上市公司独立董事与公司业绩相关性的实证研究

本文采用面板数据模型,从独立董事的比例、时间精力、职业背景、激励等多个角度考察独立董事与公司业绩的相关性,并测试了独立董事比例的大小对公司业绩的影响。研究发现:独立董事具有代理人的性质,在目前独立董事的胜任力和实现力得不到保证的情况下,独立董事无助于改善公司业绩,当独立董事逐渐成为董事会中的多数甚至绝对多数时,独立董事比例与公司业绩负相关,凸显出独立董事的代理人特征;而且独立董事的薪酬与公司业绩正相关,说明独立董事需要报酬的激励。

Empirical Research on the Relevance of Independent Directors and Firm Performance in Listed Companies

The paper uses the panel data to review the relevance between independent directors and firm performance from the angel of independent directors' proportion,time,occupation,inspiriting and so on,and tests the performance in the influence of the size of independent directors' proportion.After analysis the following results are provided.Independent directors have the character of attorneys.Independent directors can't improve the firm performance in the condition that the competence and realizable force of independent directors is insufficient.When the independent directors become most or even absolute majority in the board of directors,the proportion of independent directors to all directors is negative to the company performance which displays the character of attorneys.The pay of independent directors is positive to firm performance.Independent directors need motivation.Meanwhile,independent directors should have the capability of manager.Through reviewing the time and occupation of independent directors,we find that the independent directors who possess enough energy and ability can improve the firm performance.The independent directors take a signal effect.The signal effect of independent directors who hold different ideas damages the firm performance.The repute of independent directors can improve the firm performance.