券商背景独立董事与上市公司内幕交易

发布时间：2018-03-08 06:21

本文选题：独立董事　切入点：券商背景　出处：《财经研究》2014年08期 　论文类型：期刊论文

【摘要】：近年来,我国资本市场上出现的一个比较尴尬的现象是,被监管部门和股东寄予改进上市公司治理厚望的部分独立董事,特别是具有券商背景的独立董事,却利用获得上市公司信息的便利,在内幕交易中扮演了不光彩的角色。文章首次检验了特定类型的内部人——券商背景独立董事与公司内幕交易严重程度之间的关系。研究发现:聘任了券商背景独立董事的公司内幕交易的严重程度显著高于其他公司,而且对于会计信息质量较低或者聘请低质量审计师的公司,这一现象更加明显;另外,对于曾经聘任过券商背景独立董事的公司,内幕交易较为严重的现象主要存在于这些独立董事在职年度,而非其他年度。文章的研究结论为证券监管部门重新思考、完善独立董事聘任制度提供了重要的借鉴价值。
[Abstract]:In recent years, a relatively embarrassing phenomenon in China's capital market is by regulators and shareholders have some independent directors to improve corporate governance of listed company hopes, especially the independent directors with the brokerage background, but the listed company information convenience, played an inglorious role, insider trading. The relationship between the first test for a specific type of internal - brokerage background of independent directors and firm severity of insider trading. The study found: the appointment of the brokerage background of independent directors of the company insider trading severity was significantly higher than that of other companies, but also for the quality of accounting information is low or hire low quality auditors of the company, this phenomenon is more obvious in addition, for; who hired a brokerage background of independent directors of the company, the more serious phenomenon of insider trading exists mainly in these independent directors in The conclusion of the paper has provided important reference value for the rethinking of the securities regulatory department and the improvement of the system of the appointment of independent directors.

【作者单位】：上海财经大学会计与财务研究院;上海财经大学会计学院;
【基金】：国家自然科学基金项目(71202003,71372039,71172144) 上海市浦江人才计划(12PJC045,13PJC047) 教育部人文社会科学重点研究基地重大项目(11JJD790008,11JJD790055)
【分类号】：F832.51

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