独立董事制度与公司业绩的相关性分析:来自沪市A股的实证研究

The Co-relation Analysis on Independent Directors and Corporate Performance:A Emprical Study of a Share Index of Shanghai

独立董事制度是近年来我国上市公司为完善公司治理结构而从西方引入的一项重要措施。本文以沪市A股上市公司为研究对象 ,主要分两部分对独立董事展开讨论。其一 ,对独立董事的设立情况、薪酬现状、来源等问题进行分析 ;其二 ,对独立董事制度及其在董事会中所占的比例和公司业绩的相关性进行研究。分析发现 ,公司设立独立董事前后 ,公司业绩有显著性差异 ,但是公司业绩与独立董事在董事会中所占比例无关 ,而且引入独立董事后 ,公司业绩似乎变得更糟。

Independent director system is an important policy derived from west countries for perfect of corporate governance. The paper studies independent directors in two aspects based on the listed companies in Shanghai A-Share stock market. First,the situation of setting up,the status of salary and the sources of independent directors will be analyzed. Then we will study the relativity between independent director system and corporate performance,as well as the proportion of independent directors in board and corporate performance. Corporate performance before and after the establishment of independent directors has significant difference. But the proportion is independent of corporate performance and the performance seems to be worse after independent directors' appearance.