论独立董事制对完善公司治理结构作用的有限性

On the Limited Role of the Institution of Independent Directors in Improving the Governance Structure of Corporations

试图通过引入独立董事制来解决中小股东的利益保护问题,从理论上讲是行不通的:利益无相关会导致权责缺失、利益相关会导致独立性缺失。理论上的缺陷导致实践中的局限和失败。中国企业特别是国企以及国有股东为控股股东的上市企业存在的种种问题,决不是一个独立董事制所能解决的。中国企业改革的成功有赖于中国宏观环境和市场经济的进一步完善与成熟。

It is not feasible in theoretic Perspective to attempt solving the Problem of Protecting interests of small and medium-sized stockholders by introducing the institution of independent directors:Disinterestedness will lead to the lack of power and responsibility,and interestedness will lead to the lack of independence.Theoretic defects will lead to Practical defects and failure.Under no circumstances can a single institution of independent directors solve a variety of problems existing in Chinese enterprises,especially SOEs and listed companies with state -owned stockholders as holding stockholders.The success of Chinese enterprise reform depends on China's macroeconomic environment and market economy to further improve and mature.