独立董事，高管腐败与外部环境

The project will study the roles of independent directors in constraining corporate executive corruption and their implementation mechanisms, also explore needs of the roles by capital market. Specifically, first, we establish a theoretical framework dealing with relationship between independent directors, executives corruption and institutional environment, and analyze the relationship between them. Secondly, we empirically study the role of independent directors with different characteristics and behaviors in constraining corruption, and the mechanisms independent directors using to fulfill the governance role. Again, we explore how the institutional environments affect the role of independent directors. Finally, we will study how companies with executive corruption reconstruct their boards, whether independent directors are named as objectives of enforcement or reputation damage. In particular, the research is not limited to directly investigate can independent directors constrain executives corruption, and more importantly, by analyzing the dynamic adjustment process of corporate governance after corruption, the research will explore capital market needs for the role of independent directors constraining executives corruption. The project will help to understand the role of independent directors constraining executive corruption and the corresponding needs of capital market, which will benefit the interests of investors.

本项目将研究公司高管腐败治理过程中独立董事的功能及其实现机制，并探讨资本市场对于独立董事相应功能的现实需求。具体而言，首先，建立独立董事、高管腐败与外部环境之间关系理论框架并进行分析；其次，研究独立董事不同特征、不同履职行为是否对公司高管腐败具有不同治理功能以及功能实现的内在机制；再次，探讨外部环境如何影响独立董事治理高管腐败功能的发挥；最后，研究高管腐败发生后董事会将如何重构、独立董事是否因高管腐败而承担责任或声誉受损。需要特别指出，本项目不局限于直接探讨独立董事能否治理高管腐败，更重要的是通过高管腐败后公司治理机制动态调整过程探寻资本市场对于独立董事治理高管腐败功能的内在需求。本项目的研究成果有助于清晰地认识高管腐败治理过程中独立董事的功能发挥与资本市场的现实需求，从而有助于发挥独立董事作用、保护投资者权益。

本项目探讨公司高管腐败治理过程中独立董事的功能发挥以及资本市场对独立董事相应功能的现实需求，分析独立董事能否抑制高管腐败及其功能实现的内在机制，探究外部环境如何影响独立董事治理高管腐败功能的发挥，讨论高管腐败案发后董事会将如何重构等问题。项目组建立了独立董事、高管腐败与外部环境之间关系的理论分析框架，分析高管腐败治理中独立董事的功能及功能实现面临的现实约束，外部环境对于独立董事治理高管腐败功能的影响，以及资本市场对于独立董事功能发挥的需求。在此基础上，实证考察了独立董事能否对高管腐败发挥治理或抑制作用，以及独立董事治理高管腐败的作用机制，并分析了独立董事治理高管腐败的功能在不同外部环境中受到的影响。特别地，研究发现高管腐败在连锁董事任职公司之间存在传染效应，董事责任保险（D&O保险）对独立董事履职行为产生负面影响，资本市场和劳动力市场中独立董事监督行为对其声誉产生不同影响，二者存在声誉机制背离现象，卖空等市场机制对公司违规等行为具有抑制作用。