作者：赵子夜
关键字：行业专家、清洁意见、市场溢酬
摘要/Abstract
董事会关门议事，同时出具大量同态化的清洁意见（占总意见98%），这些意见是否一定同质？投资者是否会根据独立董事特征区别定价？本文分析了行业专家型独立董事的治理特质，在此基础上检验了其是否影响同态化清洁意见的市场反应。结果表明，相对于对照公司，聘请了行业专家型独立董事的公司，被出具的清洁意见在短窗口内体现出明显的市场溢酬。进一步的，当意见涉及关联交易，中小股东对监督服务的需求提升时，专家的溢酬显著增加，达到约1%。统计结论为行业专家的监督效应提供了证据，同时有助于我们理解，大量的清洁意见并非一堂和气，投资者会依据董事背景对同态的清洁意见区别定价，暗示中国的独立董事的履职具有圆滑的特点。在中国，懂数的会计专家型独立董事已经得到了制度保障，而懂事的行业专家型独立董事也值得关注。
This paper aims to investigate the impact of independent directors with industrial expertise on the market reaction of boards’ clean opinions. About 50% of China’s listed companies hire industry experts as independent directors. I find that the CAR of a clean opinion is higher in firms having independent directors with industrial expertise than those firms who do not. Furthermore, the impact of independent directors with industrial expertise is more pronounced for opinions in which related party transactions are covered. The results suggest that independent directors with industrial expertise improve investors’ valuation of clean opinions.
全文阅读：https://www.sinoss.net/qikan/2015/0121/13939.html