时间：2026年5月29日（周五）10:00
地点：浙大管院A215会议室
主题：Pricing Legal Risk: Independent Directors and China's Circuit Court Establishment
主讲人：虞邦幸，澳门城市大学助理研究员
主持人：裘泱研究员，浙江大学管理学院
主讲人介绍：
Bangxing Yu is an Assistant Professor of Accounting at City University of Macau, where she joined in 2024. She received her Ph.D. in Accounting from The Chinese University of Hong Kong. Her research focuses on corporate compliance, voluntary disclosure, and supply chain issues, with particular interests in Chinese, Hong Kong, and U.S. institutional settings. Her work has been presented at leading academic conferences, and she has taught courses in accounting and corporate finance.
摘要：
This study examines how improved judicial independence affects corporate governance using the staggered establishment of circuit courts in China. By reducing local protectionism, these courts increase firms’ exposure to litigation risk. We find that independent director compensation rises following the reform. The evidence supports an efficient contracting explanation rather than rent extraction. The increase is stronger in regions with greater prior protectionism and for directors located farther from the firm. The effect persists in firms with strong external monitoring and high product market competition, where agency concerns are less pronounced. Additional analyses show that the reform leads to more active board oversight, reflected in more dissenting votes and greater director expertise. Overall, our study suggests that improvements in judicial independence reshape corporate contracting by increasing the value of effective board monitoring in response to higher legal risk.
