Empirical Research On The Effect Of The Independent Director Of The Listed Companies In China On The Company Performance

Since come to the 21st century, corporate governance has become the world’s economists and entrepreneurs and management experts on topics of mutual interest, and formed the corporate governance reform the wave of globalization, corporate governance has become a modern enterprise improve enterprise core competitiveness of the key factors. How to develop a system to better regulate and coordinate the companys shareholders, the board of directors, management and the relationship between stakeholders is the essence of corporate governance. And the board of directors can effectively play a role, needing the help of the independent directors to play a role of the supervision of the fair. From the perspective of the company’s reform of the world, the internal corporate governance is undergoing institutional change from the general meeting of shareholders to the board of directors center doctrine. Corporate governance reform of the market economy countries in the world for nearly ten years has been the role of the board of directors system reform is the most important. But now there is lack of the board of directors governance system in China, perfecting the board of directors system to improve the efficiency of corporate governance, which is beneficial to improve company performance. Since China’s reform and opening up, China has been among the world’s economic powers. China as an economic superpower, however, compared with other big economies, has a unique Chinese economic characteristics, so in our country state-owned economy is the most important composition of national economy, not only because of its large number, but also its distribution in the important industry, playing an important role to the national economy. As main carrier of state-owned economy, the state-owned enterprises will have accounted for a large proportion whether in quantity or on the economic strength in China’s listing Corporation.The independent director system has been established preliminarily in the Chinese Commission requirements, having become the focus of discussion on the question of corporate governance in China. This paper made analysis of independent directors and corporate performance related issues on our samples to our listing Corporation, first sort out the domestic and foreign scholars on the basis of the relevant literature, the theoretical analysis of the independent the board of directors of listing Corporation in China on company performance. And with 2011-2013 years of China board listing Corporation’s data as samples, selects the rate of return on net assets and earnings per share as the company’s financial performance indicators, Then according to the characteristics of the independent director compensation of independent directors in selecting variables in this paper, independent directors to attend the meeting times and independent directors proportion, and the characteristics of independent directors and corporate performance correlation and regression analysis and empirical analysis.The empirical analysis was not inevitable and universal relationship between board independence and corporate performance, but it proved that the relationship between the independence of the independent directors and corporate performance, this is in line with the objective reality in China. Finally, according to the independent director system in China, I put forward some ideas and suggestions, in order to promote economic system of socialism with Chinese characteristics scientific, healthy and orderly development.