This article takes samples from Chinese listed companies in Shanghai & Shenzhen stock markets. It uses data from 2001 through 2003 and researches into features of independent director system in Chinese listed companies from the aspects of number of Chinese listed companies, independent directors' person-time, age, gender, diploma and background, number of companies in charge, hometown, composition percentage, reward, shares holding, replacement. It makes completed comparison and contrast with independent director system in USA and UK. It derives the conclusion of junior achievements with problems and shortcomings to improve.It also takes samples from Chinese listed companies and takes advantage of empirical research method to study factors of independent director's reward and reasons of replacement. It derives the conclusion of performance, scale, percentage of biggest shareholder's shareholding, working hours and scale of independent directors are factors of reward, while performance, lawsuit & arbitration and working hours are factors of replacement.It makes a further research on the companies which disclose ambiguous reasons for independent director's replacement and finds the hidden reasons behind the disclosed ones.
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