Study On The Effects Of Independent Director Function In Chinese Listed Corporation

This paper set out the new framework on independent director function by the synthesis of agency and resource dependence theory, response to inconsistent with the existing research. We hold that independent director function not only includes supervising, but also providing resource. We put it as the hypothesis and proved it by building empirical model. Research found independent director function can affect corporate performance with their capital. Some factors have influence on this function, including independence, encourage and some corporate governance structures, such as ownership structure, senior management variables and board of supervisors.The empirical study results show that independent directors in the proportion of the board have no relationship with corporate performance; and independent director capital has effect on performance. The reason that the existing researches failed to achieve the consolidate result maybe incomplete understanding the function of independent director. In addition, we also found some corporate governance structures have different effect on the function. These found benefit the future research.According to the results of empirical test, for the development of domestic research, the paper advised that definite about the independent director function, improve the construction of independent director law, as well as the building of complete independent director incentive system.