基于生产效率视角的独立董事治理效应研究

Empirical Analysis on the Governance Effects of Independent Director System:A Production Efficiency Perspective

本文利用了SFA主方程组方法对2004～2007年中国制造业上市公司的技术效率和配置非效率进行了联合估计,并深入探讨了独立董事制度对它们的治理效应。实证研究表明,中国制造业上市公司在资本市场上筹集到资金后,公司管理层在缺乏有效监管机制的情况下,未能实现投入要素组合的优化配置。独立董事制度的引入显著提升了公司的技术效率水平;而独立董事商业判断力的不足及有关公司经营活动方面信息的不透明性,则导致了独立董事制度的引入弱化了董事会在商务活动决策方面的行权能力,并因此降低了公司的配置效率水平。

In this paper, the authors jointly estimate the technical efficiencies and allocative inefficiencies of listed companies of Chinese manufacturing from 2004 to 2007 by the SFA primal system approach. Based on the estimation results, the governance effects of independent director system on them have been studied. The results show that company management of Chinese manufacturing listed companies cannot optimize the allocation of their inputs. The introducing of independent director system enhances the companies＇ technical efficiency significantly; while, it weakens the operation ability in business activities by the board and reduces the companies＇ allocative efficiency, due to the lack of business judgment of independent directors and the information opacity about company operation.