制度环境、公司治理与独立董事——依据伊利股份案例的研究  

Institutional Environment,Corporate Governance and Independent Directors A Case Analysis Based on Yili Company

作　　者：杜兴强[1] 周泽将[1] 

机构地区：[1]厦门大学会计系,福建厦门361005

出　　处：《审计与经济研究》2010年第6期75-82,共8页Journal of Audit & Economics

基　　金：教育部人文社会科学重点研究基地重大项目(2009JJD790040)

摘　　要：结合中国的制度背景,以伊利股份的"独立董事风波"事件为案例研究素材,分析了资本市场对"独立董事风波"的市场反应以及是否存在独立董事的声誉机制。案例分析表明,目前中国的制度环境和公司治理机制限制了独立董事监督作用的发挥;机构投资者在保护中小投资者方面没有发挥积极作用;固定的薪酬制度对独立董事缺乏激励效应,这些必然导致大股东因为不一致的利益而侵害中小股东的利益。The paper first analyzes the market reaction to the event of firing independent directors in Yili and then discusses the reputation mechanism of independent directors based on the institutional environment of Chinese capital markets.Research results show that present institutional environment and corporate governance do not support the roles of independent directors,and institutional investors do not take a positive role in protecting minority shareholders,either,and the fixed salary system lacks efficient incentive effects.Eventually the largest shareholder probably hurts the benefits of small and medium investors for inconsistent benefits.

关 键 词：独立董事 市场反应 声誉机制 公司治理 制度环境 股权分置 

分 类 号：F270[经济管理—企业管理]