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论文编号：	8364
作者编号：	1120120793
上传时间：	2016/6/8 11:06:01
中文题目：	独立董事与CEO私人关系的价值效应研究
英文题目：	Research on Value Effect of Personal Relations between Independent Directors and CEO
指导老师：	马连福
中文关键字：	独立董事；CEO；私人关系；公司治理；公司价值
英文关键字：	independent director; CEO; personal relations; corporate governance; corporate value
中文摘要：	独立董事私人关系是目前国际上公司治理研究的前沿问题，在中国“关系型社会”和“转型经济”的制度背景下，独立董事私人关系的研究更具价值和现实意义。本篇博士论文研究了独立董事与CEO私人关系对公司价值的影响，然后基于独立董事咨询功能、资源功能和监督功能研究了独立董事与CEO私人关系影响公司价值的内在机理和具体路径。 本论文通过手工收集2005—2013年我国A股上市公司独立董事与CEO的毕业院校、曾工作单位、籍贯省份、协会成员的信息，判断独立董事与CEO是否存在私人关系，并计算独立董事与CEO私人关系广度和私人关系强度。统计分析发现，中国上市公司中，28.54%的公司独立董事与CEO存在私人关系，说明独立董事与CEO存在私人关系在中国上市公司中是一种较为普遍的现象。 关于独立董事与CEO私人关系对公司价值的影响，本论文研究发现，独立董事与CEO私人关系程度越大，公司绩效越好，在解决了可能的内生性之后，结论依然成立。说明，在中国上市公司中，独立董事与CEO私人关系具有价值效应。进一步地，本论文研究了独立董事与CEO私人关系的价值效应是否受到微观代理问题和宏观正式制度的影响。发现代理问题越严重的公司，独立董事与CEO私人关系对公司价值的促进效应越大。公司所在地正式制度越不完善，独立董事与CEO私人关系对公司价值的促进效应越大。 本论文基于公司投资效率视角，研究了独立董事与CEO私人关系对独立董事咨询功能的影响，并进一步探索独立董事与CEO私人关系影响独立董事咨询功能的价值效应。本论文研究发现，独立董事与CEO私人关系程度越大，企业投资效率越高。基于公司资本配置效率的视角证明，在中国上市公司中，独立董事与CEO私人关系显著提升了独立董事对公司投资决策的咨询功能。并且独立董事与CEO私人关系引起的独立董事咨询功能的提升对公司价值具有正向促进作用。基于产权背景的分组研究表明，国有企业的独立董事与CEO私人关系对企业投资效率的正向影响更大。基于制度环境的分组研究表明，公司所在地正式制度越不完善，独立董事与CEO私人关系对企业投资效率的正向影响越大。独立董事咨询功能是独立董事与CEO私人关系影响公司价值的一条路径，本论文的研究结论验证了独立董事咨询功能这条路径的存在。 本论文基于公司融资约束视角，研究了独立董事与CEO私人关系对独立董事资源功能的影响，并进一步探索独立董事与CEO私人关系影响独立董事资源功能的价值效应。本论文研究表明，无论是否控制独立董事资本基于资源提供视角对公司融资约束的影响，独立董事与CEO私人关系基于资源嵌入视角均能缓解公司融资约束。并且，独立董事与CEO私人关系能够正向调节独立董事资本对公司融资约束的缓解作用。证明独立董事与CEO私人关系起到了显著的资源嵌入作用，能够帮助独立董事将基于人力资本和社会资本提供的资源成功嵌入到企业内部，缓解企业融资约束。进一步研究表明，独立董事与CEO私人关系引起的独立董事资源功能的提升对公司价值具有正向促进作用。基于产权背景的分组研究表明，非国有企业中，独立董事资本缓解公司融资约束的作用更大，独立董事与CEO私人关系缓解公司融资约束的作用更大，独立董事与CEO私人关系的调节作用更大。基于金融发展程度的分组研究表明，地区金融发展程度越低，独立董事资本缓解公司融资约束的作用越大，独立董事与CEO私人关系缓解公司融资约束的作用越大，独立董事与CEO私人关系的调节作用越大。独立董事资源功能是独立董事与CEO私人关系影响公司价值的一条路径，本论文的研究结论验证了独立董事资源功能这条路径的存在。 本论文基于CEO变更绩效敏感性、CEO薪酬绩效敏感性、独立董事投票三个视角，检验独立董事与CEO私人关系对独立董事监督功能的影响。基于CEO变更绩效敏感性和独立董事投票视角的研究表明，独立董事与CEO私人关系并未妨碍独立董事的监督功能。但是，基于CEO薪酬绩效敏感性视角的研究表明，独立董事与CEO私人关系会降低独立董事的监督功能。CEO变更绩效敏感性和CEO薪酬绩效敏感性反映独立董事对第一类代理问题的监督，独立董事投票反映独立董事对第二类代理问题的监督。对中国上市公司而言，第二类代理问题是最主要的问题，本研究基于独立董事投票视角，证明了独立董事与CEO私人关系没有妨碍独立董事的监督功能。因此，有理由认为在中国制度背景下，独立董事与CEO私人关系对独立董事的监督功能不存在影响，即使存在影响，影响作用也十分有限。 本论文的研究证明，在中国上市公司中，独立董事与CEO私人关系具有价值效应。独立董事与CEO私人关系能够提升独立董事的咨询功能和资源功能，而对独立董事的监督功能不存在显著影响。独立董事与CEO私人关系通过独立董事咨询功能、资源功能和监督功能这三条路径，最终对公司价值产生积极影响。本论文的研究提供了新兴加转轨中国市场独特的经验证据，有助于理解经济转型时期私人关系等非正式制度的作用，丰富和扩展了上市公司董事内部私人关系的相关研究，有助于进一步理解私人关系等软性因素的治理作用和价值效应。
英文摘要：	Personal relations of independent directors are the current international frontier research of corporate governance.Under the institutional background of “relational society” and “transition economy” in China, the research on personal relations of independent directors has more value and practical significance.This dissertation studies the impact of personal relations between the independent directors and CEO on the company value. And then this dissertation studies internal mechanism and specific path of the impact of personal relations between the independent directors and CEO on the company value based on the advisory role, resource function and supervisory role of independent directors. The paper judges personal relations between independent directors and CEO from alumni relations, work experience, fellow relations and association membership based on the manually collected data of listed companies from 2005 to 2013 in China. The auther calculates personal relationship breadth and personal relationship strength between independent directors and CEO. Personal relations between independent directors and CEO exist in 28.54% sample firms in China. Personal relations between independent directors and CEO are common phenomenons in China's listed companies. About the impact of personal relations between the independent directors and CEO on the company value, the paper finds that the performance is better in corporate with greater degree of personal relations between independent directors and CEO.The result is still valid after resolving the possible endogeneity. The empirical results prove that personal relations between the independent directors and CEO are valuable in China's listed companies. Further, the paper studys if value effect of personal relations is affected by micro agency problem and macro formal system. Further studies showed that the promotion of personal relations between independent directors and CEO for corporate performance is greater in corporate with more serious agency problem and in corporate located in the area with more imperfect formal system. The paper studys the impact of personal relations between independent directors and CEO on independent directors’ advisory role based on the perspective of corporate investment efficiency. Further, the paper studys the value effect of the impact of personal relations between independent directors and CEO on independent directors’ advisory