摘要
中国近年来出现了独立董事同时在多家上市公司兼职的现象,本文基于A股上市公司2004-2013年的数据,检验了独董兼职对于上市公司的影响。研究发现兼职独董显著提升了公司的管理效率和盈利能力且结果稳健,产生这种作用的可能途径是:兼职独董具有更高的公司治理参与程度以及兼职行为加强了公司的社会联系。此外,本文还讨论了兼职独董对上市公司潜在的负面影响,发现兼职数量过多和任职公司间地理距离过大都会抑制兼职独董改善公司经营管理的作用。本文的结果丰富了我们对独董兼职现象的公司治理效应的理解,同时为监管部门规范上市公司独董兼职行为提供了参考。
In recent years, there has been an increasing trend for independent directors to get multi- ple board appointments in different listed firms in China. This paper empirically examines the influence of independent directors on listed firms using the A share data during the period from 2004 to 2013. The re- suits show that management efficiency and financial performance are improved significantly when the board＇s average multiple directorships held by independent directors are increased. The results are robust after con- sidering endogeneity problems in the identification models. Further evidence shows that directors with mul- tiple directorships can improve the management and financial performance because these directors partici- pate in corporate governance more efficiently, and because the behavior of holding multiple board positions in different firms can strengthen the firm＇s social ties to other firms. We further discuss potential adverse effects of the directors with multiple directorships. Our results indicate that when directors hold too many positions and when geographical distance among the firms is relatively large, the positive effects of the di- rectors with multiple board appointments tend to be moderate. Our paper sheds some light on the research of independent directors with multiple directorships and provides some policy implications on regulating be- haviors of holding multiple board positions in different firms.
出处
《世界经济》
CSSCI
北大核心
2017年第2期153-178,共26页
The Journal of World Economy
基金
国家自然基金面上项目"独立董事激励机制的影响因素和激励效果--来自中国上市公司的证据"(71272159)和面上项目"任人唯亲的董事会文化与独立董事更迭的‘逆淘汰’"(71472177)
教育部"新世纪优秀人才支持计划"对本项研究的资助
中国国家留学基金对本项研究的资助
国家自然科学基金青年项目"资本市场发展与企业资本结构动态调整"(71402182)的资助
关键词
独立董事兼职
经营管理效率
公司治理参与
社会联系
independent directors with multiple directorships, management and financial perform-ance, corporate governance participation, social ties
