教授独立董事辞职的市场反应及其影响因素——基于A股上市公司的证据

Professors in the Boardroom: Evidence from Independent Board Resignation

近年来,高校教授担任独立董事的现象频频遭受社会媒体的"非议",那么教授担任独立董事能否为公司带来价值呢?通过手工整理2006–2014年A股上市公司发布的独立董事辞职公告,使用事件研究法,本文探究了教授独立董事辞职行为的市场反应及其影响因素。本文发现,教授独立董事辞职的平均市场反应为正,这表明"花瓶"教授独董现象较普遍。进一步,本文从生理特征、高校背景和专业背景三方面来探究何种类型的教授独董能够给企业带来价值。结果表明,女性教授、年轻教授、985和211高校教授以及商学类和法学类教授独董辞职时,市场反应显著为负,公司价值损失较大。本文的研究肯定了特定类型教授独董的价值,也为企业聘任教授独董提供了一定的参考意见。

Recently,the professors as independent directors have been denounced from social medium. Using manual collected data on independent director resignations of listed companies in China from 2006 to 2014,we investigated the market reaction on resignations of professors who were independent directors and its determinant. Firstly,we find the positive reaction on professors’ resignations. It suggests that some professors are"vases"in the boardroom. Furthermore,we find that the firm value drop less when resigned independent directors are female professors,younger professors,professors from key university or professors with economic or law background. This paper provides the evidence that some kinds of professors in the boardroom can increase firm value.