官员背景独立董事辞职行为的市场反应研究——基于沪市A股上市公司的经验证据  

A Study of Market Reaction on Resignation Behavior of Independent Directors with Official Background——Based on A- share Companies Listed on the Shanghai Stock Exchange

作　　者：孙源[1] 

机构地区：[1]中南财经政法大学会计学院

出　　处：《中南财经政法大学研究生学报》2015年第6期102-110,共9页Journal of the Postgraduate of Zhongnan University of Economics and Law

基　　金：中南财经政法大学研究生创新教育计划资助项目:政府官员背景独立董事辞职行为对企业价值的影响(项目编号:2015S1138)

摘　　要：本文从官员背景的独立董事辞职潮这一热点出发,探讨了随着中组部[2013]18号文件下发,市场对官员董事辞职行为做出的反应。研究发现:官员独立董事辞职时市场呈现正向反应,其中市场对辞职官员独董的年龄、学历、部门背景、学术背景和金融背景反应显著,而对其会计背景、法律背景、性别、任期等特征反应不显著。本文结论可为企业进一步完善独立董事制度,提高独立董事的治理效能提供借鉴。Based on an unprecedented wave of resignations caused by a Party directive on officials’ other job outside their office in 2013,we investigated the market reaction on independent director resignations in the paper. Our findings showed that market had a positive reaction on independent director resignations. Moreover,market had a significant reaction on the resigned independent directors’ age,degree,regulator background,academic background and financial background. But there was no evidence to prove that the resigned independent directors’ accounting background,law background,genderand tenure had a significant impact on market value. We provided a reference to the improvement of independent director system and the effectiveness of internal control and management system.

关 键 词：官员独立董事 市场反应 独立董事辞职 

分 类 号：F832.51[经济管理—金融学] F271