文档介绍：独立董事对传统内部治理机制影响的实证研究
吴晓晖1 娄景辉2
(1厦门大学管理学院,厦门,361005;2北京大学光华管理学院,北京,100871)
Does Independent Director really influence on Internal Governance Mechanism: Empirical Evidence from China’s Listed Firms Based on Panel Data
摘要:实证结果表明,在组织结构方面,独立董事的引入对董事会领导权结构的影响不明显,但能够显著增加内设委员会的数量,减小董事会规模,使之趋向合理水平。在运作方面,独立董事对董事长变更和CEO变更没有明显作用,但在继任者选择上有微弱的作用,此外,独立董事比例较高企业的董事会议次数和股东会议次数显著增加,独立董事比例和高管薪酬之间也呈显著正相关关系。这些发现证实了独立董事在内部治理机制中的积极作用。本文还发现学术型独立董事的影响力最为全面;企业型独立董事有着最为强烈的削减监事会规模的倾向,对未来公司治理的发展有一定的启示作用;相对而言,具有政府背景的独立董事对内部治理机制作用最小。
关键词:独立董事、内部治理机制、面板数据
Abstract:This paper indicates that the introduction of independent director has limited effect on the leadership structure of directorate, but it can minimize the size of board to a reasonable level, and increase the amount of mittee dramatically. In routine operation, independent director has limited effect on the change of board chairman and CEO, but has weak influence on the choosing of their essors. There is obvious increase in amount of board meeting and shareholders meeting in board with higher proportion of independent directors. Besides, proportion of independent director is also correlated to the payment of senior management team. These findings prove the positive effect of independent director in the board. This paper also finds that independent directors of academic type has most wide influence, and independent directors of enterprise type