我国上市公司独立董事的实证分析

通过对深沪两市1204家上市公司独立董事的实证分析,章指出了独立董事人员构成上的四大问题,即：独立董事的规模小,难以发挥“群体效用”并制约了独立董事任期交错制度的实施;独立董事的知识结构同独立董事的职责要求发生错位;“花瓶”董事太多,独立董事不“懂事”;产生机制不舍理,独立董事不“独立”。对此,章提出三大对策：一是培育独立董事市场;二是严格限制独立董事的兼职数量,确保独立董事充分的工作时间：三是完善独立董事生成机制。

An Empirical Analysis of the Outside Directors in China's Listed Companies

By analyzing empirically the Outside Directors in 1204 China's Listed Companies in Shenzhen and Shanghai Stock Exchange, this paper points out four problems with the composing of these Outside Directors. First, the scale of the Outside Directors is so small that it fails to bear out "collective utility" and that obstructs the implement of the cross-employed system. Second, the Outside Directors' structure is not conformable to the Outside Directors' requirements. Third, the "Flower-Bottle" Outside Directors are so large in numbers that they do not know what to do and how to do. Fourth, the formation mechanism is so unreasonable that the Outside Directors do not remain independent. Therefore, this paper puts forward countermeasures: First, foster the Outside Directors markets; Second, strictly limit their numbers on part-time jobs for the purpose of their adequate word hours. Third, improve the Outside Directors' formation mechanism.