独立董事治理对企业财务风险的影响——基于制度环境的调节效应研究

Research on the Corporation Financial Risk Effect Considering Independent Director Governance :Based on Moderating Effects of Institutional Environment

独立董事通过有效履行监督和咨询职责,能够对财务报表质量以及对公司和高管违规情况起到很好监督作用,降低公司财务风险。为了探究上市公司独立董事制度降低财务风险的路径和效果,以深沪两市348家A股上市公司为样本,并利用面板数据构建数据模型。实证结果表明:独立董事异质性、比例和履职行为对公司财务风险有显著的负向影响;这其中制度环境起到部分调节作用。具体来说,区域环境对独立董事治理与公司财务风险间关系具有正向调节作用,行业环境对独立董事治理与公司财务风险间关系具有负向调节作用,而内部治理环境的调节作用不确定。

By effectively performing their supervisory and advisory duties,independent directors can play a good role in monitoring the quality of financial statements and the violations of companies and executives,and reduce the company＇s financial risks. In order to explore the path and effect of the independent director system of listed companies to reduce financial risks,348 A-share listed companies in Shenzhen and Shanghai were sampled and the data model was constructed using panel data. The empirical results show that the heterogeneity,proportion and performance of independent directors have significant negative impacts on the company＇s financial risks; the institutional environment plays partial moderating effects on these relationships. Specifically,the regional environment has a positive moderating effect on the relationship between independent directors＇ governance and corporate financial risks. The industry environment has a negative moderating effect on the relationship between independent directors＇ governance and corporate financial risks,and the moderating effect of the internal environment is uncertain.