| To solve the problems of "a single large shareholder" and "adverse selection" which exist in the corporate governance environment, China made regulation in 2001 which required listed company shall introduce external independent director in the board members, in order to prevent the rights and interests of small and medium-sized shareholders and other stakeholders are violated. But since the system is carried out for 15 years in China, its effect is not satisfactory. Whether the system can adapt to China’s local governance environment and give full play to its effectiveness has been controversial in academia and industry. In recent years, as the contradictions of corporate governance appeared continuously, independent directors in China began to show another strange phenomenon-resign from listed companies, especially since the new leaders of the country began to punish corruption, the numbers of resigned independent directors is growing at a fast speed.The purpose of introducing independent directors is to solve the problems of corporate governance. However, when it began to adapt to the environment of Chinese corporate governance, it is faced with many problems, which caused the phenomenon of independent directors resignation. What cause these independent directors to resign on earth? Behind the independent directors’ resignation, whether it is a symbol that listed companies are faced with many business risks? Besides the risks of corporate governance, Whether independent directors’micro personal features can affect their resignation behavior decision?To excavate the reasons which resulted in the resignation of independent directors and explore the effectives of its implementation in China, this paper will choose the resigned independent directors as sample, from the company level and the independent directors’ personal features two angles, to make empirical research on the factors which resulted in the abnormal resign of the independent directors. Empirical research results show that from the company level, financial risk and event risk had greater influence on the abnormal resignation of independent directors, the independent directors’ cost-benefit and management risk didn’t have effect on their abnormal resignation behavior. At the same time, through the study of the descriptive statistics of microcosmic personal features of independent directors and Logistic regression test, we found the professional background characteristic of the independent directors is one of the important factors that affect their abnormal resignation behavior decision-making. The difference among the independent directors’ professional background can affect the risk of their cognitive differences, and, in turn, affects the choice of the resignation behavior decision-making. |
