独立董事制度与我国上市公司治理结构的完善

The Independent Director Regime and the Perfection of Corporate Governance in China

2001年8月,中国证监会颁布《指导意见》标志着独立董事制度在我国的全面推行。刚刚修订的《公司法》明确规定上市设立独立董事。但四年多的实践表明,独立董事制度在我国实施的并不成功。“花瓶董事”甚至“饿狼董事”的斥责以及对独立董事制度的争论从未停止过。由于我国上市公司自身的结构性问题,来自异域的独立董事制度扎根我国存在着适应性问题。只有在完善公司治理的前提下,改革创新,不断探索,完善资本市场,健全法律体系,才能够探索出一条适合我国国情的,使有效的独立董事与监事会协调一致,成为互为补充的监督体制。

In Augst 2001, China Securities Regulatory Commission （CSRC） enacted ＂the guidance rules for listed companies to build up independent board system＂ which means the thorough implementation of Independent Director Regime＇ s The newly revised Company Law precisely demands all listed companies set up independent board system. But the practice over 4 years indicates that Independent Director regime is not so successful as excepted.such as ＂vase director＂ or even ＂wolf director＂ .Because of the inconsistency of listed companies themselves, the explanted regime involvesmany issues of adaptability. Only through perfection of corporate governance, innovation and exploration, improvement of Capital Market, and law system, can be achieved an adaptive supervision regime under which Independent Directors can suit to the board of supervisors in China.