独立董事背景与公司经营绩效

Background of Independent Directors and Corporate Performance

本文从独立董事背景的角度检验其对公司经营业绩的影响。研究发现,独立董事的教育背景对公司业绩并没有正面的影响,同时发现有政府背景和银行背景的独立董事比例越高,公司经营业绩越好。研究的结果也支持限制个人担任过多独立董事的主张。本文的研究在丰富了公司治理文献的同时,对于正确理解独立董事对公司经营业绩的影响也提供了新的观点,并对我国公司治理的进一步改革提供了重要的经验证据。

In this study, we empirically test the impacts of background of independent directors on corporate performance in China. We find that education background of independent directors do not have any positive effects on firm performance, while our results indicate that ＂Guan Xi＂ is key to business success in China. Meanwhile our findings support calls for limits on directorships held by an individual. Overall, in addition to extending growing corporate governance literature, our results provide an important insight into the nature of effective functioning of independent directors and empirical evidence for the reform of corporate governance in China.