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5804 
8657在我国人情交织的商业背景下，许多公司聘请了与高管存在社会关联的独立董事，由此产生了拖累企业治理效果的担忧。然而，企业聘请这类独立董事仅仅是关系作用下任人唯亲的行为吗？文章通过收集我国上市公司独立董事与董事长或总经理的社会关系数据，以2008−2015年上市公司作为研究样本，发现较多地与商业伙伴进行关系型交易的企业更倾向于聘请关系型独董。其原因在于，社会关系带来的信任使关系型独董能够为企业保守交易过程中的商业信息，并且支持企业为稳固商业关系而做出的相关决策。这一现象在企业处于激烈的行业竞争及较差的地区商业环境时更加明显。经济后果分析表明，这类企业聘请关系型独董后进行了更多的专有资产投资，并获得了更快的销售增长。文章研究表明，企业选择关系型独董不仅仅是关系使然，很可能是企业权衡自身特质后的一种理性选择。
公司选聘关系型独董仅是任人唯亲吗？——基于商业关系维护视角的分析
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引用本文
黄俊, 丁竹, 位豪强. 公司选聘关系型独董仅是任人唯亲吗？——基于商业关系维护视角的分析[J]. 财经研究, 2018, 44(8): 128-140.
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