机构投资者影响下独立董事治理效率变化研究

Change of the Independent Director's Governing Efficiency under the Influence of Institutional Investor:Empirical Evidence from China's Listed Firms

本文采用面板数据模型(PanelData)及混和截面数据模型(PoolingData)考察了机构投资者对独立董事治理效率的实际影响。发现引入机构投资者后,独立董事治理效率发生显著的提升,而且在机构投资者长期持股的样本中,机构投资者持股比例与后一期独立董事比例显著正相关,从而证实了机构投资者在促进独立董事制度建设上的积极作用。本文研究结果的政策意义在于可以通过发展机构投资者,从而将建立独立董事制度的强制性要求变为市场效率的自觉要求,并且由此提高独立董事制度运行效率的新思路。

This paper studies the governing efficiency of independent director under the influence of institutional investor. Key findings include institutional investors has positive correlation with increase of the next term independent directors ,and the percentage of independent directors has positive correlation with performance in the samples that have institutional investors among their top 10 shareholders,this indicates that institutional investors have positive influence in motivating the establishment of independent directors system. From the point view of policymaking,this paper shows that developing more institutional investors can help turning independent director system from policy obligations to conscious behaviors of the market for better efficiency.