上市公司独立董事辞职行为研究——基于前景理论的分析

The Research on the Resignation for the Independent Di-rectors——Anaylisis Based on the Prospect Theory

尽管独立董事辞职现象很普遍,但对此的相关研究不多。借助前景理论的基本原理,本文分析了上市公司独立董事的辞职行为;通过把发生独立董事辞职的公司和其它公司对比,发现独立董事辞职主要是基于自身对所任职上市公司的风险权衡。具体来说,上市公司的流动性风险、股权变更、股权集中度和重大关联事项会对独立董事辞职选择产生重大的影响。这些结果为监管机构进一步完善独立董事制度提供了参考。

It＇s common phenomenon for many independent directors to resign, but the research on it is quite few. The paper analyzes this problem based on prospect theory and tests the companies with high risk characteristic had been apt to drive the independent directors to resign and the companies with the low risk characteristic could keep them in their post by the comparative research on the risk characteristic variables between the listed companies having the resignation of independent directors and those having no resignation of independent directors. So we think that the basic reason for the independent directors resignation is to avoid the potential risk and the resignation has no significant relation with the level of pay. Further logistic regression results show that financial risk, the change of the first big shareholder and the taking place of the big events are the main risk factors that influence the resignation choice of independent directors.