Research On Independent Directors System Of Listed Companies After The Reform Of Non-tradable Shares

The independent directors system has been paid more and more attention by the capital market as an effective measure to perfect corporate management structure. It is an effective institutional arrangement of corporate management structure, which is becoming a global trend.The introduction of independent directors system should be combined with the status of listed companies in China. The establishment of independent directors system with its own characteristics will have a strong practical relevance to perfect the management structure of listed companies. Meanwhile, we should continue to perfect the mechanism, which restrains independent directors to exercise their power, on the basis of establishing and improving independent directors system. We could also strengthen the motivational effects through reducing agent costs of independent directors. The introduction of independent directors system shouldn't be our final goals, and it should be a specific method and auxiliary measure to perfect the corporate management structure. Then it will draw public attention and trial to improve the corporate supervision system and promote the development of the corporate management system onto a promising track which is also the realistic needs to construct the socialist harmony society. This is the paper's starting point and standing point.This paper explains some relevant conceptions, internal and external surroundings to play value, origin and development of independent directors theory in a systematic way. Combining the corporate management structure in England, America and Japan whose independent directors system is relatively complete, first, the paper summarizes the social background and development course of the introduction of independent directors system in China. Second, it compares different operating situations of independent directors system around the period of reform of non-tradable shares. Third, it makes a research for the relationship between independent directors system and achievements of listed companies after the period of reform of non-tradable shares in China. Finally, on those bases, the paper points out the problems which exists in our enforcement of independent directors system, and puts forward the countermeasures and suggestions for the operation of independent directors system in China.