董事会异质性对公司股价崩盘风险的影响研究

The Effect of Board Heterogeneity on Stockprice Crash Risk

以沪、深两市上市公司为研究对象,从多个维度系统研究了董事会异质性对公司股价崩盘风险的影响。研究发现:女性董事发挥着良好的治理功能,女性董事比例的提高显著降低了公司股价崩盘风险。董事长和CEO两职兼任增大了管理层权力和代理问题,提高了公司股价崩盘风险。独立董事在我国并不能有效降低公司股价崩盘风险。繁忙董事增大了公司代理问题,导致公司股价崩盘风险。董事会年龄异质性有助于弥补相互间的缺陷,提高治理效率,进而降低公司股价崩盘风险。研究对于优化公司董事会结构、降低股价崩盘风险具有重要意义。

Based on the 2004-2016 Shanghai and Shenzhen A-share listed companies,the paper studies the influence of board heterogeneity on the company s stockprice crash risk from multiple dimensions.The study found that female directors play a good governance function,and the increase in the proportion of female directors significantly reduces the risk of corporate price crash.The concurrent roles of the chairman and CEO increases management power and agency issues,which increases the stockprice crash risk.Independent directors in China cannot effectively reduce the stockprice crash risk.Busy directors increasesthe agency problems of the company,which leads to the company s stockprice crash risk.The age heterogeneity of the board helps to compensate for shortcomings of each other,improve governance efficiency,and thus reduce the company s stockprice crash risk.This research is significant to improve the board structure and reduce the stock price crash risk.