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公司特质信息的传递效率,对上市公司股价具有重要的影响作用。本文利用中国资本市场的数据,基于市场化程度、投资环境专业性、投资前景三个路径实证检验了行业专家型独立董事对公司特质信息释放的影响。研究发现:行业专家型独立董事削弱了政府干预对特质信息的影响,增进了公司内外投资专家对特质信息的解析效率,促进了具有良好投资前景公司特质信息的释放。从结果来看,专家型行业独立董事提高了公司特质信息的传递效率。
The transmission efficiency of the company’s characteristic information has an important influence on the stock price of the listed company. Based on the data of China’s capital market, this paper empirically tests the influence of industry experts independent directors on the information release of the company’s characteristics based on the marketization, professional investment environment and investment prospects. The research finds that the independent experts of industry experts weakened the influence of government intervention on the trait information, enhanced the efficiency of analyzing the trait information both inside and outside investment experts, and promoted the release of company trait information with good investment prospects. From the results, the independent directors in the expert industry improved the transmission efficiency of the company’s trait information.