【作者】 陈辉发；

【导师】 朱启明；

【作者基本信息】 湖南大学 ， 会计学， 2005， 硕士

【摘要】 独立董事制度是对公司治理结构的重要制度创新。经过西方发达国家多年实践证明,独立董事制度在完善公司治理结构、制衡执行董事和经理层方面发挥了积极作用。为进一步完善上市公司治理结构,促进上市公司规范运作,提升上市公司质量,中国证监会于2001年8月21日发布了《关于在上市公司建立独立董事制度的指导意见》,标志着我国开始正式在上市公司中全面设立独立董事制度。那么,经过这四年多的实践,独立董事制度在中国的实施效果如何?是否在一定程度上改善了公司治理结构,提高了公司业绩呢?本文试图对此进行研究,从而全面检验独立董事制度在我国的实施效果,为改进和完善我国独立董事制度提供实证证据。同时这对进一步完善我国独立董事制度与上市公司治理水平也具有重要的理论意义和现实意义。 本文着重研究独立董事制度对公司业绩的影响。首先,分别从独立董事的选聘、独立董事在公司中扮演的角色和独立董事的激励机制角度分析了独立董事制度与公司业绩之间的关系;其次,本文以实证研究的方法,分别用2003和2004年数据检验了独立董事制度与公司业绩之间的关系。实证结果表明,衡量独立董事制度方面的四个变量,除了独立董事到勤率与公司业绩存在显著正相关外,其余三个变量包括独立董事薪酬、公司型财务型独立董事比例和独立董事比例都与公司业绩不存在相关性;最后,本文结合对上述结论的分析,提出应从独立董事制度自身建设、内外部制度建设和法律制度建设等层面上来改进和完善独立董事制度。更多还原

【Abstract】 The independent director system is an important institutional innovation of corporate governance structure. After many years’ practice of western developed countries, it proves that independent director system has played a positive role in perfecting corporate governance structure and balancing executive directors and managers. In order to further perfect the governance structure of listed company, promote the standardized operation of listed company and improve the quality of listed company, China Securities Regulatory Commission issued the Guidelines of Independent Director System for the Listed Company on August 21, 2001, which indicated that our country began to set up independent director system in an all-round way in the listed company formally. Then, after more than four years’ practice, how is the implementing effect of independent director system? Whether it improves corporate governance structure or promotes corporate performance to a certain extent? This dissertation attempts to do some researches on it, thus we completely examine the implementing effect of independent director system in our country and offer some empirical evidences for improving and perfecting independent director system of our country. At the same time, it also has an important theoretical and realistic meaning to further perfect independent director system and corporate governance of listed company in our country.The dissertation focuses on studying the impact of independent director system on corporate performance. Firstly, the dissertation analyzes the relationship between independent director system and corporate performance, including independent directors’ employment, independent directors’ role acted in the company and independent directors’ incentive mechanism. Secondly, the dissertation adopts empirical research method and respectively uses 2003 and 2004 year’s data to examine the relationship between independent director system and corporate performance. From the empirical result, we discover that independent directors’ times of attending the conference of board of directors has remarkably positive relevance to corporate performance and other three variables including independent directors’ salary, independent directors’ proportion of the corporate type and financial type and independent directors’ proportion all don’t have relevance to corporate performance. Finally, combining analysis with conclusions mentioned, the author takes some countermeasures to improve and perfect independent director system, including theself-building of independent director system, internal and external institutional improvement and legal institutional improvement, etc.更多还原