制度压力感知与官员独董辞职——基于“中组部18号文”的实证研究

Perceived Institutional Pressure and the Resign of Independent Directors with Official Identity:An Empirical Study Based on the Document No.18 of the Organization Department of the Central Committee of the CPC

现有文献发现,官员特征(如官员的任期、异地交流、更替等)对地方经济增长和公司财务行为有重要影响,但是由于不易准确度量及缺少恰当的研究情境,对官员对制度压力的感知情况考察不足。作为外生的政策冲击,"中组部18号文"的颁布及施行提供了难得的研究机会。使用手工搜集的自"中组部18号文"发布以来的官员独董辞职数据,本文从制度压力感知的角度,考察了官员行政级别、公司产权性质和地区政治强度对官员独董辞职时间早晚的影响。研究发现:行政级别越高、国有控股上市公司以及上市公司所属地区政治强度越大的官员独董,对制度压力的感知越深刻、越敏锐,辞职时间也就越早。可见,企业经营者需要深入思考政治关联的不确定性和脆弱性,认清其可能存在的潜在风险。此外,文章还考察了外部治理环境对官员独董辞职行为特征的调节效应,并且发现,良好的外部治理环境有助于提升政策的执行效率。

The current literature argues that the characteristics of officials （e.g. tenure, cross-district switching mechanism, turnover, etc.） have important impacts on local economic growth and corporate financing behavior. However, owing to the difficulty in accurate measurement and a lack of proper research context, little investigation with respect to perceived institutional pressure of government officials has been done. As an exogenous policy shock, the issuance and implementation of the Document No.18 of the Organization Department of the Central Committee of the CPC provide a rare research opportunity. U- sing hand-collected data of the resign of independent directors with official identity since the issuance of the Document No.18, this paper empirically investigates the impacts of ad- ministrative rank, firm ownership type, and regional political intensity on the resign timing of independent directors with official identity from a perspective of perceived institu- tional pressure. It finds that independent directors with official identity who have higher administrative ranks, serve for state-owned listed firms, and work in dense regional politi- cal intensity,have more profound ~ keen perceived institutional pressure and resign soon- er, showing higher sensitivity to institutional pressure. It is thus clear that corporate operators should deeply think the uncertainty and rigidity of political connections, and recog nize possible potential risks. Besides, it also investigates the moderating effect of external institutional environments on the behavioral characteristics of the resign of independent directors with official identity, and finds that sound institutional environments help to enhance the policy execution efficiency.