“近水楼台”还是“舍近求远”：独立董事地理距离对掏空程度的影响

当代财经 ›› 2020, Vol. 0 ›› Issue (6): 138-148.

• 现代会计 • 上一篇

“近水楼台”还是“舍近求远”：独立董事地理距离对掏空程度的影响

范黎波, 尚铎

对外经济贸易大学国际商学院,北京 100029

收稿日期:2020-02-02 修回日期:2020-04-18 出版日期:2020-06-15 发布日期:2020-12-10
通讯作者: 尚铎,对外经济贸易大学博士研究生,主要从事公司治理研究,联系方式shnagduo0301@126.com。
作者简介:范黎波,对外经济贸易大学教授,博士,主要从事公司治理研究。
基金资助:
国家社会科学基金项目“中国制造业企业跨国并购后整合路径与战略互补机制研究”（16BGL022）; 北京市社会科学基金重大项目“北京自贸区探讨”（19BJZK-03）; 对外经济贸易大学研究生科研创新基金“政府放权、国有企业混合所有制改革与企业经济绩效”（201905）

“Taking Advantage of an Inside Track”or“Seeking Far and Neglecting the Near”: The Influence of Independent Directors' Geographical Distance on the Degree of Hollowing-Out

FAN Li-bo, SHANG Duo

University of International Business and Economics, Beijing 100029, China

Received:2020-02-02 Revised:2020-04-18 Online:2020-06-15 Published:2020-12-10

摘要/Abstract

摘要： 以2009—2017年沪深A股上市公司为样本,通过手工收集独立董事居住地的信息,实证检验了独立董事地理距离与掏空程度之间的关系。研究表明：独立董事地理距离与掏空程度呈“U型”关系,且该“U型”关系在民营企业中更为显著;媒体关注度和市场化水平均可以弱化二者之间的“U型”关系。进一步研究表明：近距离独立董事的合谋行为和远距离独立董事的信息劣势在该“U型”关系中起到了部分中介作用;高铁开通可以缓解远距离独立董事的信息劣势。

关键词: 独立董事, 地理距离, 掏空程度, 非线性关系

Abstract: Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2009 to 2017 as samples, this paper manually collects the information of the residence of independent directors and empirically tests the relationship between the geographic distance of independent directors and the degree of hollowing out. The findings show that the geographic distance of the independent directors and the degree of hollowing out have a “U-shaped” relationship, and this “U-shaped” relationship is more prominent in private enterprises. The media attention and the marketization can weaken the“U-shaped”relationship between the two. The results of further study show that the collusion behavior of short-distance independent directors and the information disadvantage of long-distance independent directors play a part of the intermediary role in this “U-shaped” relationship. The opening of high-speed train can alleviate the information disadvantage of the long-distance independent directors.

Key words: independent director, geographical distance, degree of hollowing-out, nonlinear relationship

中图分类号:

F272.3

范黎波, 尚铎. “近水楼台”还是“舍近求远”：独立董事地理距离对掏空程度的影响[J]. 当代财经, 2020, 0(6): 138-148.

FAN Li-bo, SHANG Duo. “Taking Advantage of an Inside Track”or“Seeking Far and Neglecting the Near”: The Influence of Independent Directors' Geographical Distance on the Degree of Hollowing-Out[J]. Contemporary Finance & Economics, 2020, 0(6): 138-148.

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“近水楼台”还是“舍近求远”：独立董事地理距离对掏空程度的影响

“Taking Advantage of an Inside Track”or“Seeking Far and Neglecting the Near”: The Influence of Independent Directors' Geographical Distance on the Degree of Hollowing-Out

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