董事会选择更多的通讯会议形式影响公司投资么?——基于A股上市公司的实证检验

Does More Board Meeting by Electronic Methods Affect Corporate Investment?Empricial Evidence from the A-share Market

本文基于群体决策行为的视角研究了董事会通讯会议形式对公司投资行为的影响。研究发现,董事会作为一个群体决策组织,其通讯会议形式的增加会显著增加投资支出以及过度投资行为;信息不对称程度越高,通讯会议比率越高,公司投资行为越显著; AH股公司和独立董事提出过反对或保留意见的公司中,通讯会议比率的增加并不会加大公司投资行为。

In this paper,on perspective of the group decision making behavior,we research the board meetings held by telephone or written conference influence on corporate investment behavior.We find that with the increase in the ratio of electronic board meetings,corporate investment spending and over investment will increase significantly.It is found that information asymmetry is an important reason for the impact of the electronic board meeting on investment behavior.The results are not significant in AH share companies and the companies in which the independent directors have non-support opinion.