世界经济 ›› 2016, Vol. 39 ›› Issue (9): 149-173.

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离职官员独董是否能为企业创造价值

邵新建1, 洪俊杰1, 陈可桢2, 廖静池3   

  1. 1. 对外经济贸易大学国际经济贸易学院 北京 100029;
    2. 普华永道会计师事务所;
    3. 深圳证券交易所综合研究所
  • 收稿日期:2016-07-01 出版日期:2016-09-10 发布日期:2016-10-24
  • 通讯作者: 邵新建(通讯作者),电子信箱:shaoxinjian2010@126.com E-mail:shaoxinjian2010@126.com
  • 作者简介:洪俊杰,电子信箱:hongjunjie@uibe.edu.cn;陈可桢,电子信箱:ckz01001@163.com;廖静池,电子信箱:jcliao@szse.cn
  • 基金资助:
    本研究得到国家自然科学基金项目(71102075/71472039/71403174)、对外经济贸易大学学科建设专项经费(XK2016102)、对外经济贸易大学优秀青年培育计划(2014YQ01)、中央高校基本科研业务费专项资金(CXTD5-01)的资助。

Can Independent Directors Who Are Former Government Officials Create Value for Firm

Shao Xinjian1, Hong Junjie1, Chen Kezhen2, Liao Jingchi3   

  • Received:2016-07-01 Online:2016-09-10 Published:2016-10-24

摘要: 本文利用中共中央18号文件限制官员在企业任职所提供的研究机会,探讨了官员型独立董事与企业价值之间的关系。研究发现:官员独董在其任职的大约50%的公司并没有创造正向价值。基于董事会资源提供假说的经验分析表明,其“价值”创造受特定因素的影响,包括公司所在城市的政府质量,该地政府对企业征收的税费越少,产权保护的力度越大,官员越廉洁,则官员独董的价值越小;行业受到的政府管制越多,则官员独董的价值越大;公司若处于独董的关系网络覆盖范围之内,则其获益更多;官员独董获得的薪酬激励越大,其为企业带来的资源越多;相对于民营企业,国有企业能为独董的政府公关活动提供更加有效的运作平台。

关键词: 政府官员, 独立董事, 政府质量

Abstract: Based on the implementation of No.18 document issued by CPC, this paper comprehensively investigates the relationship between independent directors who are former government officials (GOIDs) and firm values. According to our case study, for about 50% firms in our sample, the GOIDs did not create significant values. Furthermore, the theoretical analysis based on the board resource provision hypothesis and the empirical test has both confirmed that a series of factors can exert influence on GOIDs' value creation process. First, the quality of local government can affect GOIDs' value. If less tax burden is exerted by local governments, or property protection is stricter for firms, or government officials are less corrupt, then GOIDs can create less value for firms. Second, government intervention to the industry can amplify the add-value effect of GOIDs. Third, if a firm is covered by the social network of GOIDs, then it will benefit more. Fourth, the more salary bonus GOIDs can get from firms, the more value they will create via their public relations. Fifth, compared with private firms, the SOEs can supply the GOIDs with a more efficient platform to seek profits from government for firms.

Key words: government officials, independent directors, government quality

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