独立董事网络、信息双向传递与公司被诉风险

发布时间：2018-01-25 09:05

本文关键词： 独立董事网络被诉风险信息双向传递内部控制环境不确定性　出处：《管理科学》2017年04期 　论文类型：期刊论文

【摘要】：近年来频繁发生的诉讼案件威胁公司内外部"和谐",引发各界关注。一般认为,信息不对称是引发公司诉讼风险的重要原因。一方面,外部利益相关者对公司内部信息不了解,使经理人机会主义行为更易发生;而且,外部利益相关者与公司间的信息偏误,也会造成日后纠纷,这些都可能引发公司被诉风险。另一方面,公司经理人掌握的外部信息不充分,使其在环境不确定性下的各项决策面临更高的失败风险,极易引发由决策失败导致的被诉风险。因此,研究如何缓解公司内外部间的信息不对称、规避公司被诉风险具有重要的理论价值和实践意义。基于嵌入性和公司内外部间信息双向传递的视角,考察独立董事网络对公司被诉风险的影响及其作用机理。以2007年至2014年中国A股上市公司为研究对象,构建独立董事网络-信息双向传递-公司被诉风险理论分析框架,运用Stata 13.0软件进行多元回归分析、PSM分析和工具变量回归分析,实证检验独立董事网络对公司被诉风险的影响,并结合内部控制有效性和环境不确定性探讨这一影响的具体作用机理,最后对研究中涉及的内生性问题进行检验。研究结果表明,独立董事网络有助于公司内外部间的信息双向传递,降低公司被诉风险。对作用机理的检验结果表明,在内部控制不健全、环境不确定性较高的公司中,独立董事网络抑制被诉风险的效应更加明显,说明独立董事网络既可以将公司内部信息向外部传递,缓解经理人机会主义行为和公司内外部间信息偏误,也可以将外部信息向公司内部传递,提升经理人决策科学性。而且,独立董事网络并未强化独立董事监督职能,而是通过信息传递增强证券分析师和机构投资者等外部监督,改善了公司信息环境。稳健性检验结果表明,在考虑替代变量、独立董事自选择偏差、内生性等问题之后结论依然稳健。研究结果有助于丰富和完善社会网络与公司治理和诉讼风险成因的研究,也为中国上市公司认识和规避当前被诉风险提供一些有益的现实启示。
[Abstract]:In recent years, the frequent litigation cases threaten the internal and external "harmony" of the company, and arouse the attention of all walks of life. It is generally believed that asymmetric information is an important reason for the litigation risk of the company. On the one hand. External stakeholders do not understand the internal information of the company, which makes managers opportunistic behavior more likely to occur; Moreover, the information bias between the external stakeholders and the company will also cause disputes in the future, which may lead to the risk of the company being sued. On the other hand, the external information held by the company manager is not sufficient. Under the uncertainty of the environment, each decision is faced with higher risk of failure, which can easily lead to the risk of being sued. Therefore, this paper studies how to alleviate the information asymmetry between the internal and external companies. It has important theoretical value and practical significance to avoid the risk of the company being sued. It is based on the perspective of embeddedness and two-way transmission of information between internal and external companies. To investigate the impact of independent director network on the risk of being sued and its mechanism. From 2007 to 2014, China A-share listed companies as the research object. To construct the theoretical analysis framework of independent director network, information two-way transmission and corporate defendant risk, using Stata 13.0 software to carry out multivariate regression analysis and tool variable regression analysis. Empirical test of the impact of independent director network on the risk of litigation, and combined with the effectiveness of internal control and environmental uncertainty to explore the specific mechanism of this impact. Finally, the endogenetic problems involved in the study are tested. The results show that the independent director network is conducive to the two-way transmission of information between the internal and external companies. The test results of the mechanism of action show that in the companies with imperfect internal control and high environmental uncertainty, the effect of independent director network on the risk of being sued is more obvious. It shows that the independent director network can not only transfer the internal information of the company to the outside, alleviate the behavior of manager opportunism and the bias between the internal and external information of the company, but also transfer the external information to the internal company. Moreover, the network of independent directors does not strengthen the supervision function of independent directors, but strengthens the external supervision of securities analysts and institutional investors through information transmission. The results of robustness test show that when considering the substitution variable, the independent director's self-selection bias is improved. The results are helpful to enrich and improve the social network, corporate governance and litigation risk. It also provides some practical enlightenment for Chinese listed companies to understand and avoid the risk of being sued.
【作者单位】：西南财经大学会计学院;西南财经大学保险学院;
【基金】：中央高校基本科研业务费专项资金(JBK1507124,JBK1507181)~~
【分类号】：F271;F832.51
【正文快照】： 引言 “邻睦无难事,事事皆春意”,中国传统文化中的和谐具有非凡的重要性。近年来,上市公司层出不穷的诉讼案件直接威胁到公司内外部和谐,乃至日常经营活动的顺利开展。根据CSMAR数据库统计,2007年至2014年间多达1 275家上市公司曾卷入诉讼案件,平均每年的诉讼金额达302.501

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