發(fā)布時間：2018-01-17 16:14

  本文關(guān)鍵詞：“追名”還是“逐利”:獨立董事履職動機之探究　出處：《管理科學(xué)》2017年04期 　論文類型：期刊論文

  更多相關(guān)文章： 獨立董事 零薪酬 履職動機 “追名” “逐利”

【摘要】：經(jīng)營權(quán)與控制權(quán)分離引發(fā)的代理問題是催生獨立董事這一群體的制度根源。引入獨立董事制度,維護公司整體利益,尤其是關(guān)注中小股東的合法權(quán)益不受損害,是監(jiān)管機構(gòu)改善公司治理結(jié)構(gòu)的重要舉措。獨立董事在本質(zhì)上也是剩余索取者的代理人,與股東之間同樣存在代理問題。如何構(gòu)建獨立董事激勵機制,使其與中小股東建立有效受托責(zé)任關(guān)系,是監(jiān)管部門和實務(wù)界面臨的一大難題。以2002年至2015年滬、深兩市A股主板上市公司為樣本,使用手工配對法、Logit回歸和OLS回歸,采用進一步分析和一系列穩(wěn)健性檢驗,從個人特征、公司特征和制度環(huán)境3個層面考察零薪酬獨立董事的影響因素,并從"追名"和"逐利"兩個角度對獨立董事履職動機進行探討。研究結(jié)果表明,從個人特征看,零薪酬更可能出現(xiàn)在獨立性較強的董事中;從公司特征看,零薪酬更可能出現(xiàn)在違規(guī)風(fēng)險較低的公司;從制度環(huán)境看,零薪酬更可能出現(xiàn)在市場化程度較高的地區(qū)。零薪酬獨立董事在出席董事會時也更加勤勉,以上結(jié)論與"追名"動機邏輯一致。進一步研究發(fā)現(xiàn),會計背景的零薪酬獨立董事能進一步甄別出財務(wù)風(fēng)險更高的公司;由于存在自選擇,零薪酬獨立董事任職公司的治理水平更高,其并未出具更多的否定意見。研究結(jié)果說明經(jīng)濟和聲譽兩種激勵方式在不同獨立董事個體間發(fā)揮的作用差異較大。一方面,為獨立董事零薪酬現(xiàn)象提供了合理解釋,說明上市公司應(yīng)當(dāng)根據(jù)自身所處的制度環(huán)境、風(fēng)險水平以及每位獨立董事的具體特征等設(shè)定差異化的薪酬水平;另一方面,也對監(jiān)管部門完善獨立董事激勵機制、培育獨立董事人才市場具有現(xiàn)實的指導(dǎo)意義。
[Abstract]:The agency problem caused by the separation of management right and control right is the institutional root of the group of independent directors. The introduction of independent director system to protect the overall interests of the company, especially concern about the legitimate rights and interests of small and medium-sized shareholders will not be damaged. Independent directors are essentially agents of residual claimants, and there are also agency problems between shareholders and independent directors. How to construct the incentive mechanism of independent directors. To establish an effective fiduciary responsibility relationship with small and medium shareholders is a big problem faced by regulators and practitioners. From 2002 to 2015, Shanghai and Shenzhen A-share main Board listed companies as a sample. Manual paired logit regression and OLS regression were used for further analysis and a series of robust tests from individual characteristics. This paper examines the influencing factors of independent directors with zero pay from three aspects of corporate characteristics and institutional environment, and discusses the motivation of independent directors from the perspectives of "chasing fame" and "chasing profits". The research results show that the independent directors are motivated to carry out their duties. From the point of view of individual characteristics, zero pay is more likely to appear in the directors with strong independence; From the company characteristics, zero pay is more likely to appear in the company with low risk of violation; From the perspective of institutional environment, zero pay is more likely to appear in areas with a higher degree of marketization, and independent directors with zero pay are also more diligent in attending the board of directors. The above conclusions are consistent with the motivation logic of "chasing fame". Further study shows that independent directors with zero pay background can further identify the companies with higher financial risk; Because of the existence of self-selection, the governance level of the independent directors with zero remuneration is higher. It does not issue more negative opinion. The research results show that the economic and reputation incentives play different roles among different independent directors. On the one hand. It provides a reasonable explanation for the phenomenon of zero compensation of independent directors, and explains that listed companies should set different compensation levels according to their own institutional environment, risk level and the specific characteristics of each independent director. On the other hand, it has practical guiding significance for the supervision department to perfect the incentive mechanism of independent director and to cultivate the market of independent director talents.
【作者單位】： 中南財經(jīng)政法大學(xué)會計學(xué)院;中國人民銀行常州市中心支行;
【基金】：國家自然科學(xué)基金(71602191)~~
【分類號】：F271;F275;F832.51
【正文快照】： 引言 獨立董事制度的出現(xiàn),源于早期公司治理措施的失敗,特別是董事會職能的失效。建立獨立董事制度的初衷是在股權(quán)高度分散的情況下可以讓獨立董事代表全體股東對上市公司的經(jīng)理人進行監(jiān)督,以減少因為經(jīng)理人的機會主義行為導(dǎo)致的代理問題[1]。本質(zhì)上講,獨立董事也是剩余索取

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