独立董事的声誉资本对公司治理效率的影响

Study on the Independent Director's Reputation Capital Effect on the Efficiency of Corporate Governance

本文运用我国上市公司2010～2012年的年报数据实证分析独立董事对公司治理效率的影响，研究结果表明，独立董事的实践经验、薪酬比重、参与公司会议的次数以及声誉资本对上市公司的绩效和公司治理效率具有不同程度的显著性影响。独立董事的声誉资本作为一种激励与约束相容的方式能够有效提升上市公司的治理水平，对公司绩效提高产生积极的作用。因此，在聘请独立董事时，把握好独立董事的贡献与薪酬关联的“度”以及充分利用好独立董事的声誉资本对于完善公司治理结构和提升公司治理水平至关重要。

This article through to 2010~2012 years China＇s listing Corporation＇s annual report data, empirical analysis of the influence of independent directors on corporate governance efficiency. The analysis results show that, the independent di-rector experience, salary proportion, participate in meetings and reputation capital to the listing Corporation＇s performance （measured value to Tobin Q） and the efficiency of corporate governance （evaluation index score measure） significant impact would produce different degrees of. Independent director＇s reputation capital as an incentive and constraint compatibility mode can effectively improve the level of management of listing Corporation and on corporate performance have a positive role to improve. Therefore, in the recruitment of independent directors, associated with a good grasp of the independent directors and the remuneration of the ＂degree＂ and make good use of independent director＇s reputation capital to perfect the corporate gov-ernance structure and enhance the level of corporate governance is essential.