学者背景独立董事、公司业绩与CEO变更

发布时间：2018-12-31 17:52

【摘要】：针对证券市场普遍存在的学者背景独立董事,本文利用上市公司(2004—2012年)数据,研究发现董事会中学者背景独立董事比例越高时,公司财务业绩越好,CEO变更——业绩敏感性越高。特别地,当公司经历业绩滑坡后,将聘任更高比例的学者独董。进一步细化分析发现,综合型学者独董在提高业绩、提升CEO变更——业绩敏感性中作用更为明显,业绩滑坡后公司董事会更倾向于聘任综合型、专家型学者独董。总体而言,研究结果证实了学者独董的治理功能。
[Abstract]:Based on the data of listed companies (2004-2012), it is found that the higher the proportion of independent directors with academic background in the board of directors, the better the financial performance of the companies. CEO changes-the more sensitive the performance. In particular, when companies experience a decline in performance, a higher proportion of scholars will be hired as sole directors. Further detailed analysis shows that the independent director of comprehensive scholars plays a more important role in improving the performance and improving the CEO change--performance sensitivity. After the performance decline, the board of directors is more inclined to hire the comprehensive type, and the expert scholar is the sole director. In general, the research results confirm the governance function of scholars.
【作者单位】：西南财经大学金融学院;西南财经大学会计学院;
【基金】：国家自然科学基金项目(项目编号:71372206) 国家社会科学基金重大项目(项目编号:13&ZD146);国家社会科学基金项目(项目编号:10CJL038) 教育部新世纪优秀人才支持计划项目(项目编号:NCET-13-0963) 中央高校基本科研业务费项目(项目编号:JBK140501)~~
【分类号】：F271;F275

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