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证监会每次通过各种形式对独立董事进行教育,都会吓退一些人。大约十几年前,我读到了西洋学者的一篇研究论文,他用“超额收益法”来估算和讨论独立董事辞职是否对公司和市场形成影响,有所触动。于是,我就写了个研究框架,让一位研究生就中国的情况进行尝试性的类似研究。几个月过去了,得出的研究结论在统计意义上相当不明显。在中国,独立董事辞职,股民在市场上根本不以为意,
Every time the SFC educates its independent directors through various means, some people will be scared off. About a dozen years ago, I read a research paper by Western scholars who used the “excess return method” to assess and discuss whether the resignation of independent directors had an impact on the company and the market. So, I wrote a research framework to give a graduate student a tentative and similar study of the situation in China. A few months later, the conclusions reached by the study are statistically insignificant. In China, independent directors resign, investors do not mind the market,