独立董事任期交错与履职有效性  

The Staggered Tenure of Independent Directors and the Effectiveness of Their Performance

作　　者：蒋尧明[1] 梁美蓉 JIANG Yao-ming;LIANG Mei-rong(Jiangxi University of Finance and Economics,Nanchang 330013;Lanzhou University of Finance and Economics,Lanzhou 730020,China)

机构地区：[1]江西财经大学会计学院,江西南昌330013 [2]兰州财经大学会计学院,甘肃兰州730020

出　　处：《当代财经》2024年第12期98-110,共13页Contemporary Finance and Economics

基　　金：江西省社科规划项目“会计师事务所民事责任配置优化与审计质量长效提升研究”(22GL14);国家自然科学基金项目“会计师事务所合伙人与非合伙人签字注册会计师民事责任的配置及其对执业质量的影响研究”(71962011)。

摘　　要：在中国,独立董事最多连任两期,上市公司普遍存在独立董事任期交错现象,即公司中既有第一任期的独立董事也有第二任期的独立董事。这种任期交错对独立董事履行职责的有效性有着怎样的影响值得探究。以2005—2022年在A股上市公司发表过异议的全部独立董事构成的12390个独立董事-公司-年份观测值为研究样本,实证检验独立董事任期交错对其异议行为的影响。研究结果表明,独立董事任期交错具有信息效应和监督效应,提高了独立董事发表异议意见的概率和数量。对于第一任期的独立董事,任期交错主要表现为信息效应,当第一任期独立董事兼任数量较多、CEO与第一任期独立董事任期不同步时,这种效应更显著。对于第二任期的独立董事,任期交错主要表现为监督效应,当第二任期独立董事是新秀独董、兼任数量较少或CEO与第二任期独立董事任期同步时,这种效应更强。此外,任期交错增加了不同任期独立董事对不同议案发表异议的可能性。可见,独立董事任期交错的人员结构能提升独立董事的履职有效性。因此,在全面注册制改革的背景下,证券交易所和投资者在评估公司信息披露质量时,应更多地关注公司独立董事任期结构。这不仅有助于证券交易所降低审核问询成本、提高审核效率和质量,也有助于投资者识别高质量信息,从而做出准确的投资决策。In China,independent directors can serve up to two consecutive tenures,and there is a common phenomenon of staggered tenure for independent directors in listed companies,where there are both the first tenure and the second tenure independent directors in the company.It is worth exploring the impact of this staggered tenure on the effectiveness of independent directors in fulfilling their duties.Taking 12390 observation values of independent directors-companies-year,who have raised objections in A-share listed companies from 2005 to 2022,as the research sample,this study empirically examines the impact of staggered tenure of independent directors on their dissenting behaviors.The research results indicate that the staggered tenure of independent directors has both informational and supervisory effects,which increases their probability and quantity of expressing dissenting opinions.The staggered tenure of independent directors has an information effect on the first tenure independent directors.When there are more multiple positions,the tenure of CEO and the first tenure independent directors are not synchronized,the information effect of staggered tenure of independent directors is greater.The staggered tenure of independent directors has a supervisory effect on the second tenure independent directors.When there are rookie independent directors,fewer multiple positions or the tenure of CEO and the second tenure of independent directors are synchronized,the supervisory effect of the staggered tenure of independent directors is stronger.In addition,the staggered tenure of independent directors increases the possibility of independent directors expressing dissenting opinions on different proposals to different tenure independent directors.It can be seen that forming a personnel structure with staggered tenure of independent directors in a company can enhance the effectiveness of independent directors’performance.Therefore,in the context of the comprehensive registration system reform,the Stock Exchanges and investor

关 键 词：独董任期交错 新秀独董 独董兼任 CEO与独董任期 履职有效性 

分 类 号：F276.6[经济管理—企业管理]