上市公司独立董事非规定性辞职市场反应实证分析——来自康美药业案一审判决后独董辞职潮的经验证据

An Empirical Analysis of the Market Response to Non-mandatory Resignations of Independent Directors of Listed Companies:Empirical Evidences from the Wave of Independent Director Resignations Following the First Instance Judgment in the Kangmei Pharmaceutic Case

上市公司独立董事非规定性辞职会影响股票市场反应,且二者之间的关系受制于CFO权力和会计盈余质量。笔者依托康美药业财务造假案一审判决后多家上市公司独立董事非规定性辞职公告的相关信息,采用事件研究法,检验了上市公司独董非规定性辞职与市场反应的关系及其边界条件。实证检验证实:独董非规定性辞职引起了股票市场显著的负向反应;较大的CFO权力或较高的盈余质量对独董非规定性辞职的负向市场反应起到了抑制作用;CFO权力与盈余质量具有正向交互作用,CFO权力大且盈余质量高的上市公司抑制独董非规定性辞职负向市场反应的作用更强。本研究拓展了信号传递理论的应用边界,从维护市场稳定的角度证实了会计信息的有用性,研究结论能够为上市公司完善信息披露体系建设、增强抗风险能力提供理论依据。

Non-mandatory resignations of independent directors of listed companies will affect stock market reaction,and the relationship between them is subject to CFO power and accounting earnings quality.The authors rely on the relevant information of a series of independent directors’non-mandatory resignation announcements of listed companies after the first trial verdict of Kangmei Pharmaceutical’s financial fraud case,and use the event study method to verify and test the relationship between the non-mandatory resignation of independent directors of listed companies and market reaction and its boundary conditions.The results show that the non-mandatory resignation of the independent directors causes a significant negative reaction in the stock market.Greater CFO power or higher earnings quality restrain the negative market reaction of independent directors’non-mandatory resignation.Moreover,CFO power and earnings quality have a positive interaction,and listed companies with large CFO power and high earnings quality have a stronger role in restraining the negative market reaction to the non-mandatory resignation of independent directors.This study expands the application boundary of signal transmission theory,tests the usefulness of accounting information from the perspective of maintaining market stability,and provides a theoretical basis for listed companies to improve the construction of information disclosure system and enhance their ability to resist risks.