独立董事职业背景与公司业绩关系的实证研究

Empirical Evidence of Relationship between Professional Backgrounds of Independent Directors and Corporate Performance

本文针对我国上市公司聘请过多来自学术界的独立董事是否有效的疑虑,从实证的角度研究了不同职业背景的独立董事与公司业绩的关系。研究结果表明没有哪一种职业背景的独立董事对公司业绩的影响有更好的表现;只有在公司既聘请来自企业界,又聘请来自非企业界的独立董事,且比例均衡的情况下,独立董事对公司业绩的影响才有更好的表现。因此,我国上市公司聘请来自学术界的独立董事是具有理性的,不只是为了利用他们的声誉与花瓶效应。

 Focusing on the doubtfulness of effectiveness of large numbers of independent directors with academic backgrounds the paper studies relationship between different professional backgrounds of independent directors and corporate performance. The results show that there does not exist a favorable professional background related to a better corporate performance empirically only diversified professional backgrounds of independent directors from both enterprises and non-enterprises with equal rate relates to a better corporate performance significantly. Thus it is rational for the public companies to select large numbers of independent directors from academia not just to obtain their reputation.