独立董事特征与公司绩效的相关性研究——来自中国上市公司的经验证据

An Analysis on the Relevance between the Independent Director and Corporate Performance: Evidence from Listed Companies in China

随着独立董事制度的发展,有关独立董事制度与公司绩效之间关系的研究日趋增多,旨在探讨中国独立董事制度的有效性,即独立董事特征与公司绩效之间的相关性问题。以净资产收益率和托宾Q作为公司绩效的衡量指标,以超过法定独立董事所占比例、独立董事参会比率、独立董事薪酬水平、独立董事兼职家数和独立董事异地化程度作为独立董事特征的衡量指标,对独立董事特征与公司绩效之间的关系进行实证检验后发现,除独立董事参会比率与公司绩效之间不存在相关关系外,其他解释变量与公司绩效均显著相关。

With the development of the independent director system,the research on the relations between the independent director system and corporate performance becomes more and more. The aim is to explore the validity of Chinese independent director system. Take the rate of net assets and Tobin's Q as criteria for corporate performance and the exceeding proportion of legal independent directors,the ratio of independent directors,the compensation level of the independent directors,independent director part-time home number and degree of independent directors in different places for the characteristics of independent directors to test the relation between the two. The findings show that the attendance rate is not remarkably relevant to corporate performance but the other explaining variables are positively relevant to corporate performance.