南开管理评论
南開管理評論
남개관리평론
Nankai Business Review
2012年
2期
70~80
,共null页
信息成本 环境不确定性 独立董事溢价 调节效应
信息成本 環境不確定性 獨立董事溢價 調節效應
신식성본 배경불학정성 독립동사일개 조절효응
Information Cost; Environmental Uncertainty; The Premium of Independent Directors; Moderating Effect
本文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雏度出发,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,使用2004—2009年沪深上市公司为样本进行了实证检验。研究发现,独立董事获取信息的成本会对独立董事溢价产生显著影响,独立董事溢价随着获取信息成本的提高而降低。而且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更为明显。
本文從獨立董事穫取信息成本的新角度,探索瞭信息成本對我國獨立董事溢價的重要影響,併率先從環境複雜性和動態性兩箇雛度齣髮,研究瞭環境不確定性對信息成本與獨立董事溢價關繫的明顯調節效應,使用2004—2009年滬深上市公司為樣本進行瞭實證檢驗。研究髮現,獨立董事穫取信息的成本會對獨立董事溢價產生顯著影響,獨立董事溢價隨著穫取信息成本的提高而降低。而且在環境不確定性高的情況下,信息成本對獨立董事溢價的影響更為明顯。
본문종독립동사획취신식성본적신각도,탐색료신식성본대아국독립동사일개적중요영향,병솔선종배경복잡성화동태성량개추도출발,연구료배경불학정성대신식성본여독립동사일개관계적명현조절효응,사용2004—2009년호심상시공사위양본진행료실증검험。연구발현,독립동사획취신식적성본회대독립동사일개산생현저영향,독립동사일개수착획취신식성본적제고이강저。이차재배경불학정성고적정황하,신식성본대독립동사일개적영향경위명현。
Research on the premium of independent directors will dramatically promote the revolution of an effective independent director institution. Based on former study, we developed a new perspec- tive of the information cost induced by independent directors during their activities of overcoming the information asymmetry to study how information cost affects the premium of independent directors. In this article we also creatively analyze the effect of environmental uncertainty to the relationship of the information cost and the premi- um of independent directors, and we find the significant moderating effect of environmental uncertainty to the relationship of information cost and the premium of independent directors from two dimensions two dimensions, i.e. complicated aspect and dynamic one. We em- pirically analyze our hypothesizes using a sample of Chinese listed companies between 2004 and 2009 and finally find that the premium of independent directors depends on the cost of acquiring informa- tion and they have a significant negative correlation: when the cost of acquiring information is high, the premium of independent directors will get lower, and when the cost of acquiring information is low, the premium of independent directors will get higher. In this paper we also find that when the level of environmental uncertainty is higher, the impact of information cost to the premium of independent direc- tors is more obvious. This paper has not only important theoretical and academic implications, but also is significantly meaningful for practitioners and policymakers to improve the independent director system. On the one hand, it may be inappropriate for regulators to ad- vise all companies to regulate the same proportion of independent di- rectors in the board because we should consider the import difference in the cost of acquiring information and the environment uncertainty the company faced. On the other hand, improving the information disclosure system for the company to reduce the level of information asymmetric is the urgent affair today.