企业投资效率、财务报告质量与独立董事继任

本文以第一届任期已满并面临换届的独立董事为样本，对其任期中公司在投资效率与财务报告质量等方面表现是否影响他们的继任作出实证分析。研究发现，独立董事任期内企业投资效率与其留任的概率显著正相关。在非国有企业中，企业支付高薪且财务报告质量越差，独立董事留任的概率越大。进一步研究表明，继任独立董事在其两个任期内的财务报告质量没有显著差异，但在独立董事薪酬较高的企业中，同一独立董事在其第二个任期内的投资效率相对于第一个任期有所提高。本文结论对于上市公司独立董事作用评价及其留任选择具有一定的理论和现实意义。

Investment Efficiency,Financial Reporting Quality and Independent Director Succession

Using a sample of independent directors who are at the end of their first term and face re-election, this paper studies how the investment efficiency and financial reporting quality of the firm during their first term affect their succession. Empirical evidence shows that the succession of independent directors is positively related to firms’ investment efficiency. On the other hand, financial reporting quality is negatively correlated in non-state-owned enterprises which offer independent di-rectors high allowance. The paper also finds that there is no difference with firms’ financial reporting quality in two terms, but firms perform better in their investment during the second term of independent directors. The findings of this paper have both theoretical and practical implications for the study of how firms evaluate independent directors’ performance and how firms make choices regarding the retention of independent directors.