独立董事与公司绩效的实证分析.pdfVIP

ABSTRACT Our country adopt two orientations of corporate governance mode, the BD of supervisors has not played the role as the way they should have, such as the company’s whitewashing and shift company’s assets，internal business and so on. Under this condition ，independent director system was introduced in China in the 1990s, and it has been a focus of academic research since its entrance in China. There is no doubt that the government, regulators or even listed companies want to improve the efficiency of corporate governance and protect shareholders’ benefits through strengthening the BD’s independence and normative. However, the independent directors’ function, in particular whether it is helpful for company’s performance, remains to be discussed. This paper chooses the independent director features and performance relationship with the company as research content, combining normative analysis and demonstration analysis, selecting Shanghai stock exchange index 180 listing Corporation as the research sample, eliminating financial enterprise and incomplete data or abnormalities of the Sample Firms, collecting and arranging total of 109 listing Corporation from 2009 to 2011 three years latest data, applicating Econometrics for study, we find the existing problems of China ’s current independent directors of listed corporate implementation of the system. This paper specifically brings up some related countermeasures and suggestions to improving the system of independent directors. The conclusion shows that the attendance rate is not remarkably positive relevant to corporate