独立董事声誉与控制权私有收益——基于倾向得分匹配法(PSM)的实证分析

Reputation of Independent Director and Private Income of Control——An Empirical Analysis based on Propensity Score Matching(PSM)

从独立董事发挥公司治理效应的视角出发,以2014-2017年A股上市公司为样本,通过倾向得分匹配法(PSM)实证分析独立董事声誉能否抑制控股股东攫取控制权私有收益行为。研究结果表明,拥有高声誉独立董事的上市公司,其大股东利用控制权优势攫取控制权私有收益的行为相对较少,独立董事声誉与控制权私有收益之间呈负相关关系,进一步分析发现,企业所在地制度环境越好,独立董事声誉对控制权私有收益的抑制作用越强。鉴于此,针对性提出优化股权结构以及建立和完善独立董事评价、聘任机制的建议,为我国上市公司治理控股股东攫取私利行为提供理论依据。

From the perspective of independent directors’corporate governance effect,this paper takes A-share listed companies in 2014-2017 as a sample,and empirically analyzes whether the reputation of independent directors can inhibit the controlling shareholders’behavior of seizing the private benefits of control rights by means of propensity score matching(PSM).The results show that the listed companies with high reputation of independent directors have relatively few behaviors of their major shareholders taking advantage of the control rights to seize the private benefits.There is a negative correlation between the reputation of independent directors and the private benefits of the control right.Further analysis shows that the better the institutional environment is,the stronger the inhibition of the reputation of independent directors on the private benefits of the control right.In view of this,this paper puts forward some suggestions to optimize the ownership structure and establish and improve the evaluation and appointment mechanism of independent directors,which provides a theoretical basis for the behavior of controlling shareholders of Listed Companies in China.