本地任职、政治关联与企业财务行为：中国关系情境中独立董事视角的理论构建与实证检验

How independent directors play a mornitoring and consulting role in guanxi context has been always a focus issue in academic research and practice field. Basing on background of Chinese capital market, this program constructs analytical framework systematically on how two kinds of typical relationship (including local tenure and political connection) influences corporate financial behavior at theoretical level, and uses manual data of listed companies to test the impact of independent directors’ local tenure, political connection and their compound function on corporate financial behavior, like information disclosure, compensation incentive, over-investment, loan renewals, tunneling of large shareholders, cash dividend distribution, et al. The potential contribution of this program may be reflected in the following aspects: (1) Both local tenure and political connection are typical examples of relationship, so this program adds new literature to Guanxi area in Chinese context; (2) introducing tenure place of independent directors as an important influencing factor systematically into the study of corporate financial behavior, and offsetting relative insufficient focus on tenure place among theoretical literature; (3) how geographical distance can affect financial decisions has been a hot issue in finance field in recent years, this program provides additional empirical evidence to this area; (4) the principal parts have been expanded from board chairman and CEO et al. to independent directors, so this program enriches research categories of political connections.

在关系情境中，独立董事如何发挥监督和咨询职能是理论界和实务界共同关注的焦点问题。本项目基于中国资本市场客观现实从理论层面系统构建了本地任职和政治关联这两类典型关系如何作用于企业财务行为的分析框架，并采用上市公司独立董事手工数据对上述两类关系及其交互作用对企业财务行为(包括但不局限于信息披露、薪酬激励、过度投资、贷款续新、大股东掏空和现金股利分配等)的影响进行实证检验。本项目可能的理论贡献之处体现在：(1)本地任职和政治关联作为典型的关系，因此本项目将丰富中国情境下的关系研究文献；(2)将独立董事任职地点作为重要影响因素系统地导入企业财务行为的研究中，弥补了理论文献中关注任职地点问题的相对不足；(3)地理距离远近如何影响财务决策是近期财务学研究的热点问题，本项目为这一领域的研究提供了增量经验证据；(4)将政治关联主体从董事长、CEO等群体延伸至独立董事层面，拓展了政治关联领域的研究范畴。

本项目基于中国资本市场制度背景，系统研究了独立董事本地任职和政治关联及二者的交互作用对企业财务行为的影响。在本项目的直接资助下，课题组取得如下成果：(1)学术论文。在《管理世界》《中国工业经济》《会计研究》《南开管理评论》《管理评论》《科研管理》《统计研究》《财贸经济》、Journal of International Accounting Research等期刊发表(含已录用)学术论文44篇(其中国家自然科学基金委员会管理学部 A 类期刊9篇，人大复印资料全文转载10篇)；(2)学术获奖。研究成果获得2017~2018年度安徽省社会科学奖一等奖，负责人周泽将教授入选国家百千万人才工程暨有突出贡献中青年专家(2020)、皖江学者特聘教授(2021)和安徽省学术与技术带头人(2019)；(3)人才培养。指导已毕业硕士研究生12人，在读硕士研究生17人，5人考取到厦门大学、中南财经政法大学等知名高校继续攻读博士。本项目研究有助于科学认识和客观评价中国独立董事制度的有效性，同时为资本市场监管机构和投资者提供了有益的决策参考。