官员独董的辞职时机选择:动机与后果

发布时间：2018-07-05 15:09

本文选题：中组部号文 + 官员独董　；参考：《投资研究》2017年07期

【摘要】：中组部18号文发布之后,在中国资本市场掀起一股官员独董辞职的浪潮。面对同一政策,这些官员独董的辞职时机选择却不尽相同。使用手工收集的从2013年10月19日至2014年12月31日期间的官员独董辞职事件公告数据,本文研究发现:官员独董的行政级别越高、年龄越小、学历越高,其选择辞职的时间就越早;同时,官员独董所任职公司的贷款水平越高,其辞职时间也越早。进一步,本文发现官员独董辞职时间越晚,市场对其辞职事件的反应越好。本文的研究结论为18号文的政策约束力提供了经验证据,并对上市公司和投资者具有重要的实践启示。
[Abstract]:After the publication of the 18 th article of the Central Organization Department, a wave of resignation of Dong Dong, an official, was launched in China's capital markets. Faced with the same policy, the timing of the resignation of these officials was different. Using manually collected data on the resignation of the Chief Executive from October 19, 2013 to December 31, 2014, this study found that the higher the executive rank, the younger the age, the higher the educational background. The sooner they choose to resign, the earlier their resignation will take place. Further, this paper finds that the later the resignation time, the better the market response to the resignation. The conclusions of this paper provide empirical evidence for the policy binding force of Article 18, and have important practical implications for listed companies and investors.
【作者单位】：厦门大学管理学院会计系;厦门大学管理学院;
【基金】：国家自然科学基金面上项目“上市公司聘请社会名人和退休官员担任独立董事的动机与后果”(编号:71572160)的资助
【分类号】：F271

【相似文献】