The Analysis Of Independent Director System For Chinese Listed Companies

The independent director system is an important institutional innovation of corporate governance structure. After many years' practice of western developed countries, it proves that independent director system has played a positive role in perfecting corporate governance structure and balancing internal executive directors and managers. In order to further perfect the governance structure of listed company, promote the standardized operation of listed company, improve the operating performance of listed company and protect the investment benefits of small and medium-sized shareholders, China Securities Regulatory Commission issued the Guidelines of Independent Director System for the Listed Company on August 21, 2001, which indicated that our country began to set up independent director system in an all-around way in the listed company formally. Then, after more than eight years' practice, how is the implementing effect of independent director system? Whether it improves corporate governance structure or promotes operating performance to a certain extent? This dissertation attempts to do some research on it, thus we completely examine the implementing effect of independent director system in our country and offer some empirical evidence for improving and perfecting independent director system of our country. At the same time, it also has an important theoretical and realistic meaning to further perfect independent director system and corporate governance of listed company in our country.The dissertation focuses on studying the impact of independent director system on operating performance. Firstly, the dissertation use the descriptive statistical analysis to research the relation between the variable parameters of independent director system and the variable parameters of listed companies' operating performance; secondly, the dissertation use the regression analysis method to test the correlation between independent director system and listed companies' operating performance with the data of 2007. Empirical results show that there is a certain degree of correlation between the proportion of independent directors, independent directors remuneration, independent directors age, independent directors educational background and operating performance of listed companies. Finally, the dissertation analyze the problem and propose several suggestions on three aspects that is the external environment of listed companies, internal governance structure of listed companies and independent director system itself.