董事联结关系溢出效应实证研究

发布时间：2018-01-12 13:11

本文关键词：董事联结关系溢出效应实证研究　出处：《西南交通大学》2014年博士论文　论文类型：学位论文

【摘要】：有效发挥董事会监督功能有助于缓解管理者与股东之间的代理冲突。虽制度背景各异,但董事兼职现象普遍存在于世界各国的证券市场中,董事兼职形成的企业联结关系受到社会的广泛关注。虽然董事联结关系(董事兼职形成的企业联系)对公司治理影响效应的研究结论尚未达成一致,但董事联结关系的内向型影响效应以及外向型溢出效应已被一致认可。本论文从外部信息使用者的角度,研究董事联结关系是否影响外部信息使用者的决策行为。在界定相关概念和综述已有研究文献的基础上,本文构建了董事联结关系影响外部信息使用的机理模型,并在此基础上展开实证分析。首先从内向型溢出效应和外向型溢出效应两个角度实证检验董事联结关系对分析师预测行为的影响；再次,从董事联结关系形成、断裂以及公司受到处罚三个时点,采用事件研究的方法实证检验董事联结关系对股价的时点溢出效应；最后,从股价联动视角来研究董事联结关系的时段溢出效应。实证研究结果表明：(一)上市公司董事联结关系影响分析师预测行为。董事联结关系的信息溢出效应降低了分析师意见分歧度,但同时董事联结关系信息溢出形成的同质预期加剧分析师的预测误差;(二)董事联结关系存在显著的时点溢出效应。董事联结形成(提名多席位董事)、特殊事件下(公司受到处罚)以及董事联结关系断裂(多席位董事辞职)对股价均存在显著的负向溢出效应,表明公司间的社会联结关系影响投资者决策行为,目标公司某一特定行为产生的信号会随着董事联结关系传导至与之存在联结的其他公司的股价中,同时也说明了投资者关注董事联结关系对资产价格的影响作用,但是进一步的回归分析表明,董事的多席位特征与超额收益率并未存在显著相关性；(三)董事联结关系存在显著时段溢出效应。董事联结关系数量矩阵与股价收益相关系数矩阵显著正相关,表明董事联结关系影响股价联动,并且这种影响主要是由于董事联结关系的资源价值导致而非投资者基于董事联结关系的分类投资模式所致；(四)在不同时间区间下董事联结关系对股价的溢出效应存在差异。在时点溢出效应中,董事联结关系这一社会关系属性作为影响股价波动的主要因素,而董事联结关系特征(数量)对股价影响不显著；而在时段溢出效应中,董事联结关系数量带来的资源价值则是影响股价联动的主要因素。因此,在某一时间点的投资决策中,投资者更多考虑是否存在某种关联,而某一段时间区间内,投资者则会更多依赖于这种关联带来的资源价值；(五)不同制度背景下董事联结关系溢出效应的差异。基于美国证券市场中董事会单一治理机制的制度背景,学者们的研究结论尚存争议。以中国董事会与监事会双重治理机制为制度背景,本论文研究发现多席位董事提名以及辞职对股价均存在显著的负向冲击,这种负向冲击并未因代理成本的差异而存在差异。在多席位董事提名时,投资者更加关注其有限资源(时间和精力)对董事会治理效率的影响,多席位董事提名公告效应支持繁忙假说。而多席位董事辞职时,投资者对其传递公司财务风险信息的关注强于其时间和精力的保障程度,加之外部席位的减少抑制了董事监督效率的发挥,因而多席位董事辞职同样呈现出负向溢出效应,多席位董事辞职起到风险警示作用。本文研究结论有助于加深董事联结关系对股价影响效应的研究,同时也从社会关系视角丰富了分析师预测行为的影响因素研究,也为上市公司、投资者以及监管机构的决策提供证据支持。
[Abstract]:Effective supervision of the board of directors function helps to alleviate the agency conflicts between managers and shareholders. Although the institutional background is different, but the part-time phenomenon exists in the world in the stock market, the formation of the link between the part-time enterprise attention. Although the board of Directors Association (part-time director of the enterprise to reach contact) conclusion the effects of corporate governance has not been consistent, but the coupling between introversion and extroversion spillover effect has been recognized. This paper from the external information users' point of view, whether on board connection influences the decision-making behavior of the external information users. Based on defining the related concepts and reviews the existing literature on in this paper, constructs the mechanism model of the connected relationship affect the external use of information, and on the basis of empirical analysis first. From two angles inward and outward spillover spillover effect empirical link between the board of directors on analyst forecast behavior; thirdly, formed from the Directors Association, and the company punished three break point, the empirical method by using event study test board connection point spillover effect on stock price; finally, the spillover effect of time to study the relationship between directors from the price linkage perspective. The empirical results show that: (a) to predict the behavior between the board of directors of Listed Company Directors Association analysts. The coupling effects of information spillover effect reduces the analyst disagreement, but at the same time the relationship between the formation of homogeneous information spillover expected prediction error increased analysts; (two) there are significant spillover effects of directors point connection. The board connections form (nominated multi seat board), special events (by the company To punish) and board connection fracture (multi seat directors to resign) has significant negative spillover effect on stock prices, indicating the company between the social relationships influence the decision-making behavior of investors, the Target Corp signal generated a certain behaviour with the Directors Association and other companies are conducted to the connection of the stock price, at the same time also illustrates the role of investors concerned about the link between the board of directors on the impact of asset prices, but further regression analysis showed that the characteristics of the multi seat and the excess rate of return does not exist significant correlation; (three) there are significant periods of spillover effect is positively related to board connection. The connection between the number of matrices associated with the stock return coefficient matrix, that the relationship between influence stock price linkage, and this effect is mainly due to the connection of the resources value instead of lead Based on the classification of investment patterns caused by coupling between directors of investors; (four) the Directors Association spillover effect on stock prices in different time interval difference. In time, the spillover effect, director of association of the social relations of attribute as the main factors that affect the stock price volatility, and the connected relationship characteristics (quantity) of stock price no significant influence; and in time the spillover effects of the number of Directors Association, bring resource value is the main factors affecting the price linkage. Therefore, a certain time point in the investment decision-making, more investors consider whether there is a link, and a time interval, investors will be more dependent on the the associated resource value; (five) the difference between the spillover effect of the connected system. Under the background of different institutional background of directors in American stock market will be single governance mechanism based on learning The researchers concluded is controversial. To Chinese board of directors and board of supervisors double governance mechanism as the institutional background, this paper found many seats and the resignation of directors shares have significant negative impact, the negative impact is not due to differences in agency cost differences. In many seats to nominate directors, investors pay more attention to its limited resources (time and energy) influence on the governance efficiency of the board of directors, multi seat director nomination announcement effect hypothesis. While many seats support busy directors to resign, degree of protection of investors on their company's financial risk transfer information about its strong time and energy, and the external seats reduce inhibition efficiency directors play, so many seats directors to resign also showed negative spillover effect, multi seat director's resignation plays the risk warning. The conclusion of this study will help Yu Jiashen The research on the effect of director association on stock price also enriches the factors that influence analysts' prediction behavior from the perspective of social relations, and also provides evidence for the decision making of listed companies, investors and regulators.

【学位授予单位】：西南交通大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F271;F832.51

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