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论文编号：	2115
作者编号：	2120051942
上传时间：	2010/4/22 15:03:34
中文题目：	上市公司主动设立独立董事
英文题目：	Listed Company
指导老师：	武立东
中文关键字：	上市公司
英文关键字：	Listed Company
中文摘要：	本研究将设立独立董事作为企业的一项战略，从企业的角度考察其设立独立董事动机，采用收益成本理论对上市公司主动设立独立董事的动机进行分析，并对其影响因素进行了实证研究。 本研究通过对独立董事制度在国内外的发展进行回顾，发现独立董事制度很大程度上是由国家法律、法规推动实行的。但通过对中国上市公司资料的整理，本研究发现在中国的一些上市公司中也存在主动设立独立董事的行为。那么他们的动机是什么？在研究了独立董事制度的理论基础和独立董事的功能定位后，本研究认为上市公司主动设立独立董事的基本动机是利用独立董事的监督、制衡与提供资源的作用，根本动机是从主动设立独立董事的行为中获得一定的收益。但是这种收益在行为之前是不能确定的，上市公司主要是根据对该行为带来的成本和收益的估价比较结果来做出是否设立董事的决策。而这种“估计”的差异也是影响上市公司主动设立独立董事制度的规模和速度的一个重要因素。 通过对独立董事有关文献的回顾，本研究认为上市公司对于设立独立董事的成本和收益的分析主要集中在对公司股权结构、公司规模、财务状况、现金分红能力以及关联交易几个因素的分析。本研究在1998年至2004年底沪深所有上市公司中挑选了100家符合要求的上市公司作为研究样本，对主动设立独立董事的行为及其影响因素进行实证研究。结果发现中国上市公司主动设立独立董事主要受公司股权结构、公司规模以及每股现金分红水平的影响。除此，尚未发现其他的影响因素。
英文摘要：	Independent director system has become focus to economics and business management area, as so many people pay attention to corporate governance. But there is little research on the motivation of setting up independent director from the company’s aspect, especially the motivation of listed companies set up independent director initiatively. This paper makes the motivation of listed companies set up independent director initiatively and its influence factor as the research emphases. Reviewed the development of independent director system around world, we find that to a great extent independent director system’s implementation is forced by laws and regulations. But whether a system plays the anticipated role indeed has a direct relation with the executor. Researched the data of Chinese listed company, we find that the behavior of setting independent director initiatively exists in some listed companies. So what their motive is? Based on the rationale and the orientation function of independent director, we consider that the basic motivation is to use the surveillance, keeps the benefit in balance, and the resources provision functions of independent director, while the ultimate motivation is to benefit from the behavior of setting independent director. But the income is uncertain before the behavior. According to the estimation and comparison result between income and cost from the setting independent director behavior, the listed company makes decision whether set or not. And the difference between the estimations is a key factor influences the scale and speed of setting independent director in listed companies. Reviewed the related research of independent director, we consider that the company’s stockholder rights structure, the company scale, the financial condition, bonus ability as well as the connection transaction are the main factors influence the analyzing of income and cost of setting independent director. Therefore we choose 100 companies conform to the request from all the companies exist in 1998 to 2004 as the research sample, make demonstration research on the behavior of setting independent director initiatively and its influence factor. The result is that the behavior is influenced by the shareholders right structure, company scale and bonus level.
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