【作者】 张瑶；

【导师】 吴京辉； 梁燕臣；

【作者基本信息】 中南财经政法大学 ， 法律（非法学）（专业学位）， 2023， 硕士

【摘要】 在20世纪30年代,为了解决公司代理成本和经理层控制的问题,美国创造了独立董事制度。我国在2001年确立了上市公司独立董事制度,旨在提高上市公司治理水平。然而,尽管该制度已经历二十多年的实践和完善,但未能取得预期效果,反而导致独立董事频繁卷入未尽勤勉义务、违规披露、虚假陈述等案件中。随着2020年新《证券法》的颁布,独立董事的责任风险显著提高。在2021年康美药业虚假陈述案件中,独立董事天价赔偿的判决更加加剧了独立董事的离职潮发生。因此,我国的独立董事制度面临着巨大的挑战,其中最为关键的问题是独立董事的薪酬激励不足。然而,在实践中,独立董事薪酬法律制度的研究却比较浅显。因此,在当前形势下,探讨和改革独立董事薪酬法律制度显得十分必要。仅仅提高独立董事的责任风险无法解决问题,必须通过合理的薪酬法律制度,激发独立董事的积极性和创造性,提高他们对公司治理的参与度和贡献度。正文分为四个章节:第一章首先介绍了独立董事薪酬法律制度的现状和问题,旨在从立法和实践两个方面对我国独立董事薪酬法律制度的运行情况进行全面探讨。通过论述现行法律制度的缺陷以及康美药业案件和独立董事“离职潮”的情况,对独立董事薪酬法律制度进行反思和总结。随后,根据实践现状分析了我国独立董事薪酬法律制度存在的问题,包括:立法规定存在漏洞、薪酬决定主体不合理、薪酬模式设计有待加强以及薪酬与责任不匹配,这些问题揭示了该制度有较大改进空间。第二章对独立董事现存问题的原因进行深度剖析,从客观和主观两个层面分别展开阐述,客观层面包括:一股独大的股权结构影响独立董事薪酬,独立董事薪酬与独立董事独立性存在冲突以及独立董事与上市公司内部管理人员的利益分配问题;主观方面包括:公司、社会公众等对独立董事的期望值过高,将独立董事视为“全能董事”,以及独立董事自身履职流于形式导致低薪酬。第三章是独立董事薪酬法律制度的比较法考察和借鉴,本章主要介绍域外独立董事薪酬法律制度,包括美国与英国关于独立董事薪酬法律制度的立法经验,通过学习借鉴他国成功的立法与实践,为我国所用。第四章是独立董事薪酬法律制度的规则完善,在本章提出独立董事薪酬法律制度的完善建议。第一,建立更严密的独立董事薪酬法律制度体系,提出了在《公司法》中对独立董事薪酬法律制度做原则性规定和制定单行法规细化相关规定;第二,明确独立董事薪酬的决定和发放主体,建议由薪酬委员会制定独立董事薪酬标准,构建第三方支付的间接薪酬法律制度;第三,提出采取多样化的独立董事薪酬激励,包括:构建独立董事履职评价激励体系、设置独立董事的股票期权激励制度以及完善声誉激励;最后,对独立董事薪酬与责任的平衡提出建议。总的来说,本章对前文所涉及的问题一一做出回应,提供完善建议。更多还原

【Abstract】 In the 1930 s,the US created the independent director system to address corporate agency costs and manage control.In 2001,the independent director system for listed companies was instituted in China,aiming at improving the governance level of listed companies.However,the system has been practiced and improved for more than 20 years,it has failed to achieve the expected results,but leads to independent directors frequently involved in cases of diligence,illegal disclosure,false statements and other cases.With the promulgation of the new Securities Law in2020,the liability risk of independent directors has significantly increased.In the case of misstatement of Kangmei Pharmaceutical in 2021,the judgment of sky-high compensation of independent directors intensified the resignation tide of independent directors.Therefore,China’s independent director system is facing great challenges,among which the most critical problem is the lack of compensation incentive for independent directors.However,in practice,the research of the legal system of independent director compensation is relatively simple.Therefore,under the current situation,it is very necessary to explore and reform the legal system of independent director remuneration.Just improving the responsibility risk of independent directors cannot solve the problem.It is necessary to stimulate the enthusiasm and creativity of independent directors and improve their participation and contribution to corporate governance.This paper is divided into four chapters:Chapter 1 is the current situation and problems of the legal system of independent directors.Firstly,the operation of the legal system of independent directors in China is discussed from the aspects of legislation and practice.The legislative status mainly explains the defects of the system,focuses on the cases of Kangmei Pharmaceutical and independent directors’ "turnover tide",and then analyzes the problems existing in the legal system of independent directors in China,including loopholes in the legal system of independent directors;the design of independent directors needs to be strengthened;the mismatch between the compensation and the legal system of independent directors.Chapter 2 analyzes the causes of the existing problems of the independent directors,and expounds them from the objective and subjective aspects.The objective aspects include:The dominant ownership structure affects the remuneration of independent directors,the conflict between the remuneration of independent directors and the independence of independent directors,and the distribution of interests between independent directors and internal managers of listed companies.Subjective aspects include:the company and the public have too high expectations of the independent directors,and the independent directors are regarded as "all-around directors",and the performance of independent directors leads to low remuneration.Chapter 3 is the comparative investigation and reference of the legal system of independent directors.This chapter mainly introduces the legal system of independent directors in other regions,including the legislative experience on the remuneration of independent directors in the United States and the United Kingdom,and learns from the successful legislation and practice of other countries.Chapter 4 is to choose the path of improving the legal system of independent directors and put forward suggestions on perfecting the legal system of independent directors.First,establishing a stricter legal system of independent directors’ compensation In the Company Law,the legal system of independent directors is principles and detailed relevant regulations;second,clarifying the decision and payment subject of the remuneration of independent directors,suggested that the remuneration committee should set the compensation standards for independent directors,building a legal system of indirect compensation for third-party payment;third,proposed to establish a diversified independent director compensation model,Including: setting up an evaluation and incentive system for the performance of independent directors,explore the stock option incentive system of independent directors and improve the reputation incentive system;last,putting forward suggestions to balance the relationship between the compensation and responsibility of independent directors.In general,this chapter responds to the questions addressed herein and provides suggestions for improvement.更多还原