学术型独立董事的声誉与比例对公司股价崩盘风险的影响

The Influence of the Reputation and Proportion of Academic Independent Directors on the Company's Stock Price Crash Risk

以2008～2016年沪深A股上市公司为研究对象,从学术型独立董事声誉和学术型独立董事比例两个角度出发探讨学术型独立董事的存在对公司股价崩盘风险的影响。研究发现:学术型独立董事比例与股价崩盘风险存在非显著的负相关性,且该非显著性不论是在制造业与非制造业样本或国企样本与非国企样本中都成立;学术型独立董事声誉对股价崩盘风险有着显著的激励作用,当学术型独立董事的声誉较高时,公司发生股价崩盘风险的可能性较低。相对于国企和制造业样本而言,该结论在非国企和非制造业样本中更显著。在稳健性检验中,以多重共线性检验、更换股价崩盘风险和声誉衡量的方法、更改信息不透明度的计量方式对所提假设重新进行回归分析,得到了与上述一致的结论。

Taking the 2008-2016 Shanghai and Shenzhen A-share listed companies as the research object, from the perspective of the proportion of academic independent directors and the reputation of academic independent directors, the author discusses the influence of the existence of academic independent directors on the company’s stock price collapse risk. The study found that there is a non-significant negative correlation between the proportion of academic independent directors and the risk of stock price collapse,and that this non-significance is established in both manufacturing and non-manufacturing samples and sample of state-owned enterprises and non-state-owned enterprises;academic independent director’s reputation has a significant negative effect on the stock price crash risk. When the academic independent director’s reputation is high, the company is less likely to have a stock price crash risk. This conclusion is more pronounced in non-state-owned and non-manufacturing samples than in SOE and manufacturing samples. In the robustness test, from the multi-collinearity test, the method of replacing the stock price collapse risk and reputation measurement, and the measurement method of changing the information opacity,the regression analysis is re-analyzed, and the conclusions consistent with the above are obtained.