独立董事在股东保护中的忠诚与俘获
发布时间：2018-09-10 14:49
【摘要】：对独立董事的认识不能局限于货币收益和家族关系,影响其行为的两个主要因素是:声誉和社会关系。通过我国中小板2007-2010年面板数据实证发现:1)独立董事与大股东的社会关系会促使独立董事被俘获;2)声誉会促进独立董事的忠诚化;3)声誉会降低社会关系对独立董事的俘获程度,声誉足够高时甚至会出现独立董事反向俘获大股东的现象。因此,独立董事的制度构建和选聘,要充分考虑其社会因素,减少关系董事,增加高声誉董事。
[Abstract]:The understanding of independent directors cannot be limited to monetary returns and family relations. The two main factors influencing their behavior are reputation and social relations. Through the panel data from 2007 to 2010, we find that: 1) the social relationship between independent directors and major shareholders will promote the capture of independent directors. 2) reputation will promote the loyalty of independent directors. 3) reputation will reduce the degree of capture of independent directors by social relations. When reputations are high enough, independent directors even reverse capture large shareholders. Therefore, the system construction and appointment of independent directors should take full account of its social factors, reduce the relationship of directors, and increase the high reputation of directors.
【作者单位】： 中国社会科学院财经战略研究院;
【基金】：国家社会科学基金重大项目“外部冲击和结构性转换下的中高速增长和中高端发展研究”(项目编号:15ZDC010);国家社会科学基金青年项目“行政审批改革与产能过剩的制度成因研究”(项目编号:16CJY036) 教育部2011中国特色社会主义经济建设协同创新中心项目“认识、适应和引领经济新常态研究”的阶段性成果
【分类号】：F271;F832.51
本文编号：2234766
[Abstract]:The understanding of independent directors cannot be limited to monetary returns and family relations. The two main factors influencing their behavior are reputation and social relations. Through the panel data from 2007 to 2010, we find that: 1) the social relationship between independent directors and major shareholders will promote the capture of independent directors. 2) reputation will promote the loyalty of independent directors. 3) reputation will reduce the degree of capture of independent directors by social relations. When reputations are high enough, independent directors even reverse capture large shareholders. Therefore, the system construction and appointment of independent directors should take full account of its social factors, reduce the relationship of directors, and increase the high reputation of directors.
【作者单位】： 中国社会科学院财经战略研究院;
【基金】：国家社会科学基金重大项目“外部冲击和结构性转换下的中高速增长和中高端发展研究”(项目编号:15ZDC010);国家社会科学基金青年项目“行政审批改革与产能过剩的制度成因研究”(项目编号:16CJY036) 教育部2011中国特色社会主义经济建设协同创新中心项目“认识、适应和引领经济新常态研究”的阶段性成果
【分类号】：F271;F832.51
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