An Empirical Research On Independent Director System And Corporate Performance Of Our Country's Listed Companies

The independent director system is an important institutional innovation of corporate governance structure. After many years' practice of western developed countries, it proves that independent director system has played a positive role in perfecting corporate governance structure and balancing executive directors and managers. In order to further perfect the governance structure of listed company, promote the standardized operation of listed company and improve the quality of listed company, China Securities Regulatory Commission issued the Guidelines of Independent Director System for the Listed Company on August 21, 2001, which indicated that our country began to set up independent director system in an all-round way in the listed company formally. Then, after more than four years' practice, how is the implementing effect of independent director system? Whether it improves corporate governance structure or promotes corporate performance to a certain extent? This dissertation attempts to do some researches on it, thus we completely examine the implementing effect of independent director system in our country and offer some empirical evidences for improving and perfecting independent director system of our country. At the same time, it also has an important theoretical and realistic meaning to further perfect independent director system and corporate governance of listed company in our country.The dissertation focuses on studying the impact of independent director system on corporate performance. Firstly, the dissertation analyzes the relationship between independent director system and corporate performance, including independent directors' employment, independent directors' role acted in the company and independent directors' incentive mechanism. Secondly, the dissertation adopts empirical research method and respectively uses 2003 and 2004 year's data to examine the relationship between independent director system and corporate performance. From the empirical result, we discover that independent directors' times of attending the conference of board of directors has remarkably positive relevance to corporate performance and other three variables including independent directors' salary, independent directors' proportion of the corporate type and financial type and independent directors' proportion all don't have relevance to corporate performance. Finally, combining analysis with conclusions mentioned, the author takes some countermeasures to improve and perfect independent director system, including theself-building of independent director system, internal and external institutional improvement and legal institutional improvement, etc.