| 上市公司独立董事数量:大股东间的博弈均衡点 |
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| 引用本文： | 李宇立.上市公司独立董事数量:大股东间的博弈均衡点[J].中南财经政法大学学报,2010(1). |
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| 作者姓名： | 李宇立 |
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| 作者单位： | 中央财经大学,会计学院,北京,100081;新疆财经大学,会计学院,新疆,乌鲁木齐,830011 |
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| 摘 要： | 既定数量的独立董事是大股东之间以法规要求作为约束条件博弈的结果,加上独立董事提名平均分配机制的存在,导致了独立董事数量的超额或不足.以2005年和2008年沪深证券交易所的A股上市公司为总样本的经验研究发现:独立董事超额的公司均衡点临近股东持股比例差的均值显著小于独立董事不足的公司.在考虑了其他相关控制变量后,logistic回归结果表明,独立董事均衡点临近股东持股比例差显著影响独立董事数量.此外,控股股东性质和公司规模也对独立董事数量产生影响.
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| 关 键 词： | 独立董事 大股东 持股比例差 |
The Number of Independent Directors in Listed Companies:The Equilibrium Point of Gambling among Major Shareholders |
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| LI Yu-li.The Number of Independent Directors in Listed Companies:The Equilibrium Point of Gambling among Major Shareholders[J].Journal of Zhongnan University of Finance and Economics,2010(1). |
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| Authors: | LI Yu-li |
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| Institution: | LI Yu-li(School of Accounting,Central University of Finance , Economics,Beijing 100081,China,School of Accounting,Xinjiang University of Finance , Economics,Urumqi 830011,China) |
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| Abstract: | On the premise of regulatory requirement,the number of independent directors is the equilibrium point of gambling among major shareholders,and the mechanism of which independent director nomination distributed evenly,results in independent directors excessive(IDE) or insufficient(IDI).Empirical evidences from China's A share listed companies in the year of 2005 and 2008,show that the portion difference between the neighbor shareholders adjacent to the equilibrium point(NSPD) in IDE companies is significantl... |
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| Keywords: | Independent Directors Major Shareholders Portion Difference |
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