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以沪、深两市2002年至2013年A股上市公司为样本,本文探讨了多席位独立董事在不同公司的精力分配及其对治理绩效的影响。研究发现:(1)同时任职多家公司的独立董事在精力分配上存在偏好,独立董事对声誉相对高、空间距离相对近、交通时间成本相对低的公司投入了更多精力。(2)当任职公司距离较远时,独立董事差别化对待不同声誉公司的现象更明显。(3)多席位独立董事也更可能在任期未满时由于会计业绩恶化而离开声誉相对低、距离相对远的公司。(4)独立董事投入精力的不同会带来治理绩效差异。本文不仅从理论上丰富了多席位独立董事行为特征和治理绩效的研究,同时也在实务上为上市公司选聘独立董事提供了依据。
Taking the listed A-share listed companies in Shanghai and Shenzhen from 2002 to 2013 as samples, this paper discusses the energy distribution of independent directors with different seats in different companies and their impact on governance performance. The findings are as follows: (1) There is a preference on the distribution of energy among independent directors who work for several companies at the same time. Independent directors have devoted more energy to companies with relatively high reputation, relatively close spatial distances and relatively low transportation time costs. (2) When the company is far away from office, the difference between independent directors in different reputation companies is more obvious. (3) Multi-seat independent directors are also more likely to leave companies with relatively low reputation and relatively distant positions due to deteriorating accounting performance when their term of office is less than full. (4) Differences in the governance performance of independent directors brought about by differences in their performance. This paper not only theoretically enriches the research on the behavior characteristics and governance performance of multi-seat independent directors, but also provides the basis for selecting listed independent directors in practice.