獨立董事是公司治理領域的重要研究內容,從專業背景分析獨立董事制度則是近期理論研究重點內容之一。本文分析了我國上市公司聘請法律背景獨立董事的動因和經濟后果。研究發現,我國上市公司聘請法律獨立董事的主要動因在于咨詢,而非監督;當公司有著較多的法律訴訟、股利分配、股權轉讓以及資產收購等活動時,其更愿意聘請法律獨董;當上市公司聘請法律獨董時,其比較偏好聲譽高和實務經驗豐富的法律獨董。進一步研究發現,聘請法律獨董的上市公司一般都有著較高的市場價值。本文研究不僅豐富了獨立董事專業背景方面的研究文獻,也拓展了法與金融的研究內容,還為提高上市公司治理效率提供了新的啟示。

This paper attempts to uncover the underlying motivations to engage independent directors having professional legal expertise.We find that Chinese listed companies engage independent directors mainly for consulting rather than for supervisory purposes;if a company is bound up in such activities as a lawsuit,dividend distribution,equity transfer or asset acquisition,it would be more likely to hire independent directors of legal expertise;and when a company is considering hiring independent directors,it would prefer those independent directors reputed to have professional legal expertise and extensive practical experience.We further find that the listed companies which hire independent directors having professional legal expertise generally have a higher market value.This paper not only contributes to the literature of the professional background of independent directors but also extendsthe literature of law and finance.