On The Effectiveness Of Independent Directors Of Listed Companies In A Stock Market On Corporate Governance

The independent director system has characteristics of independence,which can effectively supervise and assist the company in making decisions of the listed company,it has been regarded as one of important mechanism to solve the agent problem between shareholders and managers.However,in the process of the continuous development of the system,is the independent director independent?" This issue has attracted more and more attention,many scholars believe that the independent director is "vase director",and can not really play a regulatory role.Statistics show that in 2014 China's independent directors from academic or research institutions accounted for 54.03%of independent directors.Therefore,the research group of independent directors as an important part of the independent directors of academic can effectively supervise the company,know how to promote academic supervision effectively play the role of independent directors,has important practical significance.This study selected the major shareholders of other receivables increment as the dependent variable and the proportion of independent directors,academics,the number of increments as independent variables,construct the academic influence of independent directors on the effectiveness of corporate governance model,using 2008-2015 as a sample in the A shares listed on the 800 manufacturing companies,empirical analysis.Finally,according to the results of empirical analysis,policy recommendations are put forward.The main results of this study are as follows:1.the influence model of academic independent directors on the effectiveness of corporate supervision is constructed.2.the empirical analysis shows that:(1)the proportion of independent directors in academic schools is negatively correlated with the increase of major shareholders'occupation of other receivables.(2)the number of independent directors in academic schools is negatively correlated with the increase of major shareholders' holdings of other receivables.(3)in high school has a number of independent directors and low academic number of independent directors of listed companies,the increment of academic independent directors and big shareholders occupy other receivables increment relation is not significant;has the average academic number of independent directors of listed companies,academic incremental independent directors and major shareholders occupy the other is inverted U type relation of receivables increment.(4)Other independent directors except academic independent directors the proportion of the largest shareholder and the ratio of assets and liabilities in the control variables are negatively correlated with the increase in the amount of other receivables,and the other variables are not significant.3.according to the results of empirical analysis,put forward policy recommendations in five aspects of employment mechanism,this study from the specification of the independent directors of independent directors to improve working standards,improve the incentive mechanism,the independent directors of the board of directors in optimizing the proportion of independent directors,perfect the legal support system.