【作者】 林黎；

【导师】 潘学模；

【作者基本信息】 西南财经大学 ， 会计学， 2007， 硕士

【摘要】 随着各国经济和全球经济的发展,全球环境尤其是融资环境发生了重大变化,引起各国公司治理的变革,各国不同公司治理模式越来越显现其内在弊端,开始吸取其他模式的有效因素,逐渐呈现国际趋同和协调发展的趋势。独立董事制度作为公司治理结构的重要组成部分,产生于上世纪70年代的美国。独立董事制度通过在董事会中设立独立董事,可以完善董事会的职权和结构,有效防止大股东滥用控股权,增强董事会的透明度,保证董事会的公正性,达到权力制衡与监督的作用。从国外独立董事制度的情况来看,该制度的推行和实践时间并不长,还处在一个探索与完善的阶段。我国从20世纪90年代开始在上市公司中逐步引入独立董事制度,该制度是建立科学的治理结构、避免内部人控制、保护中小股东利益的有效手段。由于我国上市公司的历史背景不同于西方国家的上市公司,所以独立董事制度在中国的发展和运作有其特殊性。当前,我国上市公司治理中内部人控制下的“一股独大”现象和由此引发的大股东窃取国家和中小股东利益的现象较普遍,如何合理借鉴国外独立董事制度先进的理论和实践经验来完善我国的公司治理结构是一个极富实际意义的课题。在我国,独立董事制度如何有效的完成它的使命,是本文要关注和解决的问题。这一问题的解决必将有利于我国证券市场公正性的提高,有利于公司尤其是上市公司治理结构的改善,有利于加强公众对中国证券市场的信心。本文主要分为五个部分:第一部分,绪论。主要介绍研究背景、研究方法、研究思路及主要内容,对公司治理趋同和独立董事的国内外相关文献进行述评,从而为后文的分析奠定基础。第二部分,公司治理国际趋同的分析、比较与启示。介绍了两种典型的公司治理模式并对其进行比较,对世界公司治理的路径依赖和趋同进程进行了分析,并研究了近年来国际上公司治理全球化变革的背景、原因和日益趋同的发展态势。在此基础上,就如何借鉴国际上公司治理的成功经验,进一步提高中国上市公司治理水平进行了思考和总结,提出面对全球化公司治理模式的趋同,中国上市公司的治理模式应该顺应时代和世界的潮流,建立符合市场经济规律要求、能够与国际接轨的公司治理模式,并提出了我国在公司治理国际趋同进程中应采取的态度和立场等。第三部分,公司治理国际趋同的例证:独立董事制度的建立与完善。本章介绍了独立董事制度的概念、产生与发展现状,分析了独立董事制度在公司治理中的作用。在此基础上对独立董事在国外的发展进行了考察,进而提出了独立董事制度在国际趋同中的动力和阻力。第四部分,我国上市公司独立董事制度的形成、现状及问题分析。这一部分主要论述了当前我国独立董事制度的不足表现。独立董事制度建立以来,其实施中的不足之处已有所体现,如独立董事的独立性难以保证、权责利不对称、人才稀缺以及与监事会制度存在一定的冲突等,本章针对这些问题从多种角度对其原因进行分析和探讨。第五部分,完善独立董事制度改善公司治理的思考。针对目前我国上市公司独立董事制度的现状和存在的问题,分别从我国上市公司独立董事制度的外部和自身建设上提出了一系列对策和建议,以期对我国独立董事制度的发展和公司治理的创新有所裨益。本文的主要观点:1、关于不同的公司治理模式是否会趋同。全球化及其导致的竞争一定程度上促进了公司治理向效率较高的模式趋同。尽管对公司治理最后是否将趋于一致,学者们存在不同的观点。但至少从实践来看,不同国家的公司治理出现了一定程度上的趋近。但由于路径依赖和制度互补性的存在,以及各国在经济、文化、社会等方面的差异及发展水平的不同,决定了公司治理国际趋同的相对性和渐进性。2、关于公司治理国际趋同的方向。现有的公司治理模式均有其优点和缺陷,因此,很难存在唯一的最佳公司治理模式。现实中存在不同的公司治理模式这一事实本身就表明每种模式都是有效的,至少对于其特定的环境来说是如此,否则其他模式就不会长期地存在。因此,不可过于迷信、盲从某一模式。每种模式均有其优缺点,都有其合理的成分。公司治理不会向单一的一种模式趋同,而可能是混合的、双向的。在这个意义上,公司治理趋同的结果可能是一种兼具各种模式优点而又与其自身环境相适应的混合模式。3、关于独立董事制度的完善。独立董事制度的建立和完善不仅有助于我国上市公司的正常管治,而且有利于改善我国上市公司的国际形象,便于其跨出国界,在国际市场上展开规范有力的竞争,以更大规模地发展自己。本文力图从作用原理上揭示出独立董事对于公司治理结构的独特价值,并对照在国外的制度现状,揭示出我国上市公司独立董事制度的问题所在,并对应地提出完善该制度的建议。独立董事制度的完善并非仅仅是法律层面上的问题,而是涉及到多种因素的一个系统工程,需要我们从多方面努力。因此,独立董事制度的建设和完善,任重而道远。本文的主要贡献:1、选题具有新颖性和现实性。本文从公司治理国际趋同的角度来研究中国上市公司独立董事制度,具有一定的新颖性。2、从经济学角度对公司治理国际趋同进行分析。在分析比较几种典型公司治理模式的基础上,结合经济学的相关理论深刻揭示了公司治理模式的变迁受到“路径依赖”和“制度互补性”的约束,即公司治理制度的演进不可能完全脱离其原先的路径,这决定了各国公司治理改革不可能遵循同样的路径;而制度互补性则决定了公司治理趋同是一个非常困难的过程,所以趋同只能是一个相对的、不断发展的概念。更多还原

