不同行业多席位独立董事是否提升了公司治理水平——剔除长周期经济波动影响的实证研究

Do More Independent Directors in Various Industries Improve Corporate Governance?

近些年,独立董事系列事件备受关注,针对独立董事制度有效性的争议不断。在梳理国内外独立董事有效性研究成果基础上,本文选择2003年至2016年沪深两市上市公司为研究对象,以董事会治理指数、经理层治理指数、信息披露指数、利益相关者治理指数构建公司治理评价指标体系,进而评价独立董事比例和增设独董对公司治理水平的影响。结果显示,样本公司治理水平在缓慢提升,其治理水平差异缓慢缩小,独立董事的数量绝对值对公司治理水平影响较弱,但增设独立董事会在当年或者下一个财年显著影响公司治理水平。

On basis of combing the findings of the researches on the effectiveness of independent directors at home and abroad, with the listed companies in Shanghai and Shenzhen stock markets from 2003 to 2016 as the research subjects, this article constructs a corporate governance evaluation index system comprising of board governance index, executive governance index, information disclosure index and stakeholder governance index, and evaluates the influence of the proportion of or addition of independent directors on the corporate governance. It shows that the governance in these companies has slowly improved and their gap in governance has slowly been narrowing; the absolute number of independent directors has a weak impacts on corporate governance, but addition of independent directors will significantly influence the corporate governance in the current or next fiscal year.