官员背景独立董事辞职行为的市场反应研究——基于沪市A股上市公司的经验证据

A Study of Market Reaction on Resignation Behavior of Independent Directors with Official Background——Based on A- share Companies Listed on the Shanghai Stock Exchange

本文从官员背景的独立董事辞职潮这一热点出发,探讨了随着中组部[2013]18号文件下发,市场对官员董事辞职行为做出的反应。研究发现:官员独立董事辞职时市场呈现正向反应,其中市场对辞职官员独董的年龄、学历、部门背景、学术背景和金融背景反应显著,而对其会计背景、法律背景、性别、任期等特征反应不显著。本文结论可为企业进一步完善独立董事制度,提高独立董事的治理效能提供借鉴。

Based on an unprecedented wave of resignations caused by a Party directive on officials’ other job outside their office in 2013,we investigated the market reaction on independent director resignations in the paper. Our findings showed that market had a positive reaction on independent director resignations. Moreover,market had a significant reaction on the resigned independent directors’ age,degree,regulator background,academic background and financial background. But there was no evidence to prove that the resigned independent directors’ accounting background,law background,genderand tenure had a significant impact on market value. We provided a reference to the improvement of independent director system and the effectiveness of internal control and management system.