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现有文献发现,官员特征(如官员的任期、异地交流、更替等)对地方经济增长和公司财务行为有重要影响,但是由于不易准确度量及缺少恰当的研究情境,对官员对制度压力的感知情况考察不足。作为外生的政策冲击,“中组部18号文”的颁布及施行提供了难得的研究机会。使用手工搜集的自“中组部18号文”发布以来的官员独董辞职数据,本文从制度压力感知的角度,考察了官员行政级别、公司产权性质和地区政治强度对官员独董辞职时间早晚的影响。研究发现:行政级别越高、国有控股上市公司以及上市公司所属地区政治强度越大的官员独董,对制度压力的感知越深刻、越敏锐,辞职时间也就越早。可见,企业经营者需要深入思考政治关联的不确定性和脆弱性,认清其可能存在的潜在风险。此外,文章还考察了外部治理环境对官员独董辞职行为特征的调节效应,并且发现,良好的外部治理环境有助于提升政策的执行效率。
The existing literature finds that officials’ characteristics (such as the tenure of officials, exchanges in different places, replacement, etc.) have an important influence on the growth of local economy and the financial behavior of the company. However, due to the difficulty of accurate measurement and lack of appropriate research situations, Insufficient investigation. As an exogenous policy shock, “the promulgation and implementation of Circular No. 18 of the Central Organization Department have provided a rare opportunity for research.” Using the manual collection of data on the official independence of officers since the publication of No. 18 Document of the Central Organization Department, this article examines the official resignation of officials from the perspective of institutional pressure perception, the administrative level of officials, the nature of the company’s property rights and the political intensity of the region The effect of time sooner or later. The study found that: the higher the administrative level, the higher the political level of state-controlled listed companies and listed companies in the region more politically independent officials, the perception of institutional pressure more profound, more sensitive, the resignation of time earlier. Visible, business managers need to think deeply about the political uncertainty and vulnerability, identify potential risks that may exist. In addition, the paper also examines the regulatory effect of the external governance environment on the behavior characteristics of the independent directors resignation, and finds that a good external governance environment can help improve the efficiency of policy implementation.