摘要
董事会人云亦云现象普遍,合议制是否有效备受质疑。利用中国证券市场特有的独立董事意见公告数据,研究独立董事公开质疑行为,可从相反的视角为现状提供经验证据。通过对非金融上市公司独立董事质疑的描述统计和对比分析,研究发现独立董事质疑至今极为罕见;绝大多数质疑采用温和委婉方式;质疑事项集中于人事任免、投资收购或关联交易。有关独立董事个体特征分析表明,声誉越高、年龄越轻的独立董事就越有可能对管理层动议提出质疑;就组织特征而言,董事会会议频率越高、股权集中度越低、董事长总经理两职分设,以及规模相对较小的公司,独立董事更有可能表达不同看法。文章认为,构筑富有建设性冲突氛围的董事会宜针对性地作出制度安排。
Blind agreement is prevalent among boards of directors so that the effectiveness of group discussion is being challenged. Making use of public data on independent directors opinions unique to Chinese securities market, this study on open questioning by independent directors helps provide empirical evidence on the above mentioned status quo from the opposite angle of view. The descriptive statistics and comparison study on non-financial listed companies show that public questioning by independent directors is still scant by far; most of the different opinions are expressed in an indirect way which mainly concern issues regarding personnel change, investment, merger and acquisition, or related party transactions. In terms of individual characteristics, directors with higher reputation or younger directors are more prone to questioning. As for organization characteristics, when the board of directors meets more frequently, the equity structure is less centralized, the roles of CEO and chair of the board are separate, or the company is smaller, the independent directors seem to be more likely to express different ideas. The paper argues that the board of directors, which has a constructive conflict atmosphere, should make the system arrangement in a targeted way.
出处
《企业经济》
CSSCI
北大核心
2018年第4期95-102,共8页
Enterprise Economy
基金
国家社会科学基金项目"后危机时代董事会治理失效研究"(项目编号:12BGL047)
关键词
董事会
独立董事
质疑
个体特征
组织特征
board of directors
independent directors
question
individual characteristics
organization characteristics
