The Influence Of The Characteristics Of The Independent Director On The Value Of The Enterprise

From twentieth Century to early twenty-first Century,the global economic system has changed dramatically.The form of modern joint-stock companies has dominated the whole capital market,and its biggest feature is the separation of ownership and management right,which also brings a series of agency questions.In order to solve the increasingly serious agency problem in listed companies,the independent director system first appeared in the US capital market.With the rapid development of China's capital market,the demand for independent directors is more and more intense.In the early twenty-first Century,the independent director system was introduced into China.The independent director system can effectively compensate for the shortcomings of our existing director system,and make our corporate governance system more threedimensional and hierarchical.Taking the functions of independent directors as the starting point,combining the characteristics of China's capital market,the qualitative and quantitative analysis of the influence of independent directors on the enterprise value is of significant significance for further improving our independent director system,improving the efficiency of the company management,and thus effectively improving the value of the enterprise.Therefore,this study focuses on the analysis of the influence of the independent director's related characteristics on the value of the enterprise,combining the research results at home and abroad,based on the process of introducing the independent director system into our country,and analyzing the functions of the independent directors in the listed companies and the problems to be solved,so as to show that the independent director system will improve the public of our country.The importance of the management structure of the company.In addition,the role of independent directors in corporate governance is the breakthrough point to select the characteristic variables that can affect the effectiveness of independent directors' role,such as the proportion of busy independent directors,the proportion of independent directors of women,the proportion of independent directors,the age of independent directors,the salary of independent directors,independent directors' education.Through SPSS 20,the descriptive statistical analysis,correlation analysis and regression analysis are carried out to determine the independent director's characteristics to determine the influence of the independent director's characteristics on the enterprise value.On the basis of theoretical analysis and empirical analysis,this paper finds that there is a significant positive correlation between the proportion of busy independent directors,the proportion of independent directors,independent directors' education and the salary of independent directors,while the proportion of independent directors and the age of independent directors have limited influence on the value of enterprises.In view of the above analysis results,in order to improve the current independent director system in China,this paper puts forward some suggestions on the scale of independent directors,the incentive mechanism of independent directors and the clear responsibility of independent directors.