董事特征 年报可读性 

分 类 号：F832.51[经济管理—金融学] F271