独立董事地缘关系会影响企业投资效率吗?——基于A股资本市场经验证据

Does the Independent Directors' Geopolitical Relationship Affect Investment Efficiency

在公司治理结构中,作为重要内部治理机制之一的独立董事制度不可或缺。本地独立董事与上市公司之间形成的地缘关系会对企业投资行为产生影响。结合我国上市公司制度背景与市场环境,运用实证研究方法,探讨独立董事地缘关系对企业投资效率的影响。研究表明:(1)独立董事地缘关系显著提高了企业投资效率;(2)将非效率投资分为投资过度和投资不足两种情形,发现独立董事地缘关系可以抑制公司投资过度行为,但对投资不足的弥补作用并不明显;(3)相对于国企,非国企中独立董事地缘关系对投资过度的抑制作用更加明显。

As an important institutional arrangement of corporate governance, the independent director system has become one of the important choices of china's capital market. The geopolitical relationship between local independent directors and listed companies will have an impact on the investment behavior of enterprises. Based on the institutional background and market environment of China's listed companies, the empirical study is conducted to explore the influence of independent directors' geopolitical relationship on investment efficiency. As the results show, independent directors' geopolitical relationship has a significant impact on investment efficiency. If the sample is divided into groups further, the result shows that the local independent directors can inhibit excessive investment ,but not obvious for insufficient investment. Compared with the non state-owned listed companies, independent directors' geopolitical relationship of state-owned listed companies have more obvious influences on excessive investment.