非政策性因素的独立董事形成机制实证研究

Study on Non-regulatory Determinants of Independent Directors——Empirical Evidence from China's Listed Firms Based on Panel Data

本文以面板数据模型为主要研究方法,考察非政策性的独立董事形成影响因素。本文实证结果及政策涵义可以归结如下:独立董事在国有控股公司中比例较低,在控股权发生变更时显著增加,说明了实现全流通除了有利于国有股减持外,也有利于市场接管机制作用的发挥;股权结构与独立董事比例关系的实证结果,显示在完成改制上市之后,下一步改革方向应当是降低控股股东的持股比例,同时增加其他大股东的持股比例;绩效变动是股东采取行动的一个因素,但股票价格波动对股东行动的影响很小,显示我国上市公司对一般投资者的关注还不充分;企业规模的扩大、销售收入的增长和资产负债率的上升也是独立董事比例增加的因素,间接反映了独立董事可能给企业带来潜在的外部资源。

This paper studies the influence factors on determinants of non-regulatory independent directors. The main findings include： （1）Independent directors have lower percentage in state-controlled companies and increase significantly when stockholding changes. This indicates that full circulation not only is helpful to the decreasing of state-owned shares, but also facilitates the takeover by market mechanism. （2）Evidence of relationship between shareholder structure and independent directors shows that, after the reconstructuring and going public, the next target of reformation should be reduce the percentage of controlling stock holders and increase the share of other shareholders. （3）Changes of performance is another factor leading to actions of shareholders, but the fluctuations of stock price ahs limited effect on shareholders＇ actions, this implies that public companies in China have not paid enough attention to normal investors. （4）Growing of enterprise scale, increase in revenue, increase in leverage ratio also lead to increase of independent directors, this indicates the potential benefits in gaining external recourses by independent directors.