“近水楼台”还是“舍近求远”:独立董事地理距离对掏空程度的影响

“Taking Advantage of an Inside Track”or“Seeking Far and Neglecting the Near”:The Influence of Independent Directors’Geographical Distance on the Degree of Hollowing-Out

以2009-2017年沪深A股上市公司为样本,通过手工收集独立董事居住地的信息,实证检验了独立董事地理距离与掏空程度之间的关系。研究表明:独立董事地理距离与掏空程度呈"U型"关系,且该"U型"关系在民营企业中更为显著;媒体关注度和市场化水平均可以弱化二者之间的"U型"关系。进一步研究表明:近距离独立董事的合谋行为和远距离独立董事的信息劣势在该"U型"关系中起到了部分中介作用;高铁开通可以缓解远距离独立董事的信息劣势。

Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2009 to 2017 as samples,this paper manually collects the information of the residence of independent directors and empirically tests the relationship between the geographic distance of independent directors and the degree of hollowing out.The findings show that the geographic distance of the independent directors and the degree of hollowing out have a"U-shaped"relationship,and this"U-shaped"relationship is more prominent in private enterprises.The media attention and the marketization can weaken the"U-shaped"relationship between the two.The results of further study show that the collusion behavior of short-distance independent directors and the information disadvantage of long-distance independent directors play a part of the intermediary role in this"U-shaped"relationship.The opening of high-speed train can alleviate the information disadvantage of the long-distance independent directors.