独立董事对传统内部治理机制影响的实证研究--基于多元回归模型和Logistic模型的中国证据

Does Independent Director really Influence on Internal Governance Mechanism

本文运用面板数据,对独立董事在上市公司内部治理机制中的影响进行实证分析。结果表明,在组织结构方面,独立董事的引入对董事会领导权结构的影响不明显;在运作方面,独立董事对董事长和CEO变更没有明显作用。研究证实独立董事在内部治理机制中的积极作用的同时,发现学术型独立董事的影响力最为全面;企业型独立董事有着最为强烈的削减监事会规模的倾向;而具有政府背景的独立董事对内部治理机制作用最小。

This paper indicates that the introduction of independent cllrector has limited effect on the leadership structure of directorate, but it can minimize the size of board to a reasonable level, and increase the amount of internal committee dramatically. In routine operation, independent director has limited effect on the change of board chairman and CEO, but has weak influence on the choosing of their successors. These findings prove the positive effect of independent director in the board. This paper also finds that independent directors of academic type has most wide influence, and independent directors of enterprise type has strong inten- tion in reducing scale of supervisory board and this is meaningful to the corporate governance in the future. Comparatively, independent directors of government background have least influence in the corporate governance.