证券背景独立董事、信息优势与券商持股

发布时间：2018-01-18 04:24

本文关键词：证券背景独立董事、信息优势与券商持股　出处：《管理世界》2014年03期 　论文类型：期刊论文

【摘要】：近年来,具有证券背景的独立董事因违规行为多次受到监管机构的处罚。这些案例引起了监管层和投资者极大的关注和争议。本文通过考察公司聘请证券背景独立董事与券商自营机构持股的关系,研究了证券背景独立董事对投资者获取上市公司信息公平性的影响。研究结果显示,当上市公司聘请证券背景的独立董事后,券商自营机构的投资者对这些公司的持股比例显著增加。进一步地,我们还发现对于信息透明度较低的公司(如处于法律保护环境较差地区的公司,聘请低质量审计师的公司以及关联交易严重的公司),即内部人信息更具价值的公司,这一现象更加明显。最后,我们的研究还显示,券商自营机构通过投资具有证券背景独立董事的公司,获得了超额收益,这也进一步验证了信息优势的存在。本文的研究成果对于完善我国的独立董事制度,特别是规范独立董事来源构成的规定具有一定的启示意义。
[Abstract]:In recent years. Independent directors with securities background have been punished many times by the regulatory authorities for their irregularities. These cases have aroused great concern and controversy among regulators and investors. The relationship between stockholding of securities firms' proprietary institutions. This paper studies the influence of the independent director of the securities background on the information fairness of the listed company. The results show that when the listed company hires the independent director of the securities background. Investors in brokerage institutions have significantly increased their holdings of these companies. Further, we have found that companies with low transparency of information, such as those in areas where legal protection is poor, have also been found. Companies that employ low-quality auditors and those with serious related transactions, that is, companies with more valuable insider information, are even more visible. Finally, our research also shows. By investing in companies with independent directors with securities background, securities proprietary institutions have obtained excess returns, which further verifies the existence of information advantages. The research results of this paper are helpful to improve the independent director system in our country. In particular, the regulation of the composition of independent directors has some enlightenment significance.
【作者单位】：上海财经大学会计与财务研究院;上海财经大学会计学院;
【基金】：上海财经大学会计与财务研究院资助国家自然科学基金项目(71202003;71172144;71202004) 教育部人文社会科学重点研究基地重大项目(11JJD790008;11JJD790055) 上海市浦江人才计划(12PJC045) 教育部新世纪优秀人才支持计划(NCET-12-0902)的阶段性成果
【分类号】：F832.51;F275
【正文快照】： 一、引言为了防止内部人控制,更好地保护中小投资者的利益,我国于2002年起,开始在上市公司中全面推行独立董事制度。然而,独立董事制度在我国正式实施虽已10年有余,但对其作用和效果的评价,无论在实务界和学术界仍然存在极大的争议。一方面,部分投资者和学者认为,在我国的现有

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