董事投票行为研究：影响因素与经济后果

The directors and boards' decision is the core issue of corporate governance. Because of the data limitation, it's hard to observe the decision-making process within the board, which leads to the fact that the assumptions and implications of existing literatures are not consistent with directors' real decision-making process. Since December 2004, Chinese A -share listed companies have been required to disclose their board voting information. The project takes advantage of this natural experiment opportunity to investigate the influencing factors and economic consequences of directors' voting behavior: (1)the influence of directors' background, compensation and board hierarchy on directors' dissent; (2)the stock market reaction to the directors' dissent on different kinds of events and directors' dissent with different backgrounds; (3)the influence of the directors' dissent on their future career and firm value; (4)can the information disclosure requirement for director voting improve firm value and protect the interests of investors. Regarding to research methods, the project intends to use methods such as exogenous events, two-stage regression to relieve endogenous bias existed in prior literature. The project will help us understand the decision-making process within the board in depth, improve the theoretical framework of the board study, and enrich the theory of corporate governance. Besides, it also has an implication for improving the directors and board's decision-making efficiency and protecting interests of investors.

董事和董事会决策是公司治理的核心问题。由于数据的局限，现有研究很难观察到董事会的内部决策，这导致研究的假设和推断可能并不符合董事的真实决策行为。本项目利用中国A股上市公司从2004年12月开始公开披露董事投票信息的自然实验机会，从理论和实证上分析董事投票的影响因素和经济后果，具体包括：(1)董事来源背景和薪酬以及董事会权力层级对董事投非赞成票的影响；(2)股票市场对于不同类型事项被投非赞成票以及不同来源背景董事投非赞成票的市场反应；(3)董事投非赞成票对于董事未来职业生涯和公司价值的影响；(4)强制披露董事投票信息能否提升公司价值，保护投资者利益。研究方法上，本项目拟采用外生事件、两阶段回归等方法缓解公司治理研究中存在的内生性偏差。本项目的研究有助于深入了解董事会的内部决策过程，完善董事会研究的理论分析框架和丰富公司治理理论，同时对于提高董事会的决策效率以及保护投资者利益也具有重要的启示。

项目采用中国上市公司特有的公开披露的董事会投票的数据，从理论和实证上分析董事投票的影响因素和经济后果。研究结果表明，董事类型、董事权力排名等因素均会对董事投非赞票产生影响，而董事投非赞票是积极履行监督职能的表现，能够影响董事会决策，有利于提高公司价值。同时，在董事会核心研究的基础上，项目组还进行了拓展性研究，包括商业银行公司治理与信贷资源配置、企业公司治理与财务政策。在公司与商业银行建立信贷联系时，商业银行的贷款行为还会受到产业政策、董事关联等方面的影响。并且，商业银行自身的公司治理特征，如产权性质等，也会影响商业银行的贷款投放、损失准备计提和影子银行等业务。总体上，项目组在国际和国内论文发表、国际学术交流、数据库整理与案例写作、人才培养等方面取得了较好的成果。项目研究成果对当前的混合所有制改革和国有企业董事会制度改革提供了有益的政策启示，也有助于监管机构加强商业银行公司治理监管，有效防范和化解金融风险。