浅析我国独立董事风险和有效防范措施

有关于独立董事风险的提出是在2002年6月30日中国证监会颁布的《关于在上市公司建立独立董事制度的指导意见》的有关规定开始的。这一制度的建立是在2001年的陆家豪被进行了独立董事风险处理以后才开始被重视的，但是近几年来上司公司的不断出现于扩大，使得了独立董事的风险事件越来的越严重与突出，同时对于有关独立董事风险的防范措施也是相当的缺乏，文章就对于我国的独立董事风险进行分析，并提出一些有效的防范措施。

董事高管责任保险与权益资本成本--基于信息披露质量与高管风险偏好渠道

基于2007—2020年沪深A股上市公司数据,实证探究了公司购买董事高管责任保险的行为与其权益资本成本之间的关系。主检验相关结果显示,公司的权益资本成本将随着公司购买董责险行为的发生而降低。使用PSM和IV估计进行稳健性检验,排除样本选择性偏误等内生性问题的影响后结论依然成立。通过中介效应分析了董责险影响权益资本成本的作用路径,证实了信息披露质量是董责险影响权益资本成本的一种途径。异质性分析结果表明,严监管环境更有利于董责险“外部监管者”职能的发挥。

独立董事对报酬与风险的取向──基于深交所的实证研究

尽管独立董事在主业中拥有较高的社会地位和财富,但仍需要报酬的激励;高认知能力的独立董事,不仅获得了更高的报酬,也更具有回避风险的能力;与低学历高职务独立董事相比,高学历低职务独立董事的报酬具有高风险高报酬的特征。这些结果表明,在实施独立董事制度中独立董事不可能是免费的代理人,因此,应从独立董事辞职、报酬机制和降低风险的角度加以改进。

中国独立董事责任保险制度之构建研究

建立独立董事制度是我国上市公司治理结构的一大制度创新,但独立董事在履职过程中会遇到各种风险,而独立董事的个人承受能力总是有限的,如果没有风险转嫁机制来分散风险,其损失将是巨大的.设立独立董事责任保险是转嫁独立董事风险的有效途径.

董事会治理风险预警研究——COX模型的构建

在双层委托代理关系下,董事会治理是公司治理的核心,而董事会治理的重心在于风险预警及防范。本文提出两个核心概念——公司治理风险及董事会治理风险,在此基础上构建了董事会风险评价指标体系,并利用COX模型分析机理,设计了董事会治理风险预警模型。

我国公司董事会的风险及治理措施

正董事会在公司治理中处于承上启下的关键地位,在公司治理的发展过程中,董事会发挥越来越重要的作用。在现实中,由于董事会治理存在缺陷,容易使公司出现许多治理问题,降低公司治理效率。当前各国现代公司董事会都或多或少存在各种各样的治理问题,这些问题严重影响了董事会治理效果,使董事会面临巨大的风险。董事会风险长期存在于公司中,但一直没有受到人们高度重视。

Corporate Governance Mechanisms： Evidence From Small- and Medium-Sized Enterprises （SMEs）

This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined included： establishing clear roles and responsibilities; strengthening composition; and reinforcing independence. The paper is based on a questionnaire survey study among 113 SMEs that consisted of 35% （39） of manufacturing and related services and 65% （74） from services including information and communication technology （ICT）, primary agriculture, construction, mining, and quarrying. The analysis of the data indicates that 32% of the respondents said that the primary reason why they have their own business is to have control over their own working life. This fmding appears to confirm the f＇mancing theory that SMEs owners have other goals than profitability. In addition, 30% of SMEs perceived that the most important role played by the board is risk management; hence, these boards have a greater control over financial risks that may lead to better financial performance. The analysis also shows that 81% of the respondents＇ board consisted of internal board members only. These enterprises need to see the important role of external board members as a source of advice providers and experts to them. For policies relating to clear roles and responsibilities of board, only 28% of the respondents established clear functions reserved for the board and those delegated to management; substantial respondents did not draw up policies relating to reinforce board independency （between 75% and 79%） and to strengthen board composition （46%）. Besides, 68% of the respondents have the position of chairman and CEO held by same individuals and 81% of the chairman is an executive member of the board. These findings suggest that SMEs cannot see the importance of strengthening board and having independent board members. Regression analysis also indicates that board independence has a significant and positive impact on firm performance. Hence, SMEs need to appreciate networking advantages, competency, and strategic knowledge that the right board can offer. The governmental ministries and agencies in Malaysia need to take active measures to encourage SMEs to strengthen their board governance, because SMEs are the important economic powers for stimulating national economic growth. This paper contributes to the empirical literatures on the adoption of CG principles and their effects on SMEs＇ firm performance in emerging markets.

独立董事行权的有效性与实现途径——基于独立董事问卷调查的研究

本文的问卷调查结果表明,在众多影响独立董事有效行使权力的因素中,现行法规和制度的完善是关键;影响独立董事独立性的关键因素不是报酬,而是独立董事的提名程序。本文认为,建立独立董事的信息沟通机制和信息保障机制,董事津贴与风险报酬相配合,达成独立董事报酬、风险与成本付出的有效平衡,是改善独立董事行权有效性的实现途径。