学术独立董事的价值

Bibo Liu, X. Tian, Wei Wei, Zhen Zhou
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引用次数: 1

摘要

本文通过对中国上市公司中迫使学术独立董事辞职的意外政策冲击的探讨,来考察学术独立董事的价值。在该政策公布前后,持有ADs的公司股价下跌2.2%,相当于损失1.35亿元人民币(约合1930万美元)。对公司来说,拥有与公司主要业务相关背景、与行业协会有联系、在名牌大学担任要职的广告人才更有价值。具有商业背景的副总裁在特定的董事会小组委员会任职时更有价值。此外,董事们更少缺席董事会会议。从长期来看,独立董事辞职后,公司基本面和独立董事的监督和建议效率显著恶化。我们的论文对独立董事的价值有了新的认识。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Value of Academic Independent Directors
This paper investigates the value of academic independent directors (ADs) by exploring an unexpected policy shock that forces ADs to resign from Chinese listed firms. Around the announcement of the policy, stock prices of firms with ADs drop by 2.2%, which translates to a loss of 135M RMB (around $19.3M). ADs with backgrounds that are related to the firms’ primary line of business, with connections to industry associations, and who hold top positions in prestigious universities are more valuable to firms. ADs with business backgrounds are more valuable when they serve on particular board subcommittees. Moreover, ADs miss fewer board meetings. In the long run, firm fundamentals and independent directors’ monitoring and advising efficiency deteriorate significantly after ADs resign. Our paper sheds new light on the value of independent directors.
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