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     壹 獨(dú)董離職公司數(shù)量創(chuàng)四年新高

     我們在2021年11月19日發(fā)表了如果在美國造假...，預(yù)言伴隨某上市公司實(shí)控人、高管和獨(dú)董以及中介機(jī)構(gòu)被判罰承擔(dān)連帶責(zé)任，向投資人支付巨額賠償金后，獨(dú)董的離職恐怕將會(huì)接二連三。然而，事實(shí)卻大超預(yù)期：獨(dú)董們不是接二連三地辭職，而是蜂擁辭職。據(jù)有關(guān)媒體報(bào)道，11月份截止11月20日，上市公司發(fā)布獨(dú)董辭職公告的數(shù)量同比和環(huán)比增長都在60%左右。獨(dú)董離職的上市公司數(shù)量創(chuàng)下4年來的同期新高。

     貳 上市公司譴責(zé)離職獨(dú)董

     有些上市公司甚至有兩到三名獨(dú)董同時(shí)離職。根據(jù)中國證監(jiān)會(huì)于2001年頒布的《關(guān)于在上市公司建立獨(dú)立董事制度的指導(dǎo)意見》（目前仍實(shí)行）中的規(guī)定，股份有限公司董事會(huì)成員為5-19人，其中獨(dú)立董事不少于1/3。這意味著一家上市公司如果董事會(huì)成員為5人的話，至少需要兩名獨(dú)立董事。所以，前述多名獨(dú)董辭職的公司可能是獨(dú)董們集體請辭。11月22日A股收市后又爆出某家上市公司因?yàn)楠?dú)董辭職而譴責(zé)獨(dú)董的消息，給這場別樣離職潮又帶來了獨(dú)特的意味。

     叁 有些上市公司業(yè)績質(zhì)量不高

     如果查看某些獨(dú)董宣布離職的公司的財(cái)務(wù)報(bào)表，發(fā)現(xiàn)有些公司確實(shí)存在現(xiàn)金流不佳、業(yè)績增速乏力等問題。舉一個(gè)例子：某家上市公司2020年經(jīng)營性現(xiàn)金流凈流入金額是正的，看上去還不錯(cuò)。但是如果細(xì)看就發(fā)現(xiàn)該公司2020年的應(yīng)收賬款和存貨都大幅增加，占用大量資金，而經(jīng)營性現(xiàn)金流能夠?yàn)檎耆强繅汗?yīng)商的款項(xiàng)實(shí)現(xiàn)的，即應(yīng)付賬款也大幅增加。這樣的財(cái)務(wù)報(bào)表質(zhì)量委實(shí)不高，投資人在投資的時(shí)候都要搞清楚。而作為獨(dú)董，尤其是對會(huì)計(jì)學(xué)知識(shí)掌握頗深的人士，可能對數(shù)字背后隱含的意義就更清楚了。

     肆 有利于A股市場良性發(fā)展

     從這個(gè)角度看也就不難理解這場獨(dú)董離職狂潮了。當(dāng)然，這對于A股市場的發(fā)展也是一件有意義的事情。以后，獨(dú)董們一定需要負(fù)起責(zé)任獨(dú)董的責(zé)任，而真正發(fā)揮獨(dú)董們的獨(dú)立職責(zé)無疑有助于A股市場的高質(zhì)量發(fā)展。

     伍 美聯(lián)儲(chǔ)可能會(huì)加快回收流動(dòng)性

     A股上漲，港股小幅調(diào)整。新能源板塊在A股和港股均表現(xiàn)較好，房地產(chǎn)板塊在上周五大漲后回落。土地市場流拍現(xiàn)象令市場擔(dān)憂房地產(chǎn)行業(yè)發(fā)展前景。美聯(lián)儲(chǔ)主席鮑威爾再獲提名，市場認(rèn)為美聯(lián)儲(chǔ)將會(huì)加快回收流動(dòng)性，國債收益率上漲，科技股大跌。

I. The resignation crowd 

We published “If financial fraud is made in the US” 如果在美國造假...on Nov. 19th 2021 and predicted that independent directors ofboard would resign one after another. Yet it turned out that independent directors crowded to resign. According to statistics by some media, by Nov. 20th in November the number of listed companies who announced independent directors’ resignation rose around 60% year-on-year and month-on-month and reached four-year high. 

II. Some companies likely lost all of its independent directors 

Some companies even announced two or three independent directors’resignation at the same time. According to “The guidelines for setting up the arrangement of independent directors in listed companies” issued in 2001 by China Securities Regulatory Commission, there should be 5-19 directors on the board of a company limited by share and independent directors should be more than one third of the total directors. As such a company limited by share should have at least 2 independent directors. This means that for those companies that 2 or 3 independent directors resigned they might lose all of their independent directors. On Nov. 22nd, it was reported that a listed company condemned an independent director who insisted resignation. This makes the exodus of independent directors this time different from the previous ones. 

III. Quality of financials is not high 

If going through the financials of these listed companies that independent directors resigned, some companies earned positive operating cash flow in 2020. Yet if looking into the details one would find out that their account receivables and inventory increased sharply. And their positive operating cash flow came from the sharply-increased account payables. It is understandable that the independent directors to resign. We take this as positive to China’s capital market as independent directors would have to take their responsibilities to supervise the listed companies.

IV. Market is concerned that the Fed would take back liquidity sooner

A-share rose while HK stocks fell slightly. New energy sector rose the most. The US tech stocks fell as the Fed would likely hasten withdrawing liquidity in Powell’s second term.

聲明：本市場點(diǎn)評由北京楓瑞資產(chǎn)管理有限公司（以下簡稱“楓瑞資產(chǎn)”）“楓瑞視點(diǎn)”微信公眾號(hào)提供和擁有版權(quán)，授權(quán)上海海獅資產(chǎn)管理有限公司轉(zhuǎn)載。在任何情況下文中信息或所表述的意見不構(gòu)成對任何人的投資建議，楓瑞資產(chǎn)不對任何人因使用本文中的內(nèi)容所引發(fā)的損失負(fù)任何責(zé)任。未經(jīng)楓瑞資產(chǎn)書面授權(quán)，本文中的內(nèi)容均不得以任何侵犯楓瑞資產(chǎn)版權(quán)的方式使用和轉(zhuǎn)載。市場有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。