| The independent director system is an important institutional innovation for corporate governance structure. After years of practice, western countries have proved that the independent director system play an active role in improving the corporate governance structure, restricting and keeping in balance the executive director and manager level. In 2001, the independent director system has been officially introduced by China Securities Regulatory Commission with a view to improving the governance structure of listed companies and protecting the interests of small and medium-sized shareholders. How its effect and whether it can play the proper role is becoming a topic of people's concern. Based on the background of this system, this article has conducted the empirical study on relationship between the independent director system of China listed company and corporate performance. On the basis of this, referring to China's unique governance environment, analyzing and explaining the results of empirical research aims to supporting the reform of corporate governance.This article firstly made a definition for independent director, and conducted the research to independent director's independence; Then carried on the analysis to current situation of independent director's implementation, mainly from the three aspects of independent director's selection mechanism, the functional localization and incentive and restraint mechanisms. And taking 30 domestic listed manufacturing companies in 2008 as a sample, used gray relational analysis model to study the related degree of the four variables of the performance of listed companies and independent directors participating in corporate governance, moreover joined the analysis of shareholding ratio of the first major stockholder to keep rigor of the study. Finally, according to the results of empirical research puts forward the target-oriented proposal on China's corporate governance structure improvement. |
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