An Empirical Study Of The Influencing Factors Of The Ratio Of Independent Director Of Chinese Listed Firms

The system of independent director originated from America, which was put in practice actually from 70s of last century in America, and was spread all over the world from 90s of last century. Along with the development of its practice, it is becoming the study hotspot. In 2001, the system of independent director was introduced to china, which has been experienced for five years. The system of independent director predicates introducing the independent directors into directorate, and independent directors are foreign to any interest group, consequently, they play the role of monitor actually, which can ensure the well-operating of the firm. The problem is how much is the ratio of independent director, which can form the effective structure of directorate. That is the study focus. The system of independent directors is initialized in China, so the problem about the ratio of independent director is significant.Firstly, the paper summarized the origin and general situation of the system of independent directors, and made the compare study about the independent directors among the representative corporate governance model. Different system of independent directors is corresponding to the different corporate governance model, and the main reason is different culture and economic development and law system. Secondly, the paper made the compare study about the ratio of independent directors among the different countries, especially, summarized the actually situation both in America and China. The paper indicated that forming the adaptive ratio of independent directors need the practice and time.Thirdly, the paper made the literature summary about the study of the ratio of independent directors, and found that the influencing factors of the ratio of independent directors include four aspects: structure of stock-ownership and safeguard of stock-owner and firm performance and managers.Fourthly, Based on mass literature summary and the Chinese situation, the paper made the demonstration and theory study of the influencing factors about ratio of independent director, which included the structure of stock-ownership and managers and exterior character of leaders and firm performance and safeguard of stock-owner. The study result found that structure of stock-ownership and managers had some relation with the ratio of independent directors which affected the firm performance and the safeguard of stock-ownership, but have no relation with exterior character of leaders. Based the result, the paper put forward some suggestion about the construct of independent director system and the ratio of independent director, which indicate that must consider the situation of Chinese, and the attitude must be practical and realistic, beginning from both macroscopical and microcosmic angle.The paper is funded by the Education Ministry Social Science Foundation, has both academic and practical value.