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     壹 獨董離職公司數量創四年新高

     我們在2021年11月19日發表了如果在美國造假...，預言伴隨某上市公司實控人、高管和獨董以及中介機構被判罰承擔連帶責任，向投資人支付巨額賠償金后，獨董的離職恐怕將會接二連三。然而，事實卻大超預期：獨董們不是接二連三地辭職，而是蜂擁辭職。據有關媒體報道，11月份截止11月20日，上市公司發布獨董辭職公告的數量同比和環比增長都在60%左右。獨董離職的上市公司數量創下4年來的同期新高。

     貳 上市公司譴責離職獨董

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

     叁 有些上市公司業績質量不高

     如果查看某些獨董宣布離職的公司的財務報表，發現有些公司確實存在現金流不佳、業績增速乏力等問題。舉一個例子：某家上市公司2020年經營性現金流凈流入金額是正的，看上去還不錯。但是如果細看就發現該公司2020年的應收賬款和存貨都大幅增加，占用大量資金，而經營性現金流能夠為正完全是靠壓供應商的款項實現的，即應付賬款也大幅增加。這樣的財務報表質量委實不高，投資人在投資的時候都要搞清楚。而作為獨董，尤其是對會計學知識掌握頗深的人士，可能對數字背后隱含的意義就更清楚了。

     肆 有利于A股市場良性發展

     從這個角度看也就不難理解這場獨董離職狂潮了。當然，這對于A股市場的發展也是一件有意義的事情。以后，獨董們一定需要負起責任獨董的責任，而真正發揮獨董們的獨立職責無疑有助于A股市場的高質量發展。

     伍 美聯儲可能會加快回收流動性

     A股上漲，港股小幅調整。新能源板塊在A股和港股均表現較好，房地產板塊在上周五大漲后回落。土地市場流拍現象令市場擔憂房地產行業發展前景。美聯儲主席鮑威爾再獲提名，市場認為美聯儲將會加快回收流動性，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.

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