独立董事身份背景与公司业绩——针对学术型独立董事的研究

Background Identity of Independent Directors and Company Performance——A Study on Academic Independent Directors

本文以沪深两市2005-2012年A股上市公司作为研究样本,分析了独立董事身份背景对公司业绩的影响。研究发现来自高校和研究机构的学术型独立董事治理效率较高,随着学术型独立董事比例的增加,公司业绩显著得到提升。在此基础之上,依据实际控制人性质将样本进行了分组,结果仍然显示学术型独立董事比例与公司业绩之间存在显著的正相关关系。本文对于上市公司选聘独立董事具有重要意义。

In this paper,we set the Shanghai and Shenzhen A- share listed companies in 2005- 2012 as search sample to analyze the influence of independent directors’ status background on company performance. It shows a higher governance efficiency comes with higher portion of academic independent directors from universities and research institutions,which in turn upgrades company performance significantly. Based on this,we further group the nature of the actual control samples and the results still show a significant positive correlation between the proportion of academic independent directors and performance of the company. This paper has important implications for hiring independent directors of listed companies.