摘要
本文借助新三板市场的独特制度场景,采用倾向得分匹配—双重差分(PSM-DID)的方法,对筹备上市期间的挂牌公司董事会独立性特征、影响因素及经济后果等进行了研究。研究发现:与上市申请相关的预期监管审核压力是驱动公司董事会独立性变化的主要因素,在开始上市辅导的3~4年内,公司董事会独立性显著高于其他未筹备上市的公司,而在上市辅导前或开展上市辅导的3~4年以后,两组公司的董事会独立性没有显著差异。调节效应分析表明,财务特征更符合上市审核要求的公司,其监管压力对董事会独立性的促进作用得到强化。本文还从独立董事投票、首次公开募股(IPO)过会率以及独立董事的价值效应等角度展开进一步分析。本研究为认识和理解独立董事制度的属性提供了证据,在理论和实践层面上具有重要意义,为中国式公司管理现代化提供相应的参考。
Exploiting the unique setting in the National Equities Exchange and Quotations market,and a PSM-DID research design,this study investigates the determinants and consequences of board independence of pre-IPO companies.Our findings reveal the potential regulatory pressure from IPO application is the driving factor for changes in board independence:Within3 to 4 years after the start of IPO counseling,the board independence of these companies was significantly higher than that of those companies that are not applying for IPO,while before the IPO counseling and 3 to 4 years after the counseling,there was no significant difference in board independence between the two groups of companies.We further provide evidence that several firm characteristics that are better aligned with the requirements of IPO can strengthen the positive association between potential regulatory pressure and board independence.Additionally,we conduct analysis on the independent directors'voting,the relationship between board independence and IPO approval,.and the value effect of independent directors in pre-IPO companies.Our study provides important evidence for the operation of the independent director system in the pre-IPO stage of companies,which has theoretical and practical implications for the modernization of Chinese-style corporate govermance.
作者
袁红
胡大力
刘峰
YUAN Hong;HU Dali;LIU Feng(School of Economics and Management,Fuzhou University,350108;Business School,Northeast Normal University,130117;Center for Accounting Studies,Xiamen University,361005)
出处
《制度经济学研究》
2024年第2期71-107,共37页
Research on Institutional Economics
基金
国家自然科学基金重点项目“数智时代的企业投融资与风险管理(72232007)”
福州大学科研启动项目“董事会的演变与法”支持
作者简介
袁红,福州大学经济与管理学院副教授,地址:(350108)福建省福州市福州大学城乌龙江北大道2号,E-mail:yuanhongcn@foxmail.com;胡大力,东北师范大学经济与管理学院副教授,地址:(130117)吉林省长春市净月大街2555号东北师范大学,E-mail:hudl538@nenu.edu.cn;刘峰,厦门大学会计发展研究中心教授、博士生导师,地址:(361005)福建省厦门市思明区思明南路422号厦门大学,E-mail:fliu@xmu.edu.cn。
