A Study On The Influence Of Independent Directors' Characteristics Of Listing Corporation On Corporate Performance

The independent director system is origin from American,which is aimed at solving the principal-agent problem.This system gives independent directors authority to supervise CEOs' behavior and company' operation,in order to protect shareholders.The China Securities Regulatory Commission issued a "guidance" on the establishment of an independent director system in listed companies in August 2001,and this is symbolize of the introduction of the independent director system in official.But the efficiency of this system is doubted by some people.This paper is focused on how does the individual characteristics of independent director influence the company' performance,hope that this paper can give company some useful theory supports in choosing an appropriate independent director.In this paper,we establish a empirical model to study the topic.We quantified the characteristics of independent directors to study how these characteristics influence the financial performance of certain company.I have collected a large amount of data of typical listed companies,hope to have an understanding of how the characteristics influence the company' performance as a whole.The innovation of this paper lies in:1?this research study this problem mainly from the perspective of quality,not from the perspective of quantity as the mainstream;2?We select more variables representing the characteristics of independent directors,including gender,age,education,skill and jobs background,compared to previous research this study is more comprehensive.3?In this paper,I choose the shares of Hushen 300 as the study sample,these company can represent 60%market values of the whole share markets.these dates make this study a more comprehensive analysist.