The Research On The Relationship Between The Independent Director System And The Efficiency Of Corporate Governance

Listed companies in China have generally implemented the system of independent directors, but its effectiveness is an important issue of concern. It has great significance to test the impact from the perspective of the characteristics of independent directors on corporate governance efficiency, for improving and perfecting the system of independent directors.In this paper, the theoretical analysis, principal-agent relationship exists, the power of objective facts, resulting in flawed corporate governance structure, need further refinement. In order to enhance the efficiency of corporate governance to protect the property rights of stakeholders and independent directors to improve corporate governance structure as a necessary institutional arrangements. Improvement of the corporate governance structure can improve business performance.An Empirical Study of the first use of principal component analysis of the efficiency of empirical corporate governance measure, and then used multiple regression analysis testing the efficiency of corporate governance and independent directors of the relationship between characteristics. The Empirical Study of the main conclusions are: the efficiency of the governance of listed companies and the number of independent directors of the board of directors representing the proportion of significant negative correlation shows that an independent board of directors in the proportion of persons, the more detrimental to corporate governance, may be due to the construction of the independent director system in China the existence of more defects in the system; The number of the meetings participating by the independent directors is more, the higher of the efficiency of corporate governance. The efficiency of corporate governance and other characteristics of independent directors there is no significant correlation between; Efficiency and corporate governance of listed companies the size of the largest stake in the company's nature, such as ownership structure significantly correlated variables. Situation from the industry, some sectors of the efficiency of corporate governance, there was a significant difference. To enhance the independence of independent directors and improve the corporate governance structure, according to the findings of empirical studies of policy, the recommendations are: to speed up the independent directors of the relevant legal system; a well-established mechanism for selection of independent directors; improve the incentive mechanism of independent directors and restraint mechanism, but attention should be paid to fully guarantee the independence of independent directors; enough independent directors to protect working hours.