独立董事制度与中小股东利益保护

设立独立董事，对上市公司中小股东的利益保护能够起到一定的作用，但是绝不要过于依赖，第一，独立董事是经济人，在效用最大化行为原则和许多现实条件的约束下，独立董事难于与中小股东激励相容，独立董事积极保护中小股东利益的动力有限；第二，独立董事在董事会中，由于董事会的机制限制，独立董事保护中小股东利益能力也十分有限.本提出，保护中小股东的利益，关键要在如下三个方面下功夫；第二，健全公司股东利益保护的法制，特别是有关重大经营信息披露的时限与责任规定；第二，降低大股东持股的首位度，形成股东制约股东的机制；第三，加大对重大的股东侵权案件的查外，既追究侵权的法人机构的责任，更要追究当事的自然人违反诚信义务的民事责任和刑事责任。

The Arrangement of Independent Board Director and Protection of the Interests of Small Stockholders

although the arrangement of independent board director in corporate governance can protect in a sense the interests of small stockholders in the listed companies from erosion,we cannot rely on the arrangement too much.Firstly,the independent board director is also an economic man,who must abide by utility maximization and some conditions,and hence whose interests cannot be completely compatible with those of the small stockholders.Secondly,confined by the decision-making process of board of director,the independent board director bears only a limited and weak motive to protect the interests of small stockholders from erosion.The author argues in the paper that the following key points must be focused on to deal with this issue:1)perfecting the law of protection of the small stockholder's interests,esp.,the regulation of the deadline for listed companies to disclose the important information on their business;2)reducing the shares of the big stockholders in order to retrain the stockholders by themselves;3)punishing heavily both the corporation itself and the natural men in the listed companies when erosion of stockholder's interests are found.