上市公司独立董事作用路径研究——基于结构方程的分析

独立董事在上市公司中所发挥的作用一直是学术界研究的热点议题。从董事会投票制度出发,探讨了独立董事与企业价值和绩效的关系,并运用AMOS路径分析法进一步分析了独立董事发挥作用的路径。研究发现,由于独立董事在董事会中占比较低,未能直接对企业价值和绩效产生显著影响,但独立董事能够改善公司治理机制,从而间接地对企业价值和绩效产生影响。在对样本进行分组检测后,发现席位占比较高的独立董事能够直接对企业价值和绩效产生显著影响。因此,建议通过鼓励上市公司进一步提高独立董事在董事会中的席位比例等措施完善独立董事制度。

A Study on the Role Path of Independent Directors in Listed Companies

The function of independent director system in listed companies has always been a hot issue in academic circles. Starting with the board voting system, the article explores the relationship between the independent directors and the enterprise value and performance, and further analyzes the role path of the independent directors through AMOS path analysis. The research finds that because of the low percentage of the independent directors on the board, they cannot have an obvious influence on the enterprise value and performance, but they can improve the corporate governance mechanism, thus indirectly affecting the enterprise value and performance. After the grouping detection of the samples, we find out that the independent directors with a higher proportion of seats have a significant effect on the enterprise value and performance in a direct way. Therefore, this article recommends that the independent director system should be perfected by encouraging the listed companies to further increase the proportion of seats of the independent directors on the board.