独立董事同业兼任的公司治理效应研究——来自上市公司盈余质量的经验证据

Independent Directors Industry-Board Interlocks and Corporate Governance:Evidence from Chinese Companies Earnings Quality

独立董事联结有助于公司之间知识、行为、学习能力、经验的传播,因此可以提升企业的治理效果。特别是当董事联结存在于同一行业中时,这种同业兼任的现象更有可能有助于提升公司的治理效果,让独立董事的治理作用在行业内部有更好的传递。本文利用2007—2017年全部A股上市公司独立董事联结的样本,研究了不同特征的独立董事联结对企业的治理作用,结果发现,在同行业联结的背景下,独立董事同业兼任提升了公司的盈余质量。进一步研究发现,在控制了独立董事的行业任职经验、独立董事财务等专业背景后结论仍稳健。最后,考虑到独立董事治理受限的情况,研究发现股权制衡度低和内部控制低的企业中独立董事同业兼任治理效果更好。

Independent directors board interlocks are conducive to the dissemination of knowledge,behavior,learning ability and other experience among companies.Especially when directors are connected in the same industry,this phenomenon of the interlocks in the same industry is more likely to help companies improving the governance effect.In this way,the governance role of independent directors can be better transmitted within the industry.Based on the sample of independent directors of all A-share listed companies from 2007 to 2017,this paper finds that concurrent independent directors enhanced the earnings quality of companies.After controlling the professional background of independent directors,such as industry experience and related finance degree,the result is still stable.Finally,considered as the limited governance of independent directors,this study finds that in enterprises with low equity checks and balances and low internal control,the industry-board interlocks of independent directors are more effective on corporate governance.