中国上市公司学者型独立董事的治理效应：理论分析与经验证据

Scholars constitute an important part of independent directors(about 43.5%), which is a unique characteristic in corporate governance in China. However, this issue has not attracted much attention. Based on this issue, our project systematically explores the governance performance of independent directors with academic background and the influence of their tenure both on their academic research and reputation from the perspectives of firms and scholars. This project focuses on the following questions: (1) Overall, are there any differences on the monitoring effect between independent directors with or without academic background? (2) From the view of identity, will administrative positions of independent directors with academic background affect their oversight functions? (3) From the view of research area, how does their academic background influence their advisory role? (4) What is the effect of being independent directors on scholars’ academic research? Under what constraints can conduct Pareto optimization? (5) What is the effect of violation on scholars’ reputation? Is there any spillover effect? This project helps to further study the governance performance of scholars serving as independent directors under Chinese institution and systematically evaluate the economic results of their part-time jobs. Furthermore, it sheds new light on how to improve independent director system, promote the industry-academic collaboration and regulate teachers’ part-time jobs and research management in universities in practice.

学者作为上市公司独立董事的重要来源（约43.5%），是我国较为独特的公司治理现象，但有关这一问题的研究并不多见。本课题围绕这一现象，分别从上市公司和学者两个视角对学者型独立董事的治理绩效、担任独立董事对学者科研和声誉的影响展开系统性研究。课题重点关注以下问题：（1）整体来看，学者型与非学者型独立董事在监督效应上是否存在差异？（2）从身份特征来看，担任行政职务是否影响学者型独立董事监督职能的发挥？（3）从研究领域来看，学者型独立董事的专业背景如何影响其咨询职能？（4）担任独立董事对学者科研有何影响？在哪些约束条件下，可以对这一行为进行帕累托优化？（5）学者型独立董事违规对其声誉影响如何？是否存在溢出效应？本课题的开展有助于深入理解中国制度背景下学者型独立董事的治理机制，系统评价学者兼职行为的经济后果，并在实践中为完善独立董事制度、促进产学研合作、规范教师兼职和高校科研管理提供一定启示。

独立董事制度是通过在董事会中设立独立董事以形成权力制衡与监督的一种制度。在独立董事相关研究中，无法绕开的即为独立董事个体特征。本课题分别从学术、法律等背景特征，地域特征、激励特征和行为特征等多个维度对我国上市公司独立董事制度展开了系统性研究。课题重点关注以下问题：（1）独立董事履职动机是什么？（2）异地上市公司为何聘请北京独立董事？（3）多席位独立董事如何在不同公司分配精力？（4）独立董事的专业背景（如法律背景、院士背景）如何影响其咨询职能？（5）担任独立董事对学者科研有何影响？在哪些约束条件下，可以对这一行为进行帕累托优化？（6）学者型独立董事违规对其声誉影响如何？是否存在溢出效应？在项目资助下，本课题依照研究计划按期完成了既定目标，并取得一系列颇具建设意义的研究成果。具体而言，项目负责人以独立作者或第一作者发表论文14篇，包括国际一区期刊Business Strategy and the Environment（影响因子6.381）论文1篇，《会计研究》、《金融研究》、《管理科学》等自科委A类期刊论文5篇，并出版专著2部。本课题的开展不仅有助于深入理解中国制度背景下独立董事的治理机制，同时在实践中为完善独立董事制度、促进产学研合作、规范教师兼职和高校科研管理提供了一定启示。