Research On Status Of Independent Director System In Zhejiang Listed Companies

With the data of independent director’s proportion、rate of return on common stockholders’ equity、total assets、 debt asset ratio of189Shanghai and Shenzhen a-share listed companies in Zhejiang, the paper uses multiple regression analysis method to find whether there is significant correlation between independent directors and corporate performance. The empirical study shows no significant correlation between independent director’s proportion and corporate performance.On the base of empirical study, the paper makes further study on legislations、functional orientation、nomination、recruitment、remuneration of independent director system and provides theoretical support for government policy formulation.Then the paper proposes to adhere to the independent director system so that the securities market can be further standardized and corporate governance structure be improved. Also, the paper praises upgrade of independent director’s talent pool and assessment of potential independent director’s exercise ability and vesting conditions as these measures can effectively promote development of independent director’s system and reform of corporate governance structure.