An Empirical Study On The Legal Problems Of Salary Of Independent Directors In Colleges And Universities

The regime of independent directors has caused wide public concerns relating to the listed corporation governance,and the core of the implementation of this regime is to keep independence.It is indispensable to research the remuneration system of independent directors as the excessive or insufficient salary would adversely impact the efficiency of this regime.Independent directors possess a particular identities,especially these independent directors who take up a position of professors occupy an important proportion of independent directors,which could not be neglected.The current research presents the lack of research related to the independent directors,and these directors are criticized as the result of their performance.Consequently,this thesis introduces the research background and reveals the significance of remuneration level of independent directors who act as professors of colleges and universities,adopting research methodology in which the empirical analysis dominates with subsidiary normative analysis,historical analysis and comparative analysis.Initially,it defines the concept of independent directors and the obtained earnings,introduces the current Chinese characteristic independent directors remuneration in terms of encouragement theory,agency theory and stakeholder theory,analyses and summarizes the influential factors of independent directors wages regarding to enterprise scale,performance,equity ratio,the board,industry,etc.The inspiration and experience is drawn from the international experience of independent directors remuneration mechanism,specifically,the typical cases in the U.S.,the U.K.and Japan,which consisting of background information,legislation and implementation mechanism.Concerned with the empirical research,it mainly analyses job features and relevant influential factors of remuneration.Pursuant to the wind database and statistics of published annual reports,selected corporations that in which their independent directors also act as professors of colleges and universities as samples,statistical data,the combination of aggregate analysis and categorized sample analysis,this paper research the level and current structure of the wages of those independent directors who occupy in professors of colleges and universities,and relevant influential factors,such as firm scale,equity ratio,the character of industries,regions that business located in,attendance of the board meeting,types of proposals,the nature of business,etc.Based on what has been discussed above,it puts forwards the recommendations about how to mature the emolument system of independent directors who occupy in professors of colleges and universities.Firstly,it is suggested to strengthen dynamic management,such as,establishing the database of human resource,and promote the communication and training of independent directors who work as professors of colleges and universities.Furthermore,it recommends that the relevant legislation,detailed rules and regulation should be set up.Simultaneously,the internal environment of those enterprises in which professors of colleges and universities carry on the position of independent directors should be optimized,the phenomenon about excessive concentration of equity should be eliminated,and independent directors who occupy in professors of colleges and universities could be taken more seriously in order to maximize their capacity.It is expected that this paper could provide references for public companies and assist in improving the salary system of independent directors who occupy in professors of colleges and universities theoretically and practically as well.