Abstract: Based on the annual data of non-financial listed companies in China from 2008 to 2017, this paper studies the impact of board independence on stock price synchronicity and the regulatory effect of the law environment. It is found that board independence has a significant influence on corporate stock price synchronicity, and the effect is influenced by the law environment. In a poor law environment, the improvement of board independence makes the volatility of corporate stock price more consistent with that of the market and the industry, indicating that board independence can replace the governance effect of the legal system to a certain extent. This study not only expands the research on the economic consequences of independent directors, but also enriches the research on the factors that affect stock price synchronicity. It also helps us to correctly understand the relationship between the internal and the external governance mechanisms of corporate governance and provides policy reference for the relevant regulatory authorities to improve the independent director system and the supervision work.

Key words: Board Independence, Corporate Stock Price Synchronicity, Law Environment

摘要： 本文基于2008~2017年中国A股非金融类上市公司的年度数据,研究了董事会独立性对公司股价同步性的影响,以及法治环境的调节作用。研究发现,董事会独立性会影响公司股价同步性,且该作用受到法治环境的影响。董事会独立性的提升使得法治环境较差地区的公司股价波动与市场、行业波动更为一致,表明董事会独立性可以在一定程度上弥补法律制度不足的治理效果。本文的研究不仅拓展了独立董事经济后果方面的研究,丰富了股价同步性的影响因素方面的研究,还有助于我们正确地认知公司治理内部与外部治理机制的关系,为相关监管部门对独立董事制度的完善和监管工作的改进提供政策参考。

关键词: 董事会独立性, 法治环境, 股价同步性