本文選題：獨立董事 + 連任��； 參考：《金融研究》2016年12期

【摘要】：在公司治理實踐中,對董事會議案出具否定性意見是獨立董事履行監(jiān)督職能最具代表性的行為,而換屆未連任是我國制度背景和文化特質(zhì)下更為真實的獨董離職方式。利用我國上市公司獨立董事對議案發(fā)表意見的獨特數(shù)據(jù),本文從否定意見的具體類型、董事會議案事項、是否集體行動等三個方面實證考察了對董事會議案說"不"與獨董未來是否在第一任期結(jié)束后實現(xiàn)連任之間的關(guān)系。研究發(fā)現(xiàn),在我國公司治理實踐中,出具否定意見的方式(委婉或直接、集體或單獨)有時比否定意見本身更加重要;即使同樣是否定性意見,但如果針對的董事會議案事項不同,獨董未來連任的可能性也不同。一般而言,明確出具反對意見的,針對內(nèi)部人的反對事項以及集體說不的獨董未來連任的可能性更低,因而獨董所預(yù)期的公司治理角色由于上述"逆淘汰"機制和"任人唯親"的董事會文化的存在而大打折扣。本文的研究提示,應(yīng)該為獨董出具否定性意見的相關(guān)法律風(fēng)險提供更加明確的指引,避免政策模糊地帶,將有利于獨董更好地履行監(jiān)督職能。
[Abstract]:In the practice of corporate governance, it is the most representative behavior for independent directors to issue negative opinions to the board of directors to perform their supervisory functions, while the non-reelection is a more real way for independent directors to leave their posts under the background of the system and the cultural characteristics of our country.Based on the unique data of independent directors' opinions on the motion of listed companies in China, this paper discusses the specific types of negative opinions, the issues of board motions,The relationship between saying "no" to the board motion and whether Dong Dong will be re-elected after the end of the first term is examined empirically in three aspects, whether collective action or not.The study found that in the practice of corporate governance in China, the way of issuing negative opinions (euphemism or direct, collective or individual) is sometimes more important than negative opinions themselves;But if the board of directors bill is different, sole Dong in the future re-election possibility is also different.In general, those who explicitly issue objections are less likely to be re-elected in the future against the objections of insiders and the collective saying that Dong is the only one who will be re-elected in the future.As a result, the role of corporate governance expected by Dou Dong is greatly reduced by the existence of the "anti-elimination" mechanism and the "cronyism" of the board culture.The research in this paper suggests that we should provide more clear guidance for Dou Dong to issue negative opinions on the relevant legal risks and avoid the ambiguity of policies which will help him to perform his supervisory function better.
【作者單位】： 中國人民大學(xué)財政金融學(xué)院/中國財政金融政策研究中心;河北金融學(xué)院;
【基金】：國家自然基金面上項目“獨立董事激勵機制的影響因素和激勵效果-來自我國上市公司的證據(jù)”(項目批準(zhǔn)號:71272159)和面上項目“任人唯親的董事會文化與獨立董事更迭的‘逆淘汰’”(項目批準(zhǔn)號:71472177) 教育部“新世紀(jì)優(yōu)秀人才支持計劃”對本項研究的資助
【分類號】：F271

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