独立董事的"独立性悖论"和有效行权的制度设计

目前独立董事制度尚不完善，限制了独立董事作用的有效发挥，尤其是认为独立董事的报酬激励与“独立性”互相矛盾的所谓“独立性悖论”．更是使独立董事制度前景堪忧。本文基于利益相关者理论，深入分析了独立董事独立性的内涵．认为“独立性悖论”不是不可克服的，独立董事也是企业的利益相关者之一．作为企业法人利益的维护者和其他利益相关者利益的协调人，分享企业剩余并不一定会丧失“独立性”。最后，从独立董事这一角色本身的特性出发，提出了改善现行独立董事制度的建议。

The "Independency Fallacy" and Institutional Design of Independent Directors

Due to the imperfect status quo of independent director institution,independent directors can not play their role effectively.Especially,the prospect of independent director institution was darkened by "the independency fallacy" which was caused by the contradiction between independent director's salary incentive plan and"independency".Based on the stakeholder theory,we analyzed the substantial functions of independent directors and argued that independent fallacy was not invincible,and we thought independent directors were not only the stakeholders in corporate,but the protectors of corporate interests and the coordinators of other stakeholders' interests.Sharing the firm rest was not necessarily led to lose of "independency".Finally,on the basis of the practice of the corporation governance in China,the author designed some institution to ensure the realization of independent director's functions.