上市公司是否自愿聘用独立董事?

Whether May the Listed Corporations Voluntarily Employ Independent Directors?

本文采用1996-2006年间在沪深两市上市的470家制造业上市公司作为样本,考察公司自愿聘请独立董事的影响因素。研究发现,无论证监会是否颁布强制规定,成立时间早、第一大股东持股占比高、杠杆率较大、董事会规模较为成熟的上市公司,对独立董事自愿聘请行为都存在显著的抵制作用。2001年以后,上市公司会应要求聘请符合规定数量的独立董事,但是国有背景强的公司不会倾向于聘请更多的独立董事;而董事会独立性强、机构持股比例高因而代理问题较轻的公司也不会倾向于聘请一个监督密集型的董事会。这表明,上市公司在一定程度上是重视独立董事的监督和顾问作用的。

Taking 470 manufacturing listed companies in A - share market of Shanghai and Shenzhen from 1996 to 2006 as the samples, this article aims to investigate influence factors behind listed corporations＇ independent directors volunta- ry employment. We find that, regardless of whether the CSRC （ China Securities Regulatory Commission） issued a man- datory requirement or not, some listed companies such as companies set up for a long time, the higher shareholding ratio of first major shareholder, a high leverage rate, and a board with more mature size, will have significant resistant action to voluntarily hiring independent directors. After 2001, listed companies will comply with the request to hire the number of independent directors, but companies with a strong state - owned background will not tend to hire more independent directors ; while a company with stronger independence board or a higher shareholding of institutional investors will not incline to hire an intensive monitoring board.