| In corporate governance domain, the system of independent directors has become a common orientation of different enterprises. Introducing independent directors can avoid the "tunneling" to a certain extent, protect legitimate interests of minority shareholders’from infringed as well, strengthen enterprise’s internal supervision, and be able to producing valuable resources for enterprises while using their own ability, professional accomplishment and cyber source that could ensure the standardized operation of business performance. However, the independent director system did not show expected effect when China’s economic is during the transformation, as the result, independent directors have been evaluated by "vase director" and "sign director". How to make independent directors performing their functions and realizing their value is a focus and difficult problem of independent director at present research field, which is a worthy attention for further research. This study is based on the impact of enterprise from independent system and individual characteristics, using overall analysis paradigm of rule embedded-ability embedded-network embedded, analyzing the dynamic process and individual behavior micro mechanism of independent directors gradient embedded into enterprises worked for, establishing a correlation model between independent directors gradient embedded and enterprises’performance based on network embeddedness theory, as well as doing empirical research of full sample, the state-owned enterprises and private enterprise with three embedded model by using econometric model, so as to get the three model effect. The empirical study results of Chinese listing corporate by using panel data from2010to2013are show below:First of all, it shows negatively correlated between independent rate and Tobin’s Q of private enterprise in rule embedded model, which reflects that the higher proportion of independent directors, the lower enterprise value is. Besides, the relationship between the numbers of independent with enterprises earnings per share is negative in state-owned firm, it also shows not associated with the whole sample and private enterprise’s earnings per share neither improve nor inhibit with enterprises Tobin value and return on total assets.Secondly, independent directors is positively related with comprehensive ability of earnings per share in embedding model, which bring promote action by personal excellent ability for the enterprise earnings per share, as well as improve the business performance. But there is no significant correlation between independent director comprehensive ability and enterprise value. The independent director with professional background includes government class independent directors; support independent directors and management independent directors is not significant correlation between corporate performances neither.Finally, the total positions of independent director shows significantly positive correlation with the full sample’s per share earnings ratio in the network embedded model, which reflects that the more positions independent directors get, the higher enterprise’s profit rate is. However, the entire sample is divided into the state-owned and private enterprises, the position of independent director of two type enterprises are not significant with corporate earnings per share. In addition, the largest number position of independent directors in private enterprises are significantly positive correlated with Tobin values, which indicates that individual network source in the private enterprise is more important than the total position of independent director team, moreover. Furthermore, there is no significant correlation between the minimum number of position with three kinds of financial index of full sample, state-owned enterprises and private enterprises, which explained independent director who is lack of network sources, would not bring inhibition effect to enterprise performance. |
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