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董事市场供给会影响董事会独立性吗——基于中国上市公司的实证分析
引用本文:曹廷求,王营,张蕾.董事市场供给会影响董事会独立性吗——基于中国上市公司的实证分析[J].中国工业经济,2012(5):83-95.
作者姓名:曹廷求  王营  张蕾
作者单位:山东大学经济学院
基金项目:国家社会科学基金重大招标项目“完善国有控股金融机构公司治理研究”(批准号10ZD&035);教育部规划基金项目“基于公司治理的商业银行货币政策传导机制研究”(批准号12YJA790005);教育部新世纪优秀人才支持计划“公司治理‘三阶段演进’:理论分析与中国的实证”(批准号NCET-10-0517)
摘    要:独立董事选择过程的不可观测性使得独立董事的选择机制一直被忽视,独立董事的来源在很大程度上决定了其作用的有效性。以揭开独立董事选择机制的"黑箱"为目的,通过构造董事市场供给指数的方式,我们发现,市场供给对董事会独立性产生重要影响。本地市场供给对非国有和竞争行业的公司董事会独立性的影响显著大于国有和垄断行业的公司,中心市场的辐射效应却与此相反,即辐射效应对国有、垄断和大规模的公司董事会独立性影响更大;在剔除强制性需求之后,市场供给对董事会独立性自主性需求的影响与总需求的影响基本一致。本文首次揭开了独立董事的选聘"黑箱",并为解决董事会内生性提供了新方法。

关 键 词:独立董事  市场供给  辐射效应  自主性需求

Does the Board Market Supply Affect Independence of the Board——Evidence from Chinese Listed Companies
CAO Ting-qiu,WANG Ying,ZHANG Lei.Does the Board Market Supply Affect Independence of the Board——Evidence from Chinese Listed Companies[J].China Industrial Economy,2012(5):83-95.
Authors:CAO Ting-qiu  WANG Ying  ZHANG Lei
Institution:(School of Economics,Shandong University,Jinan 250100,China)
Abstract:Due to the unobservable elements,the selection process of independent directors has always been neglected.To a great degree,the source of independent directors plays a pivotal role in their functions.With the view of opening the "black box" of the selection process,by way of creating the director market supplyindex,we find that the market supply has important effects on independence of the board.Compared with state-owned and monopoly companies,the local director markets exert greater influence on non-state-owned and competitive companies;On the contrary,the effects of the center director markets on the state-owned,monopoly and larger companies are greater.After excluding the mandatory demand,the market supply has similar effects on the need for autogenic.The paper is the first to open the "black box" of the selection process of independent directors,providing new methods to solve the board endogeneity.
Keywords:independent director  market supply  radiation effect  need for autogenic
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