基于异质性视角的独立董事政治关联影响资本结构动态调整研究

Study on the Influence of Political Connections of Independent Directors on Dynamic Adjustment of Capita Structure Based on Heterogeneity

聘请具有政治背景的人物担任独立董事是上市公司建立政治关联的重要手段。从政治背景类型、任职状态和关联层级三个维度出发,以创业板2009～2016年数据为样本,使用系统GMM等方法实证研究独立董事政治关联对企业资本结构调整的影响,获得以下结论:拥有官员型独立董事的企业资本结构调整速度要比拥有代表委员型独立董事的企业更快;独立董事曾担任政治职务比同时担任政治职务更能加快资本结构调整速度;独立董事的政治关联层级越高,资本结构调整速度越慢;政治关联独立董事履职情况越好,越有利于降低资本结构调整速度;只有拥有代表委员身份的独立董事促使企业实际资本结构偏离目标资本结构的程度加大,但代表委员型独立董事较好的履职表现可以缩小偏离程度;中组部"18号文"的执行显著降低了资本结构调整速度,并导致官员型独立董事促进企业加大实际资本结构偏离目标资本结构的程度。

Employing political figures as independent directors is an important means for listed enterprises to establish political connections. According to political background, state of service and the level of political connections, we use SYS-GMM to empirically research the impact of independent directors with political connections on the dynamic adjustment of capital structure based on the data of the listed enterprises in GEM from 2009 to 2016. We acquire some conclusions as follows: The adjustment speed of capital structure of enterprises with independent directors who have official background is faster than those with independent directors who were elected to the representative of Communist Party of China, NPC or members of the CPPCC. Independent directors who once had political positions can speed up adjustment more than those with political positions during their tenure. The higher the level of political connections of independent directors is, the slower adjustment speed of capital structure is. The better the performance of independent directors with political connections is, the more conducive to reducing the adjustment speed of capital structure. Only independent directors who were elected to the representative of Communist Party of China, NPC or members of the CPPCC can increase the degree of actual capital structure deviating from the target capital structure. But good performance of those independent directors can narrow degree of deviation. The implementation of"No.18 Document"published by the Central Organization Department significantly reduces the adjustment speed of capital structure of enterprises, and leads independent directors with official background to significantly increase the degree of actual capital structure deviating from the target capital structure.