摘要
中国的独立董事很少对关联交易出具否定意见,但他们出具的清洁意见中,却明显存在"无过"和"有功"两种情感。本研究考察独立董事是否以本土式的语言规则,在不否定的语境下区分文字情感并向市场传递信号。检验结果表明,首先,相对于无过型意见,有功型意见在[-1,1]的短窗口内产生了0.7%的事件溢酬,并且在低于1%的双尾水平上拒绝零假设;其次,在独立董事特征方面,性别多元化促进了文字溢酬,独立董事的行业和法律专家无明显的调节效应,独立董事和其他董事的校友关系则会在一定程度上削弱文字效应;再次,当样本公司的控制权相对于现金流权的分离程度越高,关联交易中的机会主义概率越高,文字信号的溢酬越弱。综合结果表明,全体清洁意见在的[-1,1]的事件反应均值为0,文字情感则恰好将之分为两个显著非0的组别,包括"无过"组的"-0.3%"和"有功"组的"+0.4%",这证明文字信息能够对数字型治理指标提供增量信息。结论也有助于我们理解,本土的独立董事借助文字情感而非否定意见来履职的特性。
China's independent directors(ID) have seldom aired their opinions on related –party-transaction, but in their clean opinions they expressed, two kinds of feelings, that is,"no mistake"and"having meritorious deed", exist noticeably. In this study, we have probed whether the ID distinguish characters emotion and transfer signal to the market according to the local type of the language rules and not to negating the language environment. The results of our examination indicate that, firstly, compared with the opinion of the type of"no mistake", the opinion of the type of having meritorious deed has produced 0.7% of the event excessive income in the short window o[f-1,1], and refused the zero hypothesis on the level that is lower than 1% of the double tail level. Secondly, in the aspect of the characteristics of the ID, the generalization of the sex has promoted the word excessive income and the line of the ID and the law experts have no obvious adjusting effects, and the relationship among schoolmates of the ID and other directors will, to some extent, weaken the characters effects. Thirdly, when the greater the degree of separation of the specimen company compared with the cash flow right, the greater the opportunist probability in alliance transaction, the less the excessive salary of the characters signal. The comprehensive results show that the average value of the reaction to the event of[-1,1]of all clean opinions is zero, and the characters feeling has, by coincidence, divided them into two obvious non-O groups, including"-0.3% of the"no mistake"group and"+0.4%"of the group of"having meritorious group, and that this has proved the characters information can provide incremental information to the control target of the type of figures. Our conclusion can be helpful to understanding that the characteristic that the local ID perform their duties with the help of characters feeling and not with negative opinions.
出处
《管理世界》
CSSCI
北大核心
2014年第5期131-141,188,共11页
Journal of Management World
基金
国家自然科学基金(编号:编号:71102137)“因利导势:公司代理人对信息权效的重构”
上海财经大学会计与财务研究院(12JJD790033)的教育部人文社会科学重点研究基地重大项目“新兴资本市场中的财务分析师行为及其作用的研究”的资助
