独立董事能否为收购公司股东创造财富——来自中国上市公司并购的证据

Can Independent Directors Increase the Bidding-Firm Shareholders' Wealth——Data from of the Takeover Evidence China's Listed Companies

国外的实证研究结果表明,独立董事在并购中能给收购公司的股东创造财富。我们依据Harford研究方法,对我国的独立董事进行进一步的划分,并利用沪深A股285家上市公司的并购数据进行实证研究。研究结果表明:在我国设立独立董事并不能有效地为收购公司股东创造财富;但有一些证据显示,在关联方并购交易中,独立董事为收购公司股东创造了财富,尽管统计结果并不显著;在并购交易过程中,收购公司管理层的股权激励效果并不理想。

In abroad,many analysis and researches show that the bidding finn shareholders＇ wealth will be enhanced by the independent directors. Using the research method of Harford, the authors classify and analyze Chinese independent directors. However, in China, the empirical evidences indicate that the high proportion of independent directors cannot create wealth for the bidding finn shareholders. Although the coefficiency of independent directors are not significant in statistics,the authors can sill deduce that the independent directors have some effect on the bidding finn shareholders＇ wealth during the related takeover process. The empirical studies also show that manager holding stock is not good for bidding finn shareholders＇ wealth.