独立董事与公司绩效的关系——基于制造类上市企业的实证研究..doc

独立董事与公司绩效的关系——基于制造类上市企业的实证研究. 【摘要】独立董事起源于20世纪30年代的美国，对于一元制模式下的公司建立合理的公司治理结构，完善董事会职责，监督和约束公司管理层行为，降低代理成本，实现公司价值和股东利益最大化具有重要的意义。近年来，我国上市公司为了完善公司治理结构而引入独立董事制度。本文以独立董事与公司绩效的关系作为研究对象。从上海证券交易所制造类上市公司中筛选出68家上市公司作为研究样本，从独立董事的年龄、独立董事的薪酬、独立董事占董事会的比例和独立董事出席董事会的比例的角度，分析独立董事对公司绩效的影响。 本文通过构建多因素模型，对模型进行回归分析，最终得出结论：上市公司独立董事的年龄、独立董事的薪酬、独立董事占董事会的比例和独立董事出席董事会的比例对公司绩效的影响是不显著的。 关键字：独立董事，公司绩效，回归分析 The Relationship Between Independent Director and Corporate Performance ━━Based on a positive analysis of the listed company in manufacturing industry Abstract Independent Director originated in the United States in the 1930s. It plays an important role in setting up effective corporate governance and improving board duties, it also takes a positive effect to supervise and restrict the company administrative classrsquo;s actions, reduce the agency costs and achieve maximization of shareholderrsquo;s interest. China listed company introduced independent director system in order to improve the corporate governance. The paperrsquo;s research topic is the relationship between independent director and corporate performance. The paper samples 68 listed companies in manufacturing industry to verify the relationship between independent director and corporate performance from independent directorrsquo;s age, salary and ratio. The paper set up models and use regression analysis to come to a conclusion: independent directorrsquo;s age, salary and ratio donrsquo;t have a significant effect on corporate performance. Key words: Independent director, Corporate Performance, Regression Analysis 目 录 一、序言bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;1 二、文献回顾bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;bull;