独立董事制度对公司违规行为的影响——来自中国A股市场的经验证据

文章以1997—2015年中国A股上市公司为样本,从实证层面研究了上市公司独立董事制度的实施和独立董事特征对公司是否违规、违规次数以及违规严重程度的影响。结果表明,上市公司实施独立董事制度能够降低公司违规概率、减少公司违规次数,独立董事制度发挥了作用。独立董事的学术履历、政治面貌、金融行业、海外经历等背景特征均对公司违规行为没有显著影响,独立董事的平均年龄、女性比例对公司是否违规以及违规次数也没有影响。独立董事委托他人出席会议对公司违规行为没有显著影响,而独立董事缺席会议将增加公司违规的概率以及违规次数。该研究对于评估独立董事制度、指导上市公司有效利用独立董事具有借鉴意义,建议监管部门进一步完善独立董事机制,上市公司更多关注独立董事参与公司会议的情况。

The influence of independent director system on the corporate violations: Empirical evidence from the Chinese A-share market

Based on the sample from 1997 to 2015 of Chinese A-share listed companies, this report empirically studies the implementation of the listed companies'' independent director system and studies whether its characteristics is related to the corporate violations and to what degree. According to the results, the implementation of independent director system can reduce the corporate violation and reduce the probability of its occurrences, therefore the independent director system seems to exert a positive effect. The four background features represented by the independent directors which include academic, political, financial and overseas background have no significant impact on the company''s illegal behavior. The average age of independent directors and the proportion of women within the independent directors are not related to whether the company violates regulations and to what degree. Entrusting others to attend the meeting has no significant impact on the corporate violations, but the independent directors'' absence would increase the probability of corporate violations. The background characteristics, average age, female proportion, and behavioral characteristics of independent directors have no effect on the severity of the corporate violations. This research is helpful for assessing the system of independent directors and for guiding listed companies to use it effectively. It is suggested that China Securities Regulatory Commission need perfect the system of independent directors, and listed companies should pay more attention to the participation of independent directors in company meetings.