现金、股利资产估值与独立董事有效性——基于价值回归模型的实证研究

Valuation of Cash and Dividend Assets,and the Effectiveness of Independent Directors: An Empirical Analysis Based on Value Regression Model

文章在借鉴Fama和French(1998)公司价值回归模型的基础上,从公司内部现金和股利价值的角度,研究了中国上市公司独立董事的有效性。研究表明:将独立董事引入公司董事会能够显著提升公司内部所持现金的价值,明显降低了股利对公司价值的贡献。这一证据表明,独立董事有效地抑制了公司管理层和大股东牺牲投资者利益、谋取私人利益的行为,提高了公司治理水平。文章还发现,独立董事在一定程度上抵消了公司董事会规模与公司价值的负相关关系,这在一定程度上解释了董事会规模与公司价值之间可能存在的非线性关系。

By adopting the corporate value model developed by Fama and French in 1998 and the valuation of cash and dividends, this paper studies the effectiveness of independent directors of listed companies in China. The result shows that the introduction of independent directors into the board can raise the value of the company＇s cash holdings and obviously reduce the contribution of dividends to corporate value. Thus, it proves that independent directors can protect the interests of investors from being expropriated by the management and large shareholders, leading to the improvement of corporate governance. It also finds that the presence of independent directors in the board partially offsets the negative relationship between board size and corporate value, which gives an explanation of the possible nonlinear relationship between board size and corporate value to some extent.