信息披露真实性的价值——来自官员独立董事辞职原因披露的证据

The Value of Honesty of Information Disclousure

2013年10月19日中组部颁布的《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》掀起了官员独立董事辞职潮。本文以2013年10月19日至2014年12月31日期间披露官员独立董事辞职公告的A股上市公司为样本,研究了投资者对不同类型辞职理由的反应。研究结果表明:在事件窗口(-5,5)内,官员独立董事辞职的市场反应均显著为负;在上述事件窗口内,投资者对辞职原因属于"中组部18号文件"及相关文件的消极反应程度小于对辞职行为不是由相关文件引起的消极反应程度,这说明投资者会对公司的不同披露行为给予不同的定价。进一步的研究发现,辞职公告中的非诚实披露行为从某种意义上可以说是公司与官员独立董事的合谋行为。

On October 19, 2013, the organization department of the CPC central committee issued The Document No. 18 of the Organization Department of the CPC Central Committee and this file has caused the resign of independent directors with gov- ernment official identity. We investigate the market reactions caused by the different reasons for resignation using the hand - col- lected data of A -share listed firms from October 19, 2013 to December 31, 2014. We find that the market reactions near the day of the disclosures of the resignations are negative. The degree of negative reaction caused by the reasons related to The Docu- ment No. lg and the other related files is less than the degree of negative reaction caused by the reasons not related to The Docu- ment No. 18 or the other related files. It reveals that investors value announcements at different levels. The further research finds that the dishonest disclosure in the resignation announcement is firms conspired with the official independent directors.