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论文编号：	4112
作者编号：	2120102353
上传时间：	2012/5/26 22:20:12
中文题目：	信息成本、环境不确定性与独立董事溢价
英文题目：	Information Cost、Environmental Uncertainty and the Premium of Independent Directors
指导老师：	牛建波
中文关键字：	信息成本,环境不确定性,独立董事溢价,调节效应
英文关键字：	information cost,environmental uncertainty,the premium of independent directors,moderating effect.
中文摘要：	独立董事制度是考核董事会治理的重要指标之一，被视为解决股东与管理层之间代理问题的有效机制。独立董事一方面能防止管理层滥用职权侵害股东利益，防止大股东侵害中小股东的利益；另一方面，独立董事丰富的实践经验和专业技能能够为董事会和管理层的决策提供宝贵意见，提高其决策的质量和水平。独立董事积极发挥监督和建议的职能，所给企业带来的额外收益称之为“独立董事溢价”。本文从独立董事是否有能力独立和独立董事能否有效履职两个方面研究独立董事溢价，这两个方面具体表现为独立董事比例和独立董事声誉激励。通过回顾国内外的相关文献，发现当前学术界对独立董事溢价问题存在争议，并未形成统一的结论，因此需要进一步深入的研究。对独立董事溢价问题的深入研究有利于进一步优化独立董事制度的改革。本文将独立董事获取信息成本进行量化，从独立董事获取信息成本的新角度，探索了信息成本对我国独立董事溢价的重要影响，并率先从环境复杂性和动态性两个维度出发，研究了环境不确定性对信息成本与独立董事溢价关系的明显调节效应。本文选用2004-2009年沪深上市公司为样本进行了实证检验。实证结果显示无论是基于独立董事比例的独立董事溢价还是基于独立董事声誉的独立董事溢价，信息成本都对其有明显的调节作用。在独立董事获取信息成本较低时，其获取信息的意愿较强，增加独立董事掌握的信息量，有利于独立董事监督和建议职能的发挥，进而维护股东（特别是中小股东）和其他利益相关者的利益，为公司带来超额回报，即产生独立董事溢价。而在获取信息成本较高时，独立董事获取信息的意愿就会降低，由于掌握的信息有限，独立董事监督和建议的职能难以发挥作用，最终会影响公司的绩效，削弱独立董事溢价。在研究信息成本对独立董事溢价的影响的基础上，本文又考虑了企业面对的外部环境不确定性的影响，率先从环境复杂性和环境动态性两个角度出发，分析了环境不确定性对信息成本与独立董事溢价二者关系的调节效应。发现无论是从环境复杂性维度出发还是从环境动态性维度出发，在环境不确定性高的情况下，信息成本对独立董事溢价的影响要明显高于在环境不确定性低的情况下的影响。本文的研究结论对于独立董事制度的完善与改革具有明显的政策启示，有利于监管机构从新的视角重新思考独立董事制度设定的合理性及可能存在问题，从而为今后的立法及监管实践带来新的启迪。
英文摘要：	Independent director system is one of the most important indicators to examine the board, and it is the effective mechanism to solve the agent problem between shareholders and managers. On the one hand, independent directors can protect the shareholders’ interest, especially minor shareholders interest through supervising the managers. On the other hand, because of the rich experience and professional skills, independent directors can provide valuable suggestions for the board and managers. The independent directors can bring extra benefit for the firm, we call this the premium of independent directors. This paper explores the premium of independent directors from two aspects: the directors’ ability of independent and the will of the duty performance. So the research chooses the proportion of independent directors and reputation incentive of independent directors to study. Reviewing the related research literatures in abroad and China, we find there are disputes on the premium of independent directors in academia，So further study is necessary. Researching on the premium of independent directors will dramatically promote the revolution on building an effective independent director system. Based on the former study, the paper develops a transforming perspective of the information cost induced by independent directors during their activities of overcoming the information asymmetry to study the information cost affects the premium of independent directors. To measure the information cost, the paper uses the data of analysts as a proxy variable. The paper also creatively analyzes the effect of environmental uncertainty from two dimensions, i.e. complicated and dynamic environment on the relationship of the information cost and the premium of independent directors. The paper empirically analyzes the hypothesis using a sample of Chinese listed companies between 2004 and 2009. We find that the premium of independent directors depends on the cost of acquiring information and they have a significant negative correlation whether the premium of independent directors is based on the proportion of independent directors or is based on the reputation incentive of independent directors. When the cost of acquiring information is low, the independent directors’ willingness of getting information is strong, then they will master more information, which promote the exertion of independent directors’ function, thus the premium of independent directors will get higher. While when the cost of acquiring information is high, the independent directors’ willingness of get information is low, then they will master less information, which obstruct the exertion of independent directors’ function, thus weaken the premium of independent directors. The study creatively analyzes the effect of environmental uncertainty to the relationship of the information cost and the premium of independent directors on the basis of the research. The paper also finds that when the level of environmental uncertainty is higher, the effect of information cost to the premium of independent directors is more obvious. The conclusion is significantly meaningful for practitioners and policymakers to improve the independent director system.
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