信息获取、效率替代与董事会职能的改进——一个关于独立董事作用的假说性诠释及其应用

独立董事制度的兴起是现代公司治理理论和实践发展的产物，但独立董事信息获取能力的欠缺制约了他们持续改进董事会职能的作用。随着董事会独立性（独立非执行董事人数的比例）的提高，董事会决策的公正性效率会提高，但董事会决策的达用性效率会降低。在效率替代作用的影响下，董事会的独立性高低与董事会决策交率之间并不存在线性关系，而是倒U型关系，这一模型可以对关于独立董事问题的各种争议给出很好的解释，也可以对我国探索公司治理中独立董事的人数比例，人选确定方法，遴选途径和激励约束等方面提供一个基本框架。

Obtaining Inside Information, Efficiency Trade-off and Enhancing Function of Directorate: A Hypothesis of the Role of IND and Its Application

The emergency of IND (independent non-executive director) resulted from the development of theories and practices of modern corporate governance. It is identified that the ability of obtaining inside information by INDs is the main element influencing corporate governance efficiency. With the enhancement of the independence of board of directors, the fairness of the decision made by the board of directors will increase , but the applicability of the decision will decrease. Under the effect of efficiency trade-off, it is posed that there is no liner relationship between corporate governance efficiency and the proportion of INDs on board of directors and thus better explains the various arguments on the relationship between them. On this basis , there also designs a basic framework of exploring how to establish the IND system in China considering factors such as the proportion of INDs on boards of directors, the qualification of INDs, the method of choosing INDs and incentives and restriction to INDs.