Study On The Efficiency Of Independent Director System In Our Country's Listied Companys

Independent director system is an important measure to reform corporate governance structure. Many scholars, whether inside or outside, study the system. Some think it is positive correlate between the system and performance, some negative and some not. However, these scholars haven't always gotten an accepted conclusion. In order to change corporate governance position of 'Dominant Shareholder Alone' and 'Insider Control' in our country's listed company, China Securities Regulatory Commission require listed company carry out independent directive system to perfect the governance structure and promote the standardized operation of listed company. For the sake of verify the efficiency of the system, this paper study it theoretically and empirically.Theoretically, by standardizing analysis, the paper firstly introduce the concerned theory and then study the system's function and factor influence. As to the factor influence, the paper analysis in inner factor and functioning circumstance. Empirically, with 2003, 2004 and 2005 year's data of '180 index' stock, the paper study the efficiency of the system. Firstly, analysis the correlation between independent director proportion, salary and the system and educe the hypothesis. In succession, put forward a math model and verify the hypothesis in describing and regress. In last, the paper more analysis the influence of independent director 1/3 proportion on corporation performance with independent sample's T examination.The paper think that independent director system has already functioned in some extend, but not perfect. From construction of system, the paper discuss the independence, elect mechanism, inspire and restriction mechanism, system function circumstance and so on to perfect the system.