国外独立董事制度研究综述

The Comprehensive Study on the Oversea Independent Directors System

从独立董事制度的理论基础、独立董事的作用及影响独立董事选择的因素、独立董事与公司绩效的研究和独立董事的激励与约束4个方面综述了国外对独立董事制度研究的状况。主流观点是:独立董事制度产生于委托代理关系,代理理论是其理论基础,其主要作用是通过监督和制定公司战略缓解代理问题。委托人对独立董事主要采用激励与约束保护独立董事的有效性,以提高公司绩效。当然,还有一些与上述相左的观点。

From the viewpoints of theoretical base, function and its selection, performance evaluation, and the encouragement and restrain of independent directors, this article has studied the new development of the foreign independent directors system based on the research of the past foreign literatures. It is concluded that the independent directors system come from entrust agent, the agent theory is its theoretical foundation, and its principal function is to establish strategic agent system through supervision. The agent relies on encouragement and restraint to protect the validity of independent directors and promote the performance of companies.