摘要
以2007-2014年中国沪深两市A股上市公司为样本,文章从本地任职视角,实证检验了独立董事在获取政府补助中的作用。研究发现独立董事本地任职显著地提高了上市公司获得政府补助的概率和数量。基于产权性质角度的进一步经验证据揭示,国有控股显著地抑制了独立董事本地任职对企业获取政府补助的促进作用。文章的研究表明,独立董事丰富的社会资本如被恰当运用,可以帮助企业获稀缺的补助资源,但这一过程会受限于产权性质,在国有控股企业中难见成效。
Independent directors' supervision role has been widely examined by extant literature,but their advisory role is often ignored by academia. Using A-share companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange from 2007 to 2014 as analytical sample,this paper empirically tests the effect of independent directors on corporates' competence in acquiring government subsidy from the perspective of independent directors' local tenure. It is markedly documented that firms with more local independent directors are more likely to get government subsidy and get more government subsidy. Further study based on property rights denotes that the positive association between local independent directors and government subsidy is significantly ineffective in stateowned enterprises. The results indicate that,if properly utilized,the abundant social capital of independent directors can help enterprises gain scarce subsidy resources,yet the process of which is constrained by the firms' property rights,and it is out of operation in state-owned enterprises.
出处
《商业经济与管理》
CSSCI
北大核心
2016年第9期30-40,共11页
Journal of Business Economics
基金
安徽省哲学社会科学规划青年项目"独立董事本地任职对企业财务行为的影响研究"(AHSKQ2015D52)
国家自然科学基金青年项目"女性高管
会计行为与投资决策"(71302113)
安徽省高校优秀青年人才基金重点项目"中国情境下女性董事对公司财务行为及绩效的影响研究"(2013SQRW005ZD)
关键词
独立董事
本地任职
社会资本
产权性质
政府补助
independent director
local tenure
social capital
property rights
government subsidy
