Independent Director In The Background Of Universities And Corporate Innovation Performance

In the process of market-oriented reform in China,listed companies generally have problems such as “one big share”,insider control and large shareholders' encroachment on the interests of small and medium shareholders.In order to better protect the interests of investors and ease corporate governance issues,in 2001,China's listed companies introduced a system of independent directors.As a part of the board of directors of the company,the independent directors alleviated the company's principal-agent problem,protected the interests of the majority of small and medium-sized shareholders,and improved the corporate governance structure;At the same time,the introduction of the system has also opened an important channel for public sector personnel to serve as executive directors and other senior executives.Independent directors of colleges and universities are widely favored by enterprises because of their good public image and their dual functions of supervision and consultation.On the one hand,colleges with knowledge gathering places join the interests of the top enterprises,they will use their own intelligence and universities.Resources have brought many positive effects to the companies they serve.On the other hand,the “vase effect” and “interest exchange” of independent directors in colleges and universities have raised the slamming voices,which makes the efficiency and effectiveness of the functions of independent directors in colleges and universities controversial.On November 3,2015,the “Notice of the General Office of the Ministry of Education on Launching Special Inspections on Party and Government Leading Cadres in Part-time Employment of Enterprises” was issued,further regulating the appointment of independent directors in colleges and universities,setting off the departure of independent directors of colleges and universities,making the independent directors especially The independent directors from the background of colleges and universities have been pushed to the forefront and become the object of hot discussion and questioning by investors.For listed companies in China that are in the process of upgrading the innovation-driven industry to upgrade deep water,college scholars who have both natural attributes and social attributes can not only export their own research experience and knowledge technology to help enterprises develop innovative practices,but also rely on their own The social attributes bring relevant human wealth and resource channels to the enterprise,realize the conversion of personal intangible capital to corporate social resources,and become the internal engine of listed company innovation.However,the publication of the Ministry of Education led to the large-scale separation of independent directors of dual-identity universities,cutting off the role of the “innovation engine”.It has caused a broader dispute in the capital market about "the vase theory of independent colleges and universities" and the "inside engine theory of independent colleges and universities" of listed companies.In the face of these defamatory statements,this paper attempts to follow China's special institutional environment and the background of the era of "mass innovation,entrepreneurship",Combined with the emergence of the current "departure tide",this paper studies the performance of independent scholars in the special background of college scholars from the perspective of corporate innovation performance.Therefore,this article takes advantage of the policy of regulating the resignation of independent directors in colleges and universities,taking China's A-share listed companies in 2011-2017 as the research object,using the method of double difference to explore the influence of the independence of the university directors on the innovation performance of the sample companies caused by the policy ban,and the difference in the actual impact of this policy on different companies under different corporate nature,internal equity and pledge,external resource dependence and life cycle environment.The study found that after the policy regulation in 2015,independent directors of colleges and universities resigned from the company's position on a large scale,which significantly inhibited the innovation performance of enterprises.Among them,the negative effect on the design type patent was the most significant,and the invention type patent was the second;Compared with state-owned enterprises,the negative impact of the forced departure of independent directors of non-state-owned enterprises on innovation performance is more significant;From the perspective of ownership structure,the departure of independent directors of colleges and universities with multiple major shareholders has a negative impact on innovation performance;Compared with enterprises with pledge of equity,the independent directors of colleges and universities have more prominent inhibition of innovation performance in enterprises without equity pledge;From the aspect of enterprise resource dependence,the departure of independent directors of colleges and universities after policy regulation has a greater impact on enterprises with high resource dependence;From the perspective of life cycle,the departure of independent directors in colleges and universities has a more significant inhibitory effect on growth of long-term enterprises.In further research,this article takes the period from November 3,2015 to December 31,2016 as the event period.Taking the abnormally-departed enterprises due to the ban in the event period as a sample,comprehensively analyzing whether the different identity characteristics of independent directors in colleges and universities have an impact on the innovation performance of the enterprise,and aiming at providing an empirical basis for the independent directors of the university personnel who should be employed by the enterprise;In addition,the further analysis also explores the relationship between the number of independent directors in colleges and universities and the innovation performance of enterprises in each sample company.Therefore,it is necessary to explore whether the number of independent directors in colleges and universities has an impact on the level of innovation performance,and verify the scale effect of independent directors in colleges and universities.The research in this paper not only enriches the influencing factors of enterprise innovation and the literature in the field of independent directors' governance effects in colleges and universities,it also has a strong enlightenment to how to improve the corporate governance system,how to improve the innovation performance and promote the long-term development of the enterprise,and how to implement the innovation-driven development strategy from the micro level.At the same time,it also provides evidence for the reasonable and effective evidence of the independent director regulation policy of listed companies issued by the Ministry of Education.