官员独董给企业带来了什么?——基于《意见》出台后官员独董辞职的事件研究

What Can Independent Directors Who Are Also Officials Bring to Corporations?——Event Study Based on the Resignation of Independent Directors Who Are Also Officials after the Issue of ‘The Advice'

文章分析了官员独董辞职对公司价值的影响,并进一步通过对样本进行分类揭示了官员独董对公司的作用机理。以41个官员独董辞职事件为样本,运用事件研究法分析发现:对于资源约束程度较高的公司而言,官员独董的辞职会损害其公司价值;如果官员独董的辞职处在早期波段,这一事件会带来负的股票回报率。文章证明了《关于进一步规范党政领导干部在企业兼职(任职)问题的意见》出台的及时性与必要性,对独立董事的作用等相关研究也具有一定的理论贡献。

This paper analyzes the impact of the resignation of independent directors who are also officials on corporate value. By classifying the sample into different groups, it further reveals the mechanism of independent directors who are also offi- cials in corporate operation. Based on a sample consisting of 41 events about the resignation of independent directors who are also officials, the paper applies the method of event study and finds that, for corporations with high degree of resource con- straints, the resignation can damage their corporate value. Moreover, if the resignation occurs at the early stage, it can also affect corporate value negatively. This paper proves the issue of The Advice to Further Standardizing the Party and Govern- ment Leading Cadres Working （Full Time or Part Time） in Enterprises＇ is timely and necessary. Furthermore, it makes theoretical contributions to the study of the roles of independent directors.