The Study On The Relationship Between The Characteristics Of Independent Directors And EVA About Listed Companies

Independent director system as an important part of modern corporate governance has always been one of the hot spots of academic research.The system has been implemented in China for more than ten years,and its relationship with the performance of the company has not yet reached a consistent conclusion.EVA is considered to be a very representative performance indicators,and it has been more mature after the introduction for periods of time;In addition,the independent opinion as an important feature that characterizes the performance of independent directors and the condition of listed companies’ compliance business has not been incorporated into the research on relationship between independent directors and corporate performance.With great changes occurring in the economic and management environment,academia lack of research on the characteristics of independent directors from the perspective of EVA performance indicators and the number of independent opinions.The purpose of this paper is to clarify the relationship between the characteristics of independent directors and EVA,to perfect the independent director system.At present,China has become the second-largest economy in the world,corporate governance issues have become the focus of domestic and international academic and business attention,and independent directors play an increasingly important role in China’s enterprises.China’s economy has entered a new normal state and faced with structural adjustment.Since the implementation of independent directors system,many problems have been explored.Therefore,it is necessary to strengthen the research on the role of independent directors,especially the relationship with corporate performance,to improve corporate governance,improve performance.In this paper,firstly,it studies the relevant literature of scholars at home and abroad.On the basis of summarizing the advantages and disadvantages of previous studies,it is worthy to study the relationship between independent directors and EVA and independent opinions.Secondly,it selects enterprise performance evaluation theory,EVA theory and principal-agent as the theoretical basis,and then it carries out research and design.The research’s design uses the EVA indicator which is rarely used by the past scholars to measure the performance,and selects the independent directors characteristics,such as ratio,the proportion of women,age,education level,salary,the number of independent opinions and attendance rate,to establish hypothesis with the EVA,and selects Shanghai and Shenzhen 300 Index constituent stocks listed companies as a research sample to establish a regression model for empirical research.The empirical process uses descriptive statistical analysis,correlation analysis,co-linearity diagnosis and regression analysis,and finally validates the proposed hypothesis.The results of this study show that the proportion,age,educational level,salary and attendance of independent directors have significant positive correlation with EVA.The proportion of women is only weakly correlated with EVA,and the number of independent opinions is negatively correlated with EVA.On the one hand,the result of the study verifies some of the new point of view;on the other hand,it provides a new research perspective to improve EVA from the perspective of corporate governance.Based on the results of empirical research,this paper puts forward some specific and detailed policy suggestions on the seven characteristics of the proportion of independent directors,the proportion of women,etc.so as to provide references for perfecting independent director system,improving corporate governance and improving enterprise performance.