The Influence Of Independent Directors' Scientific Research Background On Financial Governance Of Listed Companies

Independent director is very important for the standardization of securities market in our country.It is one of the signs of the independence supervision mechanism of listed companies.The existence of independent director is of great significance for the effective supervision and decision-making of listed companies.It is also a key link to solve the principal-agent contradiction between shareholders and managers.However,due to the imperfection of the independent director system in our country,in many cases,the public has doubts about the independence of the independent director system,and the issue of whether the independent director is independent or not has been widely concerned by investors in the secondary capital market.In academic circles,many scholars support the implementation and improvement of independent directors,but they also hold a long-term attitude against the vase directors in the current listed companies in China,hoping that the CSRC can speed up the organizational structure reform of listed companies,and give full play to the supervision role of independent directors.Therefore,it is of great significance for the listed companies to study the relationship between the role of independent directors and their performance.This paper takes the number of independent directors with scientific research background of listed companies as independent variables,and the profitability,operating capacity and solvency of listed companies as dependent variables,selects the listed companies listed in Shanghai and Shenzhen in 2010-2016 as research objects,and finally selects 700 annual reports for empirical analysis,and puts forward relevant policy suggestions according to the analysis conclusions.The conclusions of this paper are as follows: first,the number of independent directors with scientific research background is positively related to the profitability of listed companies.Second,the number of independent directors with scientific research background is positively related to the operating capacity of listed companies.Third,there is no significant relationship between the number of independent directors and the solvency of listed companies.Fourth,in addition to independent directors with scientific research background,other independent directors are negatively related to the number of independent directors with scientific research background,and shareholdings of the top ten shareholders and the asset liability ratio are positively related to the number of independent directors with scientific research background.We can improve the independent director system by reasonably arranging the division of labor between the board of directors and the board of supervisors,clarifying the rights and responsibilities of independent directors,and optimizing the selection and appointment mechanism of independent directors.