A Empirical Study On The Relationship Between Independent Director Institution And Operation Performance Of China's Listed Companies

Independent Director System is oriented from USA.From the practical performance of Independent Director System in the western countries such an U.S.A.and U.K.,its implement takes effect on the consummation of Corporate Governance to some extent.Considering the status quo of listed companies in our country,China Securities Regulatory Commission imposes Independent Director System in order to consummate Corporate Governance,promote the normative operation of listed companies of our country.However,the bankruptcy of Enron and WorldCom stirs the discussion and ponder of the perfection of Independent Director System in the circle of theory and practice.This thesis is divided into four parts and seven chapters,designed to make research and analysis on the development of Independent Director System in our country and the relationship between Independent Director System and the performance of Chinese corporations.In this thesis, Author conduct some discuss on the Independent Director System in China,theoretic analysis and empirical test.Firstly,this thesis briefly introduces theory,the conception,characters and the definition of the Independent Director System.In the second part,theoretically analyze the relationship between Independent Director System and the performance of Chinese corporations.In the third part,author conducts some statistical study and empirical test,describes and explains the status quo of Independent Director System.In the conclusion part,the author pointed out that unless some institution conditions are needed,the Independent Director System would not take efforts on in the corporate governance of China's listed companies.Based on the empirical study, author concludes that there is a certain correlation between the Independent Director system and operation performance.Finally,author put forward nine propositions to introduce and improve the Independent Director System based on the theoretic analysis and empirical test.Author sincerely hopes that the propositions may help to institution construction of China corporate governance.