role. The paper finds that corporate investment efficiency is higher in corporate with greater degree of personal relations between independent directors and CEO. The result shows that personal relations between independent directors and CEO can promote independent directors’ advisory role on corporate investment. And the promotion of independent directors’ advisory role has a positive role on compony value. The study shows that the promotion of personal relations between independent directors and CEO for corporate investment efficiency is greater in state-owned compony and compony located in the area with more imperfect formal system. The independent directors’ advisory role is a path for the impact of personal relations between independent directors and CEO on company value. Results of the study have proved the existence of the path. The paper studys the impact of personal relations between independent directors and CEO on independent directors’ resource function based on the perspective of company financing constraints. Further, the paper studys the value effect of the impact of personal relations between independent directors and CEO on independent directors’ resource function. The paper finds that personal relations between independent directors and CEO can ease the company financing constraints based on the perspective of resource embedding whether we control the impact of independent directors’ capital on company financing constraints. And the personal relations between independent directors and CEO can adjust the independent directors’ capital for easing the company financing constraints positively. The result shows that the personal relations between independent directors and CEO can help the independent directors embed resource into company and ease the company financing constraints. Futher study shows that the promotion of independent directors’ resource function has a positive role on compony value. The study shows that the easing of independent directors’ capital, personal relations between independent directors and CEO and adjustion for company financing constraints is greater in non state-owned compony and compony located in the area with low degree of financial development. The independent directors’ resource function is a path for the impact of personal relations between independent directors and CEO on company value. Results of the study have proved the existence of the path. The paper studys the impact of personal relations between independent directors and CEO on independent directors’ supervisory role based on the perspective of CEO change performance sensitivity, CEO pay performance sensitivity and the vote of independent directors. The study based on CEO change performance sensitivity and the vote of independent directors shows that personal relations between independent directors and CEO have not prevented independent directors from supervising. But the study based on CEO pay performance sensitivity shows that personal relations between independent directors and CEO have prevented independent directors from supervising. CEO change performance sensitivity and CEO pay performance sensitivity reflect the supervision of independent director for the first kind of agency problem. And the vote of independent directors reflects the supervision of independent director for the second kind of agency problem. The second kind of agency problem is the main problem in China's listed companies. The study based on the vote of independent directors shows that personal relations between independent directors and CEO have not prevented independent directors from supervising. So we have reasons to think that personal relations between independent directors and CEO have not prevented independent directors from supervising, and even if there is influence, the influence is also very limited. The research proves that personal relations between the independent directors and CEO are valuable in China's listed companies. Personal relations between the independent directors and CEO can improve the advisory role and resource function of independent directors. But, personal relations between the independent directors and CEO can not affect the supervisory role of independent directors. Personal relations between the independent directors and CEO create value effect through advisory role, resource function and supervisory role of independent directors. This paper offers unique experience evidence based on emerging and transitional Chinese market. It is helpful to understand the role of informal institution in the period of economic transition. It enriches and expands the research about personal relations of corporate internal executives, and contributes to further understanding about the effect of personal relations on corporate governance and corporate value.
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