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本文检验了行业专家型独立董事是否会引起投资者对标准意见的差别定价。检验结果表明,相对于对照公司,聘请了行业专家型独立董事的公司,其标准意见的短期市场反应更好。进一步的,当意见涉及关联交易,专家效应更为明显。统计结论为行业专家的监督效应提供了证据,同时有助于我们理解,大量的标准意见并非完全一致,投资者会依据独立董事的专业背景进行差别定价。
This article examines whether industry-expert independent directors will cause investors to differentiate pricing on standard advice. The test results show that the short-term market response of the standard opinion is better than that of the control companies employing companies with independent experts of industry experts. Further, the expert effect is more obvious when it comes to related party transactions. Statistical conclusions provide evidence for the monitoring effect of industry experts and help us to understand that a large number of standard opinions are not entirely consistent. Investors will make differential pricing based on the professional background of independent directors.