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论文编号：	3195
作者编号：	2120092440
上传时间：	2011/6/3 16:56:58
中文题目：	中国上市企业独立董事对公司绩效的影响——基于信息透明度的调节效应分析
英文题目：	The Influence of Independent Directors on Corporate Performance in Chinese Listed Enterprises-Based on the Moderating Effect of Information Transparency
指导老师：	牛建波
中文关键字：	独立董事 董事会独立性 公司绩效 信息透明度
英文关键字：	Independent directors Independence of the board Corporate performance Information transparency
中文摘要：	现代公司所有权与经营权分离，由此带来的委托代理问题是公司治理学科要解决的主要问题之一。在相关的公司治理改革提议中，加强董事会的作用尤其是独立董事的功能是常常被人提到的一种。独立董事不代表投资人、管理层、股东大会等任何一方的利益，因此会从企业本身的利益出发，最终给公司所有的利益相关者带来利益。公司治理改革的一个重要目标就是提高独立董事在董事会中所占的比例。尽管从社会舆论、法律制度方面都体现了增加独立董事在董事会中比重的要求，但学者们对提高独立董事的比例究竟是否有效仍然持怀疑态度，已有的研究独立董事比例与公司绩效之间关系的文献还没有一致的结论。 本文从委托代理理论和信息不对称理论出发，说明了独立董事制度在现代公司治理体系中存在的理论基础和制约独立董事有效发挥作用的最重要方面。本文以2001-2009年中国深市上市公司的数据为样本，首先检验了独立董事比例与公司绩效之间的相关关系，然后重点探讨在信息透明度的调节作用下，独立董事比例对公司绩效的影响发生何种变化，从而说明信息透明度对独立董事有效性的影响。 本文的研究结果表明：①由法律强制要求引起的独立董事比例增加总体上不能对中国上市公司的绩效产生显著影响；②将公司的信息透明度作为调节因素时，独立董事比例的增加则能够显著提高中国上市公司的绩效。为什么国内已有的很多研究认为独立董事比例与公司绩效之间没有显著关系？本文的研究结论为这个问题提供了两个可能的解释：①中国独立董事制度的发展还不完善，受独立董事本身独立性、专业技能等内部条件的制约，以及缺乏激励与监督、没有形成良好的独立董事市场等外部条件的限制，独立董事能够对公司绩效产生的影响还没有完全体现出来；②对于信息披露透明度不同的公司，独立董事比例对公司绩效的影响是不同的，一些公司的董事会结构可能已经使其绩效最大化，这时强制增加其独立董事比例可能会降低公司绩效，而另一些公司增加独立董事比例则能显著提高绩效，当对所有公司进行分析时，正相关与负相关的情况正好相互抵消，从而整体上表现为不显著。
英文摘要：	In modern companies, the ownership and management are separated; the resulting agent problem is one of the most important problems that corporate governance should work out. Concerning the corporate governance reform proposals, strengthening the role of the board of directors, especially the independent directors’ function, is often referred. The independent directors do not represent the interest of investors, management, shareholders and any other sides, but represent the interest of the enterprise itself, so ultimately bring benefit to all the stakeholders. To increase the ratio of independent directors on the board is one of the important targets of the corporate governance reform. Although the public opinion and legal system have been reflected the request of increasing the proportion of independent directors on the boards, but scholars are still skeptical about the effectiveness of this approach. The existing literatures haven’t drawn the same conclusion about the relationship between the proportion of independent directors and the corporate performance. Based on the agency theory and asymmetric information theory, this thesis demonstrates the theoretical basis of the independent directors and the factors which restrict independent directors from fulfilling duties effectively. This thesis chooses Shenzhen listed companies in China from 2001-2009 as the sample, firstly tests the correlation between the proportion of independent directors and the corporate performance, then focuses on the changes of the correlation under the adjustment of the information transparency. This process can show how information transparency affects the effectiveness of independent directors. The research results show that: a) The increasing of proportion of independent directors which dues to the law enforcement doesn’t have a significant impact on the corporate performance in general; b) When using information transparency as a adjusting factor, the increasing of proportion of independent directors will significantly improve the performance of listed companies in China. Why do a lot of researches show that there is no significant relationship between the proportion of independent directors and corporate performance? This study offers two possible explanations: a) The development of independent director system in China is not perfect. Some independent directors are not independent and professional, and are in lack of incentives and supervision. In a result, the impact independent directors have on corporate performance has not been fully reflected; b) For companies with different information transparency, the impact that proportion of independent directors have on firm performance is different, some of the company's board structure may have composited to maximize performance, when forced to increase its proportion of independent directors the performance may reduce. In some other companies, increasing the proportion of independent directors can significantly improve performance, when in the overall analysis, the positive and negative cases exactly cancel each other out, and so overall performance is not significant.
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