A Study On The Validation Of Independent Director System In Chinese Listed Company

Based on the research and the practice of the independent director system at home and abroad, this dissertation gives an overall theoretical analysis and empirical test to the validation of independent director system in Chinese listed company. In theoretical analysis, I firstly address the scientific definition of the validation of independent director system, then logically analyze the validation of independent director system from four aspects, such as corporate structure, director's independence, system construction and exterior environments, etc. In empirical test, I analyze the validation of independent director system from four aspects: relation between independent director and investor's protection; relation between independent director and management, relation between independent director and firm performance; relation between independent director and exterior environments, to study whether the independent director system will influence shareholder wealth, disclosure quality, interest policy, related party transactions, company's violation, management's turnover, management 's salary and firm performance, and whether the shareholding structure, enterprise leadership structure, company's ownership and area will affect the validation of independent director system. My conclusion is that our independent director system has obtained some good result in the fulfillment, but there is still a lot of function space to fulfill.After the comparative analysis of the development process and the rules of independent director system, I find that it's important for a system to have proper improvement, so we should take action to ameliorate our independent director system at the right moment.From the logic analysis we can conclude that numerous factors may weaken the validation of independent director system, even make it invalid. Those factors are: conflict between the corporate governance's systems, lopsided shareholding structure, institutional function's alteration, shortage of system construction, lack of director independence, complicatedly exterior environments, etc. When we evaluate the validation of independent director system, we should emphasize investor's protection, interaction of independent director and management, promotion of firm performance and the influence of exterior environments.The empirical test to the relation between independent director system and investor's protection shows that: the market is not sensitive to the appointment of independent director in 2002 and 2003; raising the proportion of independent director in the board will promote the shareholder wealth and lower the occurrence of related party transactions, the funds being embezzled and loan-guarantee; the committees in the board will have benefits in...