中组部18号文发布之后，在中国资本市场掀起一股官员独董辞职的浪潮。面对同一政策，这些官员独董的辞职时机选择却不尽相同。使用手工收集的从2013年10月19日至2014年12月31日期间的官员独董辞职事件公告数据，本文研究发现：官员独董的行政级别越高、年龄越小、学历越高，其选择辞职的时间就越早；同时，官员独董所任职公司的贷款水平越高，其辞职时间也越早。进一步，本文发现官员独董辞职时间越晚，市场对其辞职事件的反应越好。本文的研究结论为18号文的政策约束力提供了经验证据，并对上市公司和投资者具有重要的实践启示。After the Organization Department of the Central Committee of the CPC released the No. 18 document, a wave of reg- ulation-induced resignations among independent directors with official background was set off in capital market in China. It was observed that the timing choices of the official independent directors were varied when facing the same policy. Using a hand-collected data of official independent director resignation announcement events from 19 October 2013 to 31 December 2014, this study finds that the higher administrative position official independent directors hold, the younger they are, or the higher education they have received, the earlier they resign; Meanwhile, if the corporate, which the official independent direc- tors work, has a higher debt ratio, the earlier the directors will resign. As to the market consequences following these official independent director resignations, this study shows that the later the directors resign, the better market response will appear. Our findings provide empirical evidence for the implementation constraint of the No. 18 document of Organization Depart- ment, and have significant practical implications for listed companies and investors.国家自然科学基金面上项目“上市公司聘请社会名人和退休官员担任独立董事的动机与后果”（编号：71572160）的资助,当然文责自负
