独立董事特征与公司内部人离职套现的相关分析

发布时间：2018-05-31 12:47

本文选题：创业板 + 独立董事　；参考：《石家庄经济学院》2013年硕士论文

【摘要】：随着2009年中国创业板开启，在不到两年的时间里，我国创业板市场就伴随着大量的业绩下滑、虚假陈述、股票破发、超募严重、高管离职套现等现象，不单单是高管，董事、监事也存在离职套现问题，其中这些人的离职套现现象向外界释放了公司股价可能被高估的信号。大量高管的离职套现现象反映了公司内部治理状况不良等一系列的问题。有些公司的离职人员当时未进行套现，且在公司公告中大都是由于自身原因而辞去独立董事职务。但大量研究表明，我国创业板的套现总体数额相当大，增持少，一系列的问题表明了我国创业板市场存在问题，需要尽早解决。独立董事制度是公司治理机制的一部分。相关研究表明独立董事制度具有正的制度效应，这类研究基本上认为独立董事制度具有保护中小投资者股东权益、约束公司内部人行为、减少代理成本、防止上市公司造假舞弊的作用，尤其是年度财务表报方面具有正的制度效应。独立董事制度的设立就是为了公司治理制度的完善，现在大多数国家都引进了这一制度，相关研究表明这一制度在公司遵纪守法方面具有正的制度效应达成共识。相关研究主要是以独立董事所具有的特征入手进行分析，例如独立董事的政府关系、学历高低、在董事会中的人数及比例，在不同的公司所表现出来的不尽相同。特征的不同对于独立董事职能发挥具有直接影响作用，影响到公司的治理状况，从而会间接的影响到公司员工离职套现的外在环境，，导致离职套现现象发生。本文选取2010年117家在创业板上市的公司的独立董事作为样本，针对独立董事的不同特征，拟定十二个较为重要的研究假设，并对其定量化，与所在公司是否发生内部人离职套现现象进行相关分析，得出关于独立董事制度设计方面的结论。另外，本文通过构建判别回归模型，根据公司的独立董事特征判断公司内部人离职套现的可能性，这样，就可以通过公司公告或财务报表中的信息，对该公司的内部人离职套现发生的概率进行粗略判断，方便投资者对该公司的公司治理情况或市场价值判断时，运用此类判断依据。
[Abstract]:With the opening of China's gem in 2009, in less than two years, China's gem market has been accompanied by a large number of performance decline, false statements, stock break-up, overcapitalization, and other phenomena, such as execs, directors, etc. Supervisors also have the problem of cash out of their jobs, which send a signal to the outside world that the company's share price may be overvalued. A large number of executive turnover cash phenomenon reflects the poor corporate governance and a series of problems. Some companies did not cash in, and most of the company announcements resigned as independent directors for their own reasons. However, a large number of studies show that the total amount of cash in the gem is quite large and the increase in holdings is small. A series of problems indicate that there are problems in the gem market of our country, which need to be solved as soon as possible. The independent director system is a part of the corporate governance mechanism. Related studies show that the independent director system has a positive institutional effect. This kind of research basically thinks that the independent director system can protect the shareholders' rights and interests of the minority investors, restrain the behavior of the insiders of the company, and reduce the agency cost. The function of preventing fraud and fraud of listed companies, especially the annual financial statement has a positive institutional effect. The establishment of the independent director system is for the perfection of the corporate governance system. Now most countries have introduced this system. The related research is mainly based on the characteristics of independent directors, such as the independent director's government relationship, academic qualifications, the number and proportion of the board of directors, in different companies show different. The difference of characteristics has a direct impact on the function of independent directors and affects the corporate governance situation, which will indirectly affect the external environment of employee turnover cash, which leads to the phenomenon of cash out of the company. In this paper, 117 companies listed on the gem in 2010 are selected as samples. According to the different characteristics of independent directors, twelve important research hypotheses are proposed and quantified. This paper analyzes whether the insiders leave the company and draws a conclusion about the design of the independent director system. In addition, by constructing the discriminant regression model and judging the possibility of the company insiders leaving the company to cash out according to the characteristics of the independent directors of the company, we can use the information in the company announcement or financial statements. It is convenient for investors to judge the company's corporate governance or market value by making a rough judgment on the probability of the insiders leaving the company.
【学位授予单位】：石家庄经济学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F272.92;F832.51

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