“行业背景标签”独立董事对上市公司特质信息传递效率的影响

发布时间：2018-01-20 03:49

本文关键词： 独立董事独立董事“行业背景标签” 公司特质信息股价同步性　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：自从2001年独立董事制度正式引入中国,国内学者对独立董事作用的研究大量增加,对于独立董事在公司治理中起到的作用也存在各种相反的结论。本文从上市公司的特质信息传递效率为切入点,研究不同“行业背景标签”独立董事对上市公司信息流动的影响,分析独立董事在公司治理中起到的作用。本研究在前人对于行业专家型独立董事对上市公司特质信息传递具有正向影响的定性研究基础上进行了进一步深化研究。本研究首次从定量角度研究了独立董事“行业背景标签”数量对上市公司特质信息传递效率的影响,并在此基础上对独立董事的行业进行了细致划分,对比研究了拥有不同“行业背景标签”独立董事对上市公司特质信息传递效率的影响。本文选取2014会计年度在沪市A股上市的非国有非金融企业,选择股价同步性为衡量上市公司特质信息传递效率的指标,建立多元回归模型,进行了实证分析。根据实证分析,本研究得出结论(1)伴随上市企业聘请的独立董事“行业背景标签”数量的增多,上市公司股价同步性降低,上市公司股价中包含的公司特质信息含量增加,上市公司特质信息传递效率提高。(2)在“政府背景标签”独立董事、“金融背景标签”独立董事、“法律背景标签”独立董事、“管理背景标签”独立董事、“学术背景标签”独立董事这五种行业背景类型的独立董事中,“管理背景标签”独立董事以及“学术背景标签”独立董事能够更好的促进上市公司信息流动,提高上市公司特质信息传递效率。
[Abstract]:Since the independent director system was formally introduced into China in 2001, the research on the role of independent director has increased greatly. There are various opposite conclusions about the role of independent directors in corporate governance. This paper studies the influence of the independent directors of different "industry background labels" on the information flow of listed companies. This study is based on the previous qualitative research on the positive influence of independent directors of industry experts on the transmission of information about the characteristics of listed companies. This study further deepens the research on the role of independent directors in corporate governance. For the first time in this study, independent directors have been studied from a quantitative point of view. The effect of Industry background label "quantity on the efficiency of trait Information Transmission of listed companies." On this basis, the independent director of the industry has been carefully divided. This paper compares and studies the influence of independent directors with different "industry background labels" on the efficiency of trait information transmission of listed companies. This paper selects non-state-owned non-financial enterprises listed in Shanghai Stock Exchange in 2014 fiscal year. This paper selects the synchronism of stock price as the index to measure the efficiency of information transfer of the listed company's trait, establishes the multiple regression model, and carries on the empirical analysis according to the empirical analysis. The conclusion of this study is as follows: with the increase of the number of "industry background tags" of independent directors employed by listed companies, the share price of listed companies decreases synchronously, and the information content of company characteristics in the stock prices of listed companies increases. Improve the efficiency of information transmission of listed companies. 2) in the "government background label" independent director, "financial background label" independent director, "legal background label" independent director. "Management background label" independent director, "academic background label" independent director of the five industry background types of independent director. "Management background label" independent director and "academic background label" independent director can better promote the information flow of listed companies and improve the efficiency of information transmission of listed companies.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F271

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