独立董事报酬的决定因素与公司治理特征  

The Determinants of Independent Directors Compensation and the Features of Corporate Governance

作　　者：夏冬林[1] 朱松 

机构地区：[1]清华大学经济管理学院会计系教授、博士生导师 [2]不详

出　　处：《南开管理评论》2005年第4期85-96,共12页Nankai Business Review

摘　　要：我国上市独立董事的功能受到很多质疑,直接涉及到独立董事获得的报酬的恰当性。本文采用2001—2003年的数据分析影响独立董事报酬的因素,研究结果表明,独立董事报酬与其声誉、劳动付出正相关,但与公司风险的关系不明确;同时,公司在制定独立董事报酬时深受高管报酬的制约。不同治理结构在独立董事报酬上也有明显表现,国有控股公司给予独立董事的报酬相对于非国有控股公司来讲较低,但是国有控股公司第一大股东的持股比例与独立董事报酬正相关,两类公司的第二大股东持股比例都与独立董事报酬正相关,表明处于弱势地位的第二大股东对独立董事寄予厚望。监管部门要求有一名会计专业背景的独立董事,报酬上没有体现这种特殊要求。研究结果也意味着,从报酬角度看,独立董事并不是“无功受禄”,但是发挥作用的程度因治理结构不同而不同。Many people are suspicious about the functions of independent directors of the listed companies, suggesting independent directors are overpaid. Based on the data from 2001-2003, we find that the compensation of independent directors correlates positively to their reputation, and time and efforts they expend, but there is no evidence showing that the correlation between the compensation and business risks of the companies independent directors are serving. Moreover, the compensation of companies＇ senior management influences the independent directors＇ compensation. Corporate governance impacts the compensation of independent directors, the companies controlled by SOEs pay less than others, and more stocks the largest shareholder hold, the higher the compensation that independent directors have, holding shares of the second largest shareholder correlate to the compensation of independent directors in the both companies, suggesting that weak shareholders expect independent directors to be more active. The CSRC requires at least one accounting professional on the board, but the compensation to the accounting professional is no higher than others. Our research indicates that the independent directors receive reward only after making contribution to the related companies, but their functions depend on the corporate governance of the companies they are serving.

关 键 词：独立董事 报酬 公司治理 决定因素 国有控股公司 第一大股东 研究结果 治理结构 持股比例 2003年 

分 类 号：F271[经济管理—企业管理]