【Abstract】 With the development of national economies and the global economy, the global environment, especially the financing environment has undergone major changes. It also attracted corporate governance changes. The different corporate governance model has increasingly demonstrated its inherent drawbacks, and begins to absorb other models’effective elements. The convergence and harmonization of international development trend is emerging.Independent Director System is one of the most important parts of corporate governance, which was produced in American in 1970s. The independent director system can improve the functions and structure of the board of directors, prevent the big shareholder from abusing the shareholding effectively, strengthen the transparency of the board of directors and guarantee the fairness of the board of directors, and thus get the result of balancing and supervising in power. According to the independent director system of foreign countries, the implementation and practice of this system are not long. It itself is at a stage of exploring and improving.Since 1990s, our country has introduced independent directors into the listed corporations. It is an effective way to establish scientific corporate governance, avoid insider control, and protect the interest of the minority shareholders, because the history tradition and purpose of introducing independent directors are different between china and western developed countries, the development and operation of the system is very particular in our country. Under the condition of big shareholders encroaching on country and minority shareholder’s equity, it is a meaningful subject to take advantage of theory and practical experience of western developed countries to perfect the system of our country. The main subject of this paper is whether and how the independent directors system can finish its task. The solution of this problem will be significant to the implementation of the principle of fairness in china’s security market, the improvement of the corporate governance system and shareholder’s confidence on securities.Structure of the paper:This paper is divided into five chapters altogether. The structure and main points are listed as follow:Chapter 1:Prolegomenon. This chapter introduces the background to the study, research thinking, the main content, and some research about convergence of corporate governance and independent directors, which lay the foundation for later analysis.Chapter 2:The analysis, comparison and enlightenment about international convergence of corporate governance. This chapter introduces and compares two typical models of corporate governance, analyzing the "path dependence" and convergent, studying the global corporate governance reform’s background, motives, main developments and converging trend in recent years, and discusses how to use global best practices as reference to further improve the corporate governance level of Chinese listed companies. The converging trend of global corporate governance requires Chinese companies to build up corporate governance mechanism that is compliant to market economy and global standards.Chapter 3:The example of international convergence of corporate governance: the establishment and perfection of independent director system. This part introduces independent director system’s concept, generation and current situation and its role in corporate governance. On the basis of introduction, the chapter analyzes the development of independent directors abroad, and then put forward the force and resistance about independent director system in the international convergence.Chapter 4:The formation, status and problems about independent director system of Chinese listed companies. This part discusses the deficiencies of independent director system in our country. Since the foundation of independent director system, its weak points have already emerged during execution. For example, the independent director’s independence is difficult to guarantee on qualifications, the asymmetry of rights, responsibilities and interests, personnel scarce and conflict with the board of supervisors and so on, and this chapter analyze its reasons about these issues from different perspectives.Chapter 5:Improve independent directors system to consummate corporate governance. In view of the status and problems of independent directors system in Chinese listed companies, this chapter puts forward a series of measures and recommendations from outside and inside construction, in order to benefit for corporate governance in our country.Viewpoints of this paper:1. The convergence of different corporate governance models. Globalization and the resulting competition promote the company’s management to a higher efficiency model convergence to a certain extent. Although it would become the final agreement on corporate governance, scholars have different views. At least, different countries have a certain degree of corporate governance approaches from practice. However, due to the existence of complementary system and path dependence, as well as countries’differences in the economic, cultural, social and levels of development that determines the international convergence of corporate governance is relatively and gradually.2. The direction of convergence of corporate governance. The current corporate governance model has its strengths and weaknesses, therefore, the only best corporate governance model hardly exists. There are different models of corporate governance exist in reality which indicates that each model are shown effective, at least with regard to its specific environment, and other models would not exist for a long time. Hence, we can not be too superstitious to follow a pattern. Each model has its advantages, disadvantages and reasonable element. Corporate governance will not go to a single uniform model, but may be a mixed, two-way street. To the extent, the result of convergence of corporate governance could be a hybrid model which has other models’advantages and suits its own environment.3. The improvement of the independent directors system. The establishment and perfection of the independent directors system of listed companies is not only in favor of normal governance but also is favorable to improve the international image to facilitate and start the competition on a larger scale development in the international market. This paper tries to reveal the unique value of independent directors in corporate governance from the action principle, and reveals the problems of independent directors system of Chinese listed companies based on the comparison with the system abroad, and puts forward recommendations to improve the system. The perfection of independent directors system is not merely the legal problems, but system engineering related to many factors, thus we need to make efforts in many aspects. Therefore, the construction and perfection of the system of independent directors is hard and long.Contribution of this paper:1. The topic of the paper has novelty and realistic significance. From the perspective of international convergence of corporate governance of listed companies in China to study the independent directors system is a novelty.2. The analysis of international convergence of corporate governance from different perspectives such as accounting, economics and other aspects. Based on the comparison of the typical patterns of corporate governance, this paper reveals that corporate governance model is restricted by the "path dependence" and "system complementary", which means that the evolution of corporate governance can not be completely divorced from its original path. This determines that it is impossible to follow the same path among every country’s corporate governance reforms, and the system complementary determines the convergence of corporate governance is a very difficult process. Consequently, the convergence is a relative, continuous development progress.更多还原