中国独立董事制度治理困境研究——以康美药业事件为例

Research on the Governance Dilemma of China's Independent Director System--Taking the Kangmei Pharmaceutical Incident as an Example

独立董事制度在中国上市公司已存在20多年。独立董事从保护中小股东利益的立场出发对管理层进行监督,在一定程度上填补了中国公司内部治理机制的漏洞。然而康美药业操纵证券市场一案反映出独立董事职责的缺位,致使未承担勤勉义务的独立董事被判承担天价赔偿的同时,也映射出中国独立董事制度的困境所在。于此,可以通过对独立董事制度现有问题以及原因的研究,对独立董事选任、责任认定以及履职保障方面提出相应的改进建议。

The independent director system has existed in Chinese listed companies for over 20 years.Independent directors supervise the management from the perspective of protecting the interests of small and medium-sized shareholders,which to some extent fills the loopholes in the internal governance mechanism of Chinese companies.However,the case of Kangmei Pharmaceutical manipulating the securities market reflects the absence of independent director responsibilities,resulting in independent directors who have not fulfilled their duty of diligence being sentenced to bear sky high compensation,while also reflecting the difficulties of China's independent director system.Therefore,by studying the existing problems and reasons of the independent director system,corresponding improvement suggestions can be proposed for the selection,responsibility determination,and performance guarantee of independent directors.