analysis of independent directors for the game（分析独立董事的游戏）.docVIP

Analysis of independent directors for the game Abstract: The introduction of independent director system designed to strengthen the supervision of listed companies to improve the mechanism, but also involves the introduction of independent directors to the shareholders, managers and self-interests of the three independent directors, so how to coordinate the relationship between the three is the key The article used the basic principles of game theory, through the establishment of independent directors and large shareholders and independent directors and management between the game model, reveals the independent directors is difficult to play its due role in the causes and propose appropriate solutions. Keywords: independent directors, the game I. Introduction Independent Director means a fully independent will, on behalf of all shareholders and the company’s overall interests of the members of the Board. The vast majority of listed companies in China in accordance with requirements of the Commission, introduced the company’s board more than two independent directors. After several years of running the practice , is widely believed, although to some extent independent directors to improve the governance structure of listed companies, but the independent directors did not fully play the role of the independent directors of the absence of board meetings, laissez-faire attitude of the company’s major transactions, making major business decisions, ‘free-rider ‘and so widespread, the evidence shows that our independent directors and company performance is only a very weak positive correlation. The role of independent directors can not be fully, of course, all aspects of its subjective or objective reasons, but the independent directors and be overseen by - major shareholders and managers at a disadvantage in the game is the root cause of the problem this paper, the use of game theory basic principles, analyzes the reasons for failure of the independent dire