独立董事背景对企业价值影响的研究——来自中小企业板上市公司的经验证据

独立董事制度对于完善中国上市公司治理结构具有重要作用，而国内外研究却较少关注影响独立董事履职的背景因素。因此从代理问题与履职能力的角度出发，选取2006年中小板块上市公司为样本，实证检验独立董事背景对企业价值的影响。研究发现：独立董事的受教育程度、工作地和居住地的一致性与企业价值具有显著的正相关关系；而独立董事的年龄、性别、职称、会计专业背景、多重身份及任期对企业价值没有显著影响。

Impact of Independent Director's Background on the Firm's Value:Based on the Medium and Small-sized Enterprises Board in China

The independent director institution plays an important role on improving the governance structure of the Chinese listed companies. But few studies have focused on the background factors that determine the abilities of the independent directors to implement their duties. This paper investigates the impact of the independent directors＇ background on the firm value from the perspective of the agency problem and ability to implement duties using the sample of listed companies of the MSE board in 2006. Our finding shows that education background and consistency between workplace and place of residence are significantly correlated with firm value. But there is no evidence to prove that the independent directors age, gender, post, accounting background, multiple entities and tenure have significant impact on firm value.