现代会计学术沙龙（第七十四期）

主 题：The Value of Politically Connected Independent Directors in China

主讲人：复旦大学管理学院会计系张新助理教授

主持人：西南财经大学会计学院曾建光助理教授

时间：5月8日（星期五）下午14：00-15：30

地点：西南财经大学柳林校区通博楼D207会议室

主办：会计学院科研处

诚邀各位老师和同学参加！

主讲人简介：

张新，加拿大皇后大学金融学博士，复旦大学管理学院会计系讲师。

研究方向：公司财务，卖方分析师，国际会计，国际金融。相关成果发表于：《世界经济》、Journal of Banking and Finance等。

论文摘要：

The Value of Politically Connected Independent Directors in China

In this study, we use the unique setting of regulation-induced resignations to examine the value of the political connections provided by independent directors. We document a significantly negative market reaction to the loss of politically connected independent directors. In particular, firms losing politically connected independent directors suffer 1.75% more during the 3 day window around the announcements of their leave than firms losing non-politically connected independent directors. The results are also robust when different event windowsand different measures of market reaction are selected. Moreover, we find that the price drop is more pronounced for directors with local government backgroundsand in companies from regions with lower levels of marketizationorwith fewer analysts. We also test whether the magnitude of loss depends on the committee positions of the departing director but find mixed results. Taken together, our results support the hypothesis that investors are aware of the benefits politically connected independent directors bring in.