民事责任的强化会影响独立董事辞职事件的市场反应吗  

An Empirical Analysis of the Relationship between Civil Liability and the Resignations of Independent Directors and Market Reaction

作　　者：徐文鸣 张心怡 王喆[2] Xu Wenming;Zhang Xinyi;Wang Zhe

机构地区：[1]中国政法大学法与经济学研究院,北京100088 [2]国家发展和改革委员会经济体制与管理研究所,北京100035 [3]不详

出　　处：《湖湘法学评论》2024年第4期16-27,共12页Huxiang Law Revie

基　　金：教育部霍英东教育基金会高等院校青年教师基金项目:债券市场风险防范背景下信用评级行业监管研究(22424002)。

摘　　要：基于2018年至2023年上市公司独立董事辞职事件,量化分析民事责任变化对该类行为及市场反应的影响。首先,对上市公司公告的梳理显示,康美案一审判决作出后,独立董事辞职的绝对数量增长较为显著,但相对比例仍然维持低位,“辞职潮”效应并不明显。其次,以事件研究法测量市场反应,结果显示,公告日事件窗口内存在显著为负的超额收益率,说明独立董事辞职行为向市场传递了有关其任职上市公司有价值的新信息。最后,双差分回归分析将康美案一审判决作为实在法层面提升独立董事民事责任的外部冲击,并将独立董事因任期届满被动离职作为控制组、主动辞职作为处理组,发现在该判决公开后,处理组上市公司股票出现了显著更大的负超额收益。上述实证研究说明,独立董事辞职行为会引起显著为负的市场反应,而增强独立董事面临的民事责任会加剧辞职行为所引起的负面反应。Based on the resignation announcements of independent directors issued by the listed companies from 2018 to 2023,this article empirically examines the impact of civil liability on independent directors’monitoring behavior and the market reaction to such behavior.First,the survey of announcements made by the listed companies shows that the number of the resignation of independent directors increases significantly after the release of the first-instance judgment of the Kangmei case,but the relative ratio remains low.The resignation wave of independent directors is not evident.Second,the event studies analysis of the market reaction to the resignation events shows that there is a significant negative abnormal return in the event window around the announcement date,indicating that the resignation of independent directors has conveyed new and valuable information about the listed company to the market.Third,using the first-instance judgment of the Kangmei case as the external shock that significantly increased the civil liability of independent directors,and assigning the passive resignation of independent directors due to their term of office as the control group,and the voluntary resignation of independent directors as the treatment group,the difference-in-difference regression analysis finds that after the first-instance judgment of the Kangmei case,the shares of the listed companies in the treatment group show significantly higher negative abnormal return.These results show that the resignation of independent directors has significant informational effect,and such effect will be strengthened by the increase in civil liabilities.

关 键 词：独立董事 民事责任 超额收益 事件研究法 康美案一审判决 

分 类 号：D912.28[政治法律—民商法学]