独立董事制度,真的有效吗?——基于上市公司行业数据的实证研究

Is the System of Independent Directors Necessarily Efficient?——An Empirical Analysis Based on the Business Data from Listed Companies

本文运用随机前沿分析模型(SFA)分析了中国独立董事制度对企业效率的影响效应,发现当前的独立董事制度对企业效率的提高作用并不明显;研究结果表明必须完善独立董事的选拨制度和激励制度,吸引具有良好教育水平和丰富的相关工作经验、有良好声誉和国际视野的人士作为独立董事加入董事会,同时提高独立董事津贴,才能充分发挥独立董事的作用,促进企业效率的提高。

By taking the samples of listed companies in the industry of IT and the industry of transportation warehousing,the authors set up a stochastic frontier model to conduct an empirical study on how the system of independent directors in board of directors has affected the efficiency of these listed companies.The results of empirical study indicate that the system of independent directors in board of directors does not lead to an improved firm efficiency.And a further research result suggests that the selecting mechanism incentive mechanism within the system of independent directors must get improved or perfected through the way of absorbing in qualified people who are well-educated and well-experienced in the related business and who have won good reputation in business circle and have empowered a global perspectives to join the board of directors.Meanwhile,the subsidies given to the independent directors should be raised to make the independent directors play their positive roles to promote firm＇s efficiency.