独立董事个人特征与任期内公司经营绩效

Personal Characteristics of Independent Directors and Firm Performance in a Tenure

本文针对独立董事在性别、教育、专长、经验和资源等方面的个人特征与其任期内公司经营绩效之间的关系,基于2008-2010年间沪深A股上市公司的样本数据,利用多元线性回归分析予以检验。研究发现,从整个任期来看,独立董事的性别、学历、职业背景、多重董事身份、年龄和国际经验等个人特征均不会对公司经营绩效产生显著影响,只有法律专长、会计专长和管理经验等个人特征才具有显著的绩效效应。本文提出,如果监管者希望独立董事制度有助于改善公司经营绩效,就应当进一步完善该制度,促使独立董事聘用与公司经营管理之间的联系更加紧密,建立有助于独立董事充分发挥作用的制度和环境,提高独立董事改善公司经营绩效的激励。

In the-paper, hypotheses on the relationship between the operational performance and the personal characteristics, such as gender, education, specialty, experience and resources, are proposed according to the resource dependence theory, and tested with a sample of companies listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. It is found that, for an entire tenure, there is no significant relationship between the gender, education or resources of independent directors and the performance of a firm. Only those personal characteristics closely related to the business management of firms can exert significant, positive influence on the operational performance of a firm.