壹 独董离职公司数量创四年新高

     我们在2021年11月19日发表了如果在美国造假...，预言伴随某上市公司实控人、高管和独董以及中介机构被判罚承担连带责任，向投资人支付巨额赔偿金后，独董的离职恐怕将会接二连三。然而，事实却大超预期：独董们不是接二连三地辞职，而是蜂拥辞职。据有关媒体报道，11月份截止11月20日，上市公司发布独董辞职公告的数量同比和环比增长都在60%左右。独董离职的上市公司数量创下4年来的同期新高。

     贰 上市公司谴责离职独董

     有些上市公司甚至有两到三名独董同时离职。根据中国证监会于2001年颁布的《关于在上市公司建立独立董事制度的指导意见》（目前仍实行）中的规定，股份有限公司董事会成员为5-19人，其中独立董事不少于1/3。这意味着一家上市公司如果董事会成员为5人的话，至少需要两名独立董事。所以，前述多名独董辞职的公司可能是独董们集体请辞。11月22日A股收市后又爆出某家上市公司因为独董辞职而谴责独董的消息，给这场别样离职潮又带来了独特的意味。

     叁 有些上市公司业绩质量不高

     如果查看某些独董宣布离职的公司的财务报表，发现有些公司确实存在现金流不佳、业绩增速乏力等问题。举一个例子：某家上市公司2020年经营性现金流净流入金额是正的，看上去还不错。但是如果细看就发现该公司2020年的应收账款和存货都大幅增加，占用大量资金，而经营性现金流能够为正完全是靠压供应商的款项实现的，即应付账款也大幅增加。这样的财务报表质量委实不高，投资人在投资的时候都要搞清楚。而作为独董，尤其是对会计学知识掌握颇深的人士，可能对数字背后隐含的意义就更清楚了。

     肆 有利于A股市场良性发展

     从这个角度看也就不难理解这场独董离职狂潮了。当然，这对于A股市场的发展也是一件有意义的事情。以后，独董们一定需要负起责任独董的责任，而真正发挥独董们的独立职责无疑有助于A股市场的高质量发展。

     伍 美联储可能会加快回收流动性

     A股上涨，港股小幅调整。新能源板块在A股和港股均表现较好，房地产板块在上周五大涨后回落。土地市场流拍现象令市场担忧房地产行业发展前景。美联储主席鲍威尔再获提名，市场认为美联储将会加快回收流动性，国债收益率上涨，科技股大跌。

I. The resignation crowd 

We published “If financial fraud is made in the US” 如果在美国造假...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.

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