首页 | 本学科首页   官方微博 | 高级检索  
     检索      

机构投资者影响下独立董事治理效率变化研究
引用本文:吴晓晖,姜彦福.机构投资者影响下独立董事治理效率变化研究[J].中国工业经济,2006(5):105-111.
作者姓名:吴晓晖  姜彦福
作者单位:清华大学经济管理学院,北京,100084
摘    要:本文采用面板数据模型(Panel Data)及混和截面数据模型(Pooling Data)考察了机构投资者对独立董事治理效率的实际影响.发现引入机构投资者后,独立董事治理效率发生显著的提升,而且在机构投资者长期持股的样本中,机构投资者持股比例与后一期独立董事比例显著正相关,从而证实了机构投资者在促进独立董事制度建设上的积极作用.本文研究结果的政策意义在于可以通过发展机构投资者,从而将建立独立董事制度的强制性要求变为市场效率的自觉要求,并且由此提高独立董事制度运行效率的新思路.

关 键 词:独立董事  机构投资者  绩效  公司治理
文章编号:1006-480X(2006)05-0105-07
收稿时间:2006-04-13
修稿时间:2006-04-13

Change of the Independent Director's Governing Efficiency under the Influence of Institutional Investor:Empirical Evidence from China's Listed Firms
WU Xiao-hui,JIANG Yan-fu.Change of the Independent Director''''s Governing Efficiency under the Influence of Institutional Investor:Empirical Evidence from China''''s Listed Firms[J].China Industrial Economy,2006(5):105-111.
Authors:WU Xiao-hui  JIANG Yan-fu
Institution:School of Economics and Management, Tsinghua University, Beijing 100084, China
Abstract:This paper studies the governing efficiency of independent director under the influence of institutional investor. Key findings include institutional investors has positive correlation with increase of the next term independent directors ,and the percentage of independent directors has positive correlation with performance in the samples that have institutional investors among their top 10 shareholders,this indicates that institutional investors have positive influence in motivating the establishment of independent directors system. From the point view of policymaking,this paper shows that developing more institutional investors can help turning independent director system from policy obligations to conscious behaviors of the market for better efficiency.
Keywords:independent director  institutional investor  performance  corporate governance
本文献已被 CNKI 维普 万方数据 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号