独立董事投票制度的反思与改进——基于独立董事投票的分析  

Rethinking and Improvement of Voting Activities of Independent Directors——Descriptive Analysis Based on Independent Directors’ Voting

作　　者：谭雪[1] 李婧萱 吴昊洲 TAN Xue;LI Jing-xuan;WU Hao-zhou(Business School,Hunan Normal University,Changsha 410081,China;The Institute for Financial&Accounting Studies,Xiamen University,Xiamen 361005,China)

机构地区：[1]湖南师范大学商学院,湖南长沙410081 [2]厦门大学财务管理与会计研究院,福建厦门361005

出　　处：《经济体制改革》2021年第2期187-193,共7页Reform of Economic System

基　　金：湖南省哲学社会科学青年项目“国际化董事会对公司海外经营绩效的影响研究”(17YBQ068)。

摘　　要：通过对上市公司2001~2019年独立董事投票的现状进行统计分析,探讨独立董事投票制度的有效性。统计分析表明,独立董事在公司重大决策的投票表决中,异议意见所占的比例较低,大多数公司的独立董事没有发表过异议意见。独立董事大多附和董事会或管理层的决策,即使表达异议意见也采用较为平和的方式。在独立董事表达异议意见的投票中,担保事项、人事变动、关联交易等议案得到异议意见的比重相对较高。本文进一步从选聘机制、投票机制、沟通机制、薪酬机制、追责机制等角度分析了独立董事在投票中较少表达异议意见的原因,并提出搭建独立董事人才库、建立独立董事与公司的定期沟通机制、试点浮动薪酬、建立行业协会、细化责任义务等政策建议。This paper discusses the effectiveness of independent director voting system by describing and analyzing the current situation of independent director voting in listed companies from 2001 to 2019. Descriptive analysis shows that the proportion of dissenting opinions among independent directors in voting for major decisions of the company is relatively low, and most independent directors of the company have not expressed dissenting opinions. Independent directors mostly agree with the decisions of the board of directors or the management, and even if they express dissenting opinions, they adopt a more peaceful way. In the voting for independent directors to express dissenting opinions, the proportion of dissenting opinions on such motions as guarantee matters, personnel changes and related party transactions is relatively high. This paper further analyzes the reasons why independent directors seldom express dissenting opinions in voting from the perspectives of selection mechanism, voting mechanism, communication mechanism, compensation mechanism and accountability mechanism, and puts forward some policy suggestions such as building a pool of independent directors, establishing a regular communication mechanism between independent directors and companies, piloting floating compensation, establishing industry associations, and refining responsibilities and obligations.

关 键 词：独立董事 投票 异议意见 政策建议 

分 类 号：F271[经济管理—企业管理]