中国独立董事制度与公司绩效的关系——基于中国医药制造业上市公司2003～2008年数据的分析  

The Analyzing of Relationship between Independent Directors System and Corporate Performance in China——Based on the Data from 2003 to 2008 of Pharmaceutical Manufacturing Listed Companies in China

作　　者：魏成龙[1] 郑军[1] 

机构地区：[1]河南大学工商管理研究所,河南开封475004

出　　处：《经济管理》2009年第9期49-54,共6页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目"加快国有大型企业的现代企业制度建设问题研究"(08CJY033)

摘　　要：独立董事在董事会中除了发挥一般董事的作用外,其特殊作用主要表现在独立董事可以影响到公司高层管理者的选择、薪金政策、战略目标选择、股利政策和资本结构决策等。中国上市公司已经引入独立董事制度,通过对中国医药制造业上市公司2003～2008年的数据进行分析表明,中国的独立董事制度与公司绩效不存在显著正相关关系。目前制约我国独立董事履行其职责的因素主要有无法可依、激励机制欠缺和独立董事人才较少。因此,建立、健全独立董事制度的法律法规、完善独立董事的激励机制和提高独立董事专业化运作刻不容缓。In addition to playing the role of the general directors, the special role of independent directors of the Board is that independent directors could impact the options of company＇s senior managers, salary policy, the choice of strategic objectives, dividend policy and capital structure of decision--making, etc. The independent director system was introduced to the listed company in china, which takes good effect to improve the company managing. According to analyzing the data which include the number of Independent director and pure--capital yield, the number of independent director and income per stock of pharmaceutical manufacturing listed companies during the period of 2003--2008 by means of SPSS13.0, we can get a conclusion that the independent director system has not significant positive correlation with company performance and there is a long time to reach the standardization of the independent director in our country.

关 键 词：独立董事制度 公司绩效 治理结构 

分 类 号：F270[经济管理—企业管理]