摘要
以2006年～2007年间我国A股上市公司为研究对象,实证检验了我国上市公司中独立董事的政治关联是否具有业绩后果。研究发现,独立董事政治关联程度与企业以托宾Q值度量的业绩存在显著的正相关关系,该正相关关系在第一大股东为国有股的上市公司中表现尤为明显。该结果表明,我国上市公司独立董事的政治关联是一种有利于增加企业价值和提升企业业绩的至关重要的政治资源,对于第一大股东为国有股的上市公司,该政治资源的业绩后果更明显。
This paper examines whether independent directors’ political connections affect firm’s performance using a sample of 1548 firms be-tween 2006 and 2007.A positive relation is found between the ratio of politically connected independent directors and firms’ performance-Tobins’ Q.This positive relation is more significant for firms whose first large shareholders are state-owned.This result suggests that independent directors ’ political connection is an important resource that can improve the firms’ performance.For the firms whose first large shareholders are state-owned,the performance consequence of political resource is significant.
出处
《当代经济管理》
2010年第11期20-25,共6页
Contemporary Economic Management
关键词
独立董事
政治关联
公司绩效
independent directors
political connection
firms’ performance
