The Relationship Between Characteristics Of Independent Director And Corporate Performance Of High-technology Enterprises

Independent director system,arising from western countries,is to supervise the management of the company and to protect the interests of shareholders.Based on the special situation of our country,the supervision of the supervisory board does not achieve the desired effect,in order to prevent the management against the interests of shareholders and the interests of major shareholders,the China Securities Regulatory Commission issued the relevant regulations require listed companies to set up independent directors in the board of directors,and the ratio not less than 1/3.Over the past decade,many experts and scholars in China have done a lot of research on independent director system,mainly on whether the independent director system can improve the efficiency of governance,it can improve the problem of internal control,the independent directors of the relevant characteristics of the company’s impact on corporate performance.However,due to China’s implementation of independent director system in a relatively short time,lack of experience,coupled with the difference method and the design of the scholars in the process of research on the result of the independent director system is not the same.Some scholars have shown that the independent director system can improve the corporate governance structure,promote corporate performance.However,some scholars believe that the independent director system has not played its role,and has no relationship with the company’s performance.With the continuous deepening of reform,the development speed is faster,especially the development of high-tech enterprises,but our research on high-tech enterprises is relatively small,this paper based on the 2013-2015 data of the small board and gem high-tech enterprises as samples,to measure the performance of companies with roe,principal-agent theory the resource dependence theory and the theory of reputation based on five aspects from the high-tech enterprises,part-time independent directors in different places,overseas background,academic and technical background to make assumptions,through descriptive analysis,multiple regression analysis of independent directors and corporate performance relationship between the above characteristics.The empirical study found that the more common the part-time job of independent directors,the higher the proportion of independent directors,the better the corporate performance.The status of independent directors with overseas background can promote enterprise performance,and the higher the proportion,the better the corporate performance.Independent director education is positively correlated with corporate performance.The independent directors are positively correlated with corporate performance,and the higher the proportion is,the more significant the performance is.Finally according to the empirical results were analyzed for the independent director system for the construction of independent director system in China and provide suggestions: one is combined with their own situation the appointment of independent directors;the two is to guide the independent directors to occupation development;the three is to improve the incentive measures to improve the enthusiasm of different independent directors;four is the independent director of overseas development background,while improving the qualifications of independent directors;independent directors have set up five technical background.