离职潮下我国独立董事履职的有效性研究

Research on the Effectiveness of China’s Independent Directors’Performance amid High Turnover Rate

独立董事制度对于完善中国特色现代企业制度、健全企业监督体系、推动资本市场健康稳定发展方面具有重要的作用,但是独立董事离职潮现象暴露出我国独立董事制度还需要进一步健全。以前景理论为基础,基于独立董事个人行为分析视角,选取2005—2021年我国A股上市公司相关数据进行实证检验,结果表明:具有海外背景的独立董事与我国企业之间存在文化差异和交流障碍,可能会导致其独立决策和履职的有效性降低;忙碌的独立董事难以保障对上市公司的勤勉义务,导致其履职有效性降低。因此,建议推行独立董事自律管理机构,调整独立董事的薪酬构成,加强对独立董事的履职保障,提高对独立董事责任保险的投保水平等,提高我国独立董事履职的有效性。

The mechanism of independent director plays an important role in improving modern enterprise system with Chinese characteristics,perfecting enterprise supervision system and promoting healthy and stable development of capital market.However,the high turnover rate among independent directors reveals that the system needs further improvement in China.Based on prospect theory and the analysis of independent directors’individual behavior,the paper selected relevant data of listed companies in China’s A-share market from 2005 to 2021 and conducted empirical test.The result shows that independent directors with overseas backgrounds have cultural differences and communication barriers,resulting in low effectiveness of independent decision and performance.It is difficult for busy directors to carry out duty of obligation,leading to low performance effectiveness.Therefore,it is proposed to establish self-discipline management department,adjust independent directors’salary composition,guarantee their performance,improve insurance level of independent director’s liability insurance,so as to improve the effectiveness of China’s independent directors’performance.