教授背景独立董事与高管薪酬、高管更替及企业价值的研究——基于中国上市公司的实证分析

Independent Director with Background of Professor and Executive Compensation,Turnover and Firm Valuation——An Empirical Study of Listed Companies in China

高校教授兼任的独立董事对上市公司治理的作用和公司价值的提升一直是学术界研究的重要话题。文章利用2004—2014年中国上市公司的数据,实证检验了独立董事背景与高管薪酬、高管更替、企业价值之间的相关关系。研究发现:拥有教授背景独立董事的公司,其高管薪酬业绩敏感性和高管更替业绩敏感性都更高。进一步研究发现,教授背景独立董事对企业价值的提升有正面影响。这说明教授背景独立董事对于改善公司治理、提升公司价值有着不可忽视的作用,文章研究结论有助于人们更为清晰地认识独立董事背景的重要性。

The role of independent director of professor in corporate governance and firm valuation has been an importanttopic in academic circle.Selecting data from Chinese listed companies from2004to2014as samples,the article makes anempirical study of the relationship among background of independent director,executive compensation and turnover andfirm valuation.The results show that independent director of professor can enhance the executive’s compensation-performancesensitivity and the executive’s turnover-performance sensitivity.It also finds that the independent director of professorhas a positive impact on the improvement of firm valuation.The background of independent director plays an importantrole in the improvement of corporate governance and firm valuation.The conclusion of this study will help peoplemore clearly understand the importance of background of independent director.