现有文献广泛探讨了政治关联建立后的经济后果,但对政治关联丧失的经济后果关注不足。本文以“中组部18号文”作为制度变迁的背景环境,通过手工搜集2013年10月19日至2015年6月30日期间A股上市公司的官员独立董事辞职样本,考察了官员独立董事因“中组部18号文”或相关文件规定而强制辞职的市场反应,以检验公司丧失政治关联的经济后果。研究发现,政治关联的丧失对非国有企业的股价造成了显著的负面冲击,而且这种负面冲击在治理环境越差的地区表现得越强烈,可见,非国有企业的政治关联在面临外部制度变迁冲击时存在明显的不确定性和脆弱性,值得企业经营者思考并反省政商互动的边界。同时,在总体样本以及国有企业或非国有企业子样本中,官员独立董事强制辞职均未产生显著为正的市场反应,可见,投资者并未将此事件解读为上市公司治理结构的改善,这值得政府监管部门深入思考如何进一步完善独立董事的制度建设。可供考虑的政策措施包括:营造良好的外部治理环境以降低公司建立密切政治关联的必要性和可能性,建立规范的“旋转门”条款,推进独立董事的职业化建设等。 The existing literature extensively explores the economic consequences of the establishment of political relations, but lacks attention on the economic consequences of the loss of political connections. In this paper, “the Central Organization Department No. 18” as the background of institutional change, by manually collecting the October 19, 2013 to June 30, 2015 A-share listed company officials independent directors resignation of the sample investigated the officials The market reaction of the independent directors forcing their resignations due to the provisions of Circular No. 18 of the Central Organization Department and other related documents examines the economic consequences of losing the political connection of the Company. The study found that the loss of political connections caused a significant negative impact on the stock prices of non-state-owned enterprises and that the negative impact was stronger in the regions with the worse governance environment. Therefore, the political relations of non-state-owned enterprises are facing changes in external institutions There are obvious uncertainties and vulnerabilities when impacting. It is worth the business operators’ thinking and reflection on the boundary between political and business interaction. At the same time, there was no significant positive market reaction in the overall sample and sub-sample of state-owned enterprises or non-state-owned enterprises. This shows that investors did not interpret this incident as an improvement of the governance structure of listed companies, It is worth government regulatory departments in-depth thinking on how to further improve the system of independent directors. The policy measures to be considered include: establishing a good external governance environment so as to reduce the necessity and possibility of establishing close political associations, establishing a standard “revolving door” clause and promoting the professionalization of independent directors.