Research Of Non-Executive Directors Govern Executives Of Listed Companies

With the listed company develop continuously these years,the board has become the main force of the corporate governance.In order to improve the efficiency of board governance,the independent director system was introduced into our country from the west to guarantee the diversity and independence of the board.But under the institutional background of our country,the independent director has not play the role effectively,so Non-executive director as a new force of outside directors,started play a role in the field of corporate governance.Non-executive directors not only play its role in increasing the board diversity aspects,as the representative of the interests of the listed company shareholder,also most of the Non-executive directors shoulder the responsibility of supervision and management counterbalance.As the company's actual operators,senior executives should take responsibility for performance of the listed companies directly,so when the performance decline happen,whether the company replace the unqualified manager timely or not is the embodiment of the efficiency of board governance.Non-executive directors is members of the board of directors,should make objective and fair evaluation to senior executive,help enterprises to make decisions that is beneficial to the long-term development of the company.In this paper,we try to analysis and demonstrate the following problem from the viewpoints of both theoretical and empirical:If the Non-executive director will affect executive involuntary change and what consequence will be caused;equity properties,executives political background and if the listed company set the nominating committee or not,whether this three regulative factors will affect the relationship.In theoretical research,paper on the basis of combing the domestic and foreign related literature,concludes and summarizes domestic and foreign research of the Non-executive directors,executive turnover and succession model;Then analyzes the relationship between non-executive directors,executive turnover and succession model,expounds the internal logic between the relevant variables and put forward the corresponding research hypothesis.In Empirical study,paper take all listed companies as the research object in the period of 2011-2015,there are 910 data in total as samples to be observed,designed non-executive directors,executive turnover,succession model and moderator variables and control variables,we made the descriptive statistical analysis,Person correlation analysis,multiple regression analysis to relevant variables respectively,and the main research results show that:(1)The higher the proportion of Non-executive directors,the greater probability of executive turnover because of performance decline.(2)Compared to the Non-state enterprises,Non-executive director's inhibitory effect for executive is weaker in the state-owned enterprises.(3)Compared with the executives without political background,Non-executive director's inhibiting effect for executives with political background is weaker.(4)The nominating committee's regulating effect for Non-executive director governance is not significant.(5)The higher the Non-executive directors proportion is,the greater the probability of enterprise appointed successor from outside.The author thinks that the listed company of our country should pay more attention to the role of Non-executive directors,their capacity should not be limited in the aspect of consummating the structure of the board,and attach importance to Non-executive director's role of supervision and restriction for management,pay attention to the development of a Non-executive director's quality and ability.At the same time,accelerate the process of promoting the development of Non-executive director system in China,more standardized criterion should be established.Make the Non-executive directors "develop and grow" under our country's political and economic condition,relying on the advantage of their knowledge,experience and ability,put effort to improve corporate governance efficiency,and enhance enterprise management level.Finally,the system of rewards and punishment of executives of listed companies should be improved.In addition to encourage positively,It is necessary to replace the unqualified managers in a timely manner.Enterprise shall set up an open cultural atmosphere so that absorb the excellent professional managers to the company,finally achieve the aim of improving performance.