独立董事有价值吗?——基于独立董事突然死亡的事件研究

Do Independent Directors Have Values?——An Empirical Study on Sudden Deaths of Independent Directors

文章以上市公司独立董事突然死亡为研究对象,基于有效市场和理性投资者假设,在事件研究方法的基础上,利用我国上市公司2003年6月30日-2011年6月30日独立董事突然死亡的事件为样本,分析了独立董事死亡对公司价值的影响。在以上研究的基础上,通过独立董事身份背景和专业背景的分类,考察了独立董事身份背景差异和专业背景差异对公司价值的影响。实证的结果说明,独立董事突然死亡显著降低公司的价值,由于专业背景的不同,拥有经济管理专业背景的独立董事突然死亡带来的企业价值降低显著高于理工专业背景的独立董事,同时研究结果表明,拥有政府官员和教授专家身份背景的独立董事死亡对公司价值变化影响显著。独立董事突然死亡带来公司价值降低的结论从一个侧面证实公司独立董事能够为公司带来价值。

Based on the assumptions of efficient capital market hypothesis and rational investor hypothesis,and taking the cas es of sudden deaths of independent directors of listed companies as our research object,which happened from 30th June,2003 to 30th June,2011 in China,we designed the research on the basis of case studies and analyzed the impacts of deaths of corporate independent directors on corporate market value,meanwhile,we investigated the differentiate impacts of differences in identity and professional background of independent directors on corporate value.We found that the sudden deaths of inde pendent directors lowered the value of corporate significantly;the death of the independent directors whose educational back ground was economics and management caused more reduction on corporate value significantly,compared with the indepen dent directors whose educational background was science and engineering;the difference in identity of independent directors had notable different effects on the change of corporate value.The fact,which sudden deaths of independent directors reduce corporate value,proves that independent directors can bring values to listed companies from one aspect.