独立董事辞职如何影响内部人减持——兼议公司治理的新机制  

How the Resignation of Independent Directors Affect Insiders'Share Selling——With a Discussion On the New Mechanism of Corporate Governance

作　　者：王生年[1] 张楠 WANG Shengnian;ZHANG Nan

机构地区：[1]石河子大学经济与管理学院

出　　处：《金融监管研究》2024年第8期95-114,共20页Financial Regulation Research

基　　金：国家自然科学基金项目“企业数字化转型与审计师风险决策:影响、机制与后果”(项目编号72262028);“分析师关注与资产定价效率——基于会计异象的视角”(项目编号:71862029)的资助。

摘　　要：独立董事制度是我国公司治理体系的重要组成部分,旨在保护中小股东合法权益。近些年一些企业内部人通过减持套现损害了中小股东权益且独立董事辞职现象时有发生。本文利用沪深交易所上市公司的数据,实证分析了独立董事辞职对内部人减持的具体影响。研究结果表明,独立董事辞职显著抑制了内部人减持,且独立董事主动辞职对内部人减持的影响更强。机制检验发现,独立董事辞职通过缓解信息不对称、抑制股价高估以及降低投资者信心影响了内部人减持。进一步研究表明,行业专长独董和董监高责任保险强化了两者间的影响;而减持管制和官员独董辞职政策弱化了两者间的关系。研究结论对投资者有效利用独董辞职进行信息解读、监管部门完善独立董事、内部人减持和公司治理机制具有重要的启示意义。The independent director system is an important part of China's corporate governance system.It aims to protect the legitimate rights and interests of small and medium shareholders.In recent years,some insiders have damaged the rights and interests of small and medium shareholders by reducing their holdings and cashing out,and the resignation of independent directors has occurred from time to time.Based on the data of listed companies on the Shanghai and Shenzhen Stock Exchanges,this paper empirically analyzes the specific impact of the resignation of independent directors on insider share selling.The results show that the resignation of independent directors significantly inhibits insider share selling,and the voluntary resignation of independent directors has a stronger impact on insider share selling.The mechanism test finds that the resignation of independent directors affects insider share selling by alleviating information asymmetry,curbing stock price overvaluation and reducing investor confidence.Further research shows that industry expertise independent directors and high liability insurance of directors and supervisors strengthen the impact between the two;the reduction control and the resignation policy of official independent directors weaken the relationship between the two.The research conclusions have important implications for investors to effectively use the resignation of independent directors for information interpretation,regulatory authorities to improve independent directors,insider share selling and corporate governance mechanisms.

关 键 词：独立董事辞职 内部人减持 公司治理 信息不对称 投资者信心 

分 类 号：F832.5[经济管理—金融学]