财务背景独立董事的地理邻近性与股价崩盘风险

The Geography of Financial background Indenpendent Director and Stock Price Crash Risk

通过研究财务背景独立董事的地理邻近性对股价崩盘风险的影响,分析和检验了它们之间的影响机理,发现与异地财务背景独立董事相比,当地财务背景独立董事能够显著降低股价崩盘风险。进一步的研究显示,财务背景独立董事的地理邻近性与股价崩盘风险之间显著的负相关关系只在当地财务背景独立董事具有监管成本低和信息方面的优势以及独立性不受影响时才成立。

The crossover study of geographical economics and corporate finance is not only an emerging area of research, but also the future research trends. This paper studies the impact of the geographical proximity of the financial background independent directors on the stock price crash risk, analyzes and tests the impact mechanism between them in depth. The study finds that, local financial background independent directors can significantly reduce the crash risk. Further study shows that the geographic proximity of financial background independent directors and the crash risk only are negative significantly when the local financial background independent directors have established lower regulatory costs and information superiority and independence is not affected.