独立董事与企业效率:基于上市公司行业数据的实证研究

An Empirical Analysis of Independent Director and Enterprise Efficiency Based on the Business Data of Listed Companies

运用随机前沿分析模型实证分析了独立董事在董事会中所占的比例及独立董事激励制度对企业效率的影响。实证结果表明,在董事会中独立董事的比例对企业的效率提高并没有起到促进作用;独立董事的津贴对企业效率的提高有正面的促进作用,增加独立董事的津贴有利于企业长期稳定发展。

This paper empirically analyzes the percentage of independent directors in board of directors and effects of the incentive mechanism on enterprise efficiency by Stochastic Frontier Approach model. Result show that, the percentage of independent directors in board of directors has no evidently and positively effect on the enterprise efficiency raising; subsidies for independent directors work as a positive factor to boost the enterprise efficiency. Therefore, rasing subsidies for independent directors is beneficial to a stable development of enterprise in a long run.