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论文编号：	503
作者编号：	2120071989
上传时间：	2009/5/21 9:21:59
中文题目：	境外背景独立董事对中国上市公司
英文题目：	Research for the Influence of
指导老师：	马连福 教授
中文关键字：	境外背景独立董事 董事会 公司
英文关键字：	Offshore Independent Director
中文摘要：	2000年11月3日，上海证券交易所发布的《上市公司治理指引（草案）》中建议上市公司至少拥有两名独立董事，且独立董事至少应占董事总人数的20%。2001年8月16日，证监会又发布了《关于在上市公司建立独立董事制度的指导意见》的通知，其中规定在2003年6月30日前，上市公司董事会成员中应当至少包括三分之一的独立董事。2005年修订的《公司法》明确提出，上市公司设立独立董事，确立了独立董事制度的法律地位。 直到现在的2009年，独立董事的发展在我国已有十年。在这十年中，国内关于独立董事制度对我国上市公司的作用的研究层出不穷，且大多研究放在了独立董事比例和反映公司收益的业绩指标之间的关系这一命题上。也有少数研究开始关注独立董事的背景，包括政治背景、财务背景、教育背景和从业背景等。但是，鲜少文献关注到境外背景（指在中国大陆以为的国家或地区学习或工作的背景）独立董事对我国上市公司的影响。 境外背景独立董事从1999年便存在于我国上市公司董事会中了，经过十年的发展，聘用境外背景独立董事的公司数量最高达到131家，而境外背景独立董事的人次数最高达到172位。并且在这十年中，聘用过境外背景独立董事的公司数量有174家，有极少数的公司甚至聘用了5到6位的境外背景独立董事。对于存在于我国上市公司董事会中的这种现象，迄今为止还没有任何的文献进行过专门研究。那么，为什么这么多的公司选择聘用境外背景的独立董事？又是哪些公司更加倾向于聘用境外背景的独立董事？而这些境外背景的独立董事是否对公司的董事会运作甚至是经营业绩产生了重大影响？这是本文试图解答的疑问。 本文认为，境外背景独立董事具有更为积极的履职行为。中国是向来强调个体服从整体，缺乏个性张扬的传统，独立董事一旦进入董事会，极易与内部人员同化，丧失独立性。而由于中西方文化的差异，境外背景的独立董事大多强调独立性，可能更为积极地在董事会表达自己的独立观点和意见，通过积极作为来改变董事会的文化和运作方式，促进董事会的治理效率。同时境外背景独立董事能够为公司的董事会带来新的理念和制度的创新，改善董事会的文化和运作效率，真正发挥独立董事制度的效用，提高公司治理效率，最终影响公司的经营业绩。 本文采用统计分析和实证研究的方法对我国上市公司聘用境外背景独立董事的状况进行了研究。首先分析了目前我国上市公司聘用境外背景独立董事的现状。其次，通过回归分析研究了影响公司聘用境外背景独立董事的因素，发现是否境外上市和董事会规模对上市公司是否聘用境外背景独立董事产生了显著影响。最后通过实证研究，分析了境外背景独立董事对上市公司的业绩影响，发现聘用境外背景独立董事的上市公司的业绩显著优于未聘用境外背景独立董事的上市公司的业绩。 总而言之，本文对上市公司聘用境外背景独立董事的状况进行了探索性研究，为以后的更进一步研究提供了一些有意义的依据。
英文摘要：	In Nov. 2000, Shanghai Stock Exchange issued “guidance for corporate governance of listed companies (drafted)”, which made it clear that the board of directors (BOD) in the listed companies should have two independent directors (ID) at least and the proportion of ID in BOD should be not less than 20%. Until August 2001, the China Securities Regulatory Commission (CSRC) regulated in “the guidance on establishing an independent director system in the listed companies” that proportion of ID in BOD of listed companies should have no less than 1/3 before June 2003. In 2005, revised Company Law put forward explicitly that listed companies should establish independent directors system. Now the independent directors system has been carried out and developed about ten year in China. During this period, there were so many studies on the effect of ID system in Chinese listed companies that most of them were focus on the effects of ID on the performance of the companies. There are also some studies on the background of independent director, including political, financial, educational background and working experience. However，there is few literature about how offshore independent director, that is ID boasting learning or working experiences outside Chinese mainland, has effect on Chinese listed companies. So the study on the offshore ID should be a good perspective for exploring the function of independent directors. Offshore ID existed in Chinese listed companies since 1999. After 10-year development, the highest number of offshore ID employed by listed company amounts 172, the highest number of companies employing offshore ID is 131 in one year. During the ten years, there are totally 174 companies employing offshore ID. There are a very few companies even employed five or six offshore IDs. Why there are so many listed companies employing offshore IDs? Which kind of company is inclined to employ offshore ID? Whether these offshore IDs have big influence on the BOD efficiency or the corporate performance or not? All of these questions will be answered in our text. In this thesis, we believe offshore IDs would carry out their responsibilities aggressively as independent directors. China is a nation making a point of individuals to collectives which results in lacking publicizing tradition in people’s personality. So once the independent directors entering into the BOD, they are easily assimilated by insiders and lose independence. Therefore the offshore IDs, with the difference between Chinese culture and Western culture, emphasize independence, which make them actively express their own independent ideas and suggestions in the BOD meeting. By this aggressive action, offshore IDs would change the culture and working style of the BOD, which further would improve the governance efficiency of the BOD. In the meantime, offshore IDs would bring the BOD new ideas and system innovation to promote the culture and work efficiency of the BOD, which would bring the independent directors system into play and promote the corporate governance efficiency, in the end even affect corporate performance. Our text applied statistic analysis and empirical research to study status pro of offshore independent directors in Chinese listed companies, including the industry distributing, stockholder style, and so on. By empirical research, we analyzed the effects of offshore independent directors on corporate performance, and found that there was remarkably difference between performance of listed companies with empirical research independent directors and that of listed companies without empirical research independent directors. All in all, we hope our research will provide some meaningful evidence for future studies in this field.
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