上市公司独立董事独立性研究

湖南大学硕士学位论文上市公司独立董事独立性研究姓名：张娟锋申请学位级别：硕士专业：企业管理指导教师：欧阳润平20041015III1.2.3.4.5.6.1.2.3.4.,IVAbstractAstotheindependentdirectorsystem,independenceisitscoreandsoul.Theindependencemeansthattheremustbenorelationsbetweenindependentdirectorsandbigshareholdersorcompanyoperators,whichmayhinderindependentdirectordoingtheirworks.Andtheindependencealsomeansthatindependentdirectorscancatchcommercialincidentessenceanddaretoexpresstheirownview.Thisresearchdividestheindependentdirectors'independenceintointroductoryindependenceandoperatingindependence.Accordingtothis,themainviewsofthisthesiscanbedescribedas:Firstofall,wecandrawsixconclusionsfromtheindependentdirectors’positivestudy:1.Universities’teachersandscientificexpertsaremainpartoftheindependentdirectors.2.ThefamousuniversitiesinBeijing,Shanghai,ShenzhenandGuangzhouarethecollectivesourceplacesoftheindependentdirectors;3.Theindependentdirectorshaveawelleducationandahighprofessionaltitle;4.Mostoftheindependentdirectorsaremajorineconomicmanagement;5.Theindependentdirectors’remunerationhasalittleeffectonindependenceatthepresentstage;6.Theindependentdirectors’proportioninboardsisrelativelylow.Thecurrentcompositionembodiesthefollowingdefects:insufficiencyofbusinessexperiences,insufficiencyofattendance,insufficiencyofindependenceandinsufficiencyofdiversification,whichaffecttheoperatingindependency.Themainreasonsarethatthereisnotafullydevelopedmanagers'market,thelistedcompaniesweakentheindependentdirectors’functions,theuniversityteacherswithspecialknowledgearesuitableconsultantsandthatthereiseffectofthepeculiarinterpersonalrelationships.Secondly,onthebasisofpositivestudy,weanalysestheinfluentfactorsoftheindependence.Thedecision-makerisaprimaryfactor,whichdeterminestheindependentdirectorandwhomtheyareresponsiblefor.Thechangingstateofenterprise'sownershiprequirestheindependentdirectorstoservethestakeholders.Theindependentdirectors’personalcharacteristicsarebasicelementforthemtowork,anddeepaffecttheoperatingindependence.Sincethereislackofripemotivationandcommitmentmechanism,theindependentdirectorsarenotwillingtoworkhard.Onabove-mentionedanalysiswetriestosetupananalysisframeoftheinfluentfactors.Finally,onabove-mentionedanalysis,thethesisputsforwardsomesuggestionstostrengthentheindependence.1.Buildtheindependentdirectors'associationandVnominatingcommitteetoguaranteeanindependentlychoosingmechanism.2.Itisnecessarytochoosetheindependentdirectors,whopossessthefollowingsevencharacteristics——incisivethinker,businessexperience,interpersonalskills,effectivecontribution,commitment,independence,commandattentionandrespect,tomaintaintheoperatingindependence.3.Reputationmechanismisalowcostandeffectivemethod,butthebuildingofthereputationmechanismisalong-termcourseandneedsthesupplementarymeasuresinmanyaspects.4.Inordertogiveindependentdirectorsenougheconomicmotivationinproperway,weshouldreformtheexistingremunerationway.Anditisaneffectivewaytolettheindependentdirectorsbearcivilcompensationresponsibility.Keywords:Thelistedcompanies;Independentdirectors;introductoryindependence;operatingindependence;1______2VI1.1104.127VII1.131.241.341.451.561.671.772.1142.2152.3162.4171120018211.11619[1]20012001200120022[2][3]2060BobTricker1978‘’20901.231.2.1(1)/(2)(3)1.1187339.56%230513.82%322610.24%41958.84%51898.56%61767.97%71526.89%8914.12%2207100.00%[4],1.200240%13.82%49%1.1101.2163828.91%233215.04%31376.21%41054.76%5904.08%6843.81%7803.62%8803.62%9693.13%10662.99%[4],2.28.91%54.92%4.5%1.220021.348922.16%54224.56%64729.32%1235.57%40618.40%2207100.00%[4],3.46.93%76.13%1.360%10%90%1.451.4132560.04%1767.97%20.09%70431.90%2207100.00%[4],4.200137.38%2002200234.25%20022004254%1.2.2,,,,,,,,,,,,6,,,,,,,,,,,,,,,1.522659.85%24102438.08%4633612.50%68772.86%810291.08%10100.37%94835.25%2689100.00%[4],33412.1638.08%241.2.31.610.132.2822.5%7.8677.5%791134.40%22.77%73.10%319.65%92.75%231.61312.61%286773.10%323319.65%4453.79%580.67%610.08%910.08%1186100.00%[4],1.70%10%221.85%11%20%40734.32%21%30%59650.25%31%40%14412.14%41%50%151.26%51%20.17%1186100.00%[4],11%20%34.32%21%30%50.25%84.57%[5]OECD199962%34%29%1.2.4D(RalphD.Ward2000)investmentrelationexpert8CFOsretiredexecutives[6][7]1.2.1003.4.91.2.51.2.3.4.MBAEMBACEO105.1.3[8]outsidedirectornon-executivedirectorinsidedirectorexecutivedirectorrelatedoutsidedirectoroutsidedirectorinsidedirectorGilson1990DenisandSarin1999[9]executivedirectornon-executivedirector,132.1corporategovernanceguidelinecorporategovernanceprinciplecorporategovernancecodecorporategovernancebestpractice2.1.119341934(non-employeedirector)194060%,2.119341419342.11934S-K1934S-K331033SEC20205%20()NASD()65%20[8]152.2205%20BRT,BusinessRoundTableCalPERS55S-K5CII[8]162.1.22.22.22.1.3[4]2.32.30.5%1%1%[8]2.3172.2199712“”19993292.419992001()1%5%200220021%32001821182.42.32.3.1192.3.1.12.51%32.52.3.1.2202.3.21.2.1%3.5%4.215.6.7.2233.13.1.1FamaandJensen,1986BricklyandJames,1987(Anupandknoeber1998)()23(2002)[10]3.1.2Bayly1988Coulson-Thomas1990Coulson-Thom