摘要
本文采用事件研究法对2002年至2004年间我国深沪两市上市公司独立董事离任事件的财富效应进行实证研究。结果表明:(1)从样本整体来说,独立董事离任在一定程度上会给公司股东带来显著的财富减少;(2)剔除任职时间超过5年的独立董事离任样本的影响后,公司股东的财富在离任公告后会显著地减少;(3)独立董事主动离任(辞职)会使股东财富显著地减少,而独立董事被动离任(被更换)则对股东财富没有显著影响;(4)原因不明的独立董事辞职,会令公司股东的财富显著大幅减少。
This paper investigates the wealth effects of the announcements of the leave of independent directors issued in Chinese stock market. The event study analysis shows that： （ 1 ） the announcements of leave of independent directors are associated with significantly negative abnormal return; （2） without the effect of the samples in which the leaved independent directors had stayed for more than 5 years, the abnormal return becomes more significantly negative after the announcements; （3） the announcements of resign of independent directors are associated with significantly negative abnormal return, while the of turnover of independent directors do not affect shareholders＇ wealth significantly; （4） the announcements of resign of independent directors without clear reasons are associated with significantly great negative abnormal return.
出处
《中山大学研究生学刊（社会科学版）》
2007年第2期61-75,共15页
Journal of the Graduates Sun YAT-SEN University(Social Sciences)
关键词
独立董事
离任
财富效应
事件研究法
independent directors
resign
turnover
wealth effect
event study
