法律背景独立董事:监督还是包庇?

Independent Directors of Legal Background: Supervise or Shield?

利用沪深A股上市公司2010~2014年数据,研究了法律背景独立董事与上市公司违规犯罪之间的关系。结果表明:具有法律背景的独立董事与上市公司披露的违规犯罪次数呈显著负相关关系,而与被稽查出的时间呈显著正相关关系,说明法律背景的独立董事在上市公司中不仅没有起到监督作用,反而是包庇了上市公司的违规行为。在法律指数高的地区,法律背景独立董事包庇上市公司违规犯罪的行为有所改善。研究成果填补了独立董事个人特质对公司治理影响的研究空白,为稽查公司违规提供新方向,亦为修改和完善我国独立董事制度提供参考。

Using the data of all publicly listed firms in China from 2010 to 2014, this paper examines weather the independent directors of legal background affect the firm＇s likelihood of committing frauds. The results show that the independent directors of legal background are significantly negative to the firm＇s reveal committing frauds, but positive to the time of fraud detection. These results indicate that the independent directors of legal background have not played a supervisory role, but a crime of shield role. In the further study, it is improved that the independent directors of legal background shield the firm＇s reveal committing frauds in the higher rule of law index areas. The research results of this paper have filled the blank of the influence of individual director＇s personal characteristics on corporate governance, provided a new direction for the inspection firm＇s frauds and contributed to make soft governance mechanisms.