海峡两岸独立董事设置对企业绩效的影响——基于政策实施的视角

发布时间：2018-02-27 02:22

本文关键词： 独立董事政策法规强制设置企业绩效海峡两岸　出处：《管理科学》2017年04期 　论文类型：期刊论文

【摘要】：董事会作为上市公司监督和决策的重要机构,其独立性至关重要。为了加强内部监管,规避大股东内部控制导致的对中小股东的利益侵占,独立董事制度已经成为不同公司治理模式的共同取向。独立董事制度能否以及如何提升企业绩效一直是学术界争论的焦点,也是近年来以独立董事制度取代原有公司监察人和监事会制度所积极深入剖析的主要课题,因此有必要进一步探讨董事会独立性的作用。政策的推行依赖社会制度和法制环境,海峡两岸面临不同的社会制度以及处于不同法制和金融环境。从推行独立董事这一政策视角入手,选取2002年至2015年中国大陆965家上市公司和2002年至2006年台湾地区1 102家上市公司为样本,运用独立样本t检验、多元线性回归模型和分段回归模型,研究强制设置独立董事的政策对企业绩效的影响,并就海峡两岸间的差异进行对比。研究结果表明,(1)强制推行独立董事制度在海峡两岸均会提升上市公司的绩效,但台湾地区受政策影响的企业绩效提升作用更明显;海峡两岸在证券市场的成熟度、监管和信息披露的有效性以及公司治理的代理问题等方面存在差异,中国大陆虚设独立董事的现象影响了其企业绩效的提升。(2)按照上市公司独立董事人数是否符合证监会规定进行分组,对比分析后发现,中国大陆强制设置独立董事的制度推行后,独立董事比例低于国家法规强制设置比例的上市公司,增加独立董事人数会对其资产报酬率有提升作用。董事会独立性作为公司治理研究的拓展,具有重要的理论意义和现实意义。研究结果为理解和评估中国推进上市公司独立董事制度改革的政策效果提供新视角和新证据,海峡两岸间的对比为英美公司治理制度全盘移植于新兴市场提供参考。研究结果对支持法规强制设置独立董事政策有积极支持作用,海峡两岸公司治理制度在双轨制与委员会制度并存之际,此研究对许多尚未探讨的制度性选择问题有一定的借鉴意义。
[Abstract]:The board of directors of listed companies as an important mechanism of supervision and decision-making, its independence is very important. In order to strengthen internal supervision, avoid to encroach the interests of the minority shareholders of internal control of large shareholders, the independent director system has become the common orientation of different corporate governance. Independent directors system whether and how to improve the performance of enterprises has been the focus of academic circles the debate is also in recent years, with the independent director system to replace the original company, and the board of supervisors subject system actively in-depth analysis, so it is necessary to further explore the role of the independence of the board of directors. The implementation of the policy on social system and legal environment, on both sides of the Straits faced with different social system and in different legal and financial environment. Starting from the implementation of independent directors of the policy perspective, from 2002 to 2015 China, 965 listed companies in 2002 and Taiwan area in 2006 1102 listed companies as samples, using independent samples t test, multiple linear regression model and piecewise regression model, influence of mandatory independent directors set policy on corporate performance, and compared the differences between the two sides of the Strait. The results show that (1) the mandatory implementation of independent director system in both sides of the Strait will enhance the performance of listed companies, but the Taiwan area affected by the policy of enterprise performance can be significantly improved; both sides of the Strait in the securities market maturity, differences in effectiveness and regulation of corporate governance and information disclosure of the agency problem, China, dummy independent directors phenomenon affects its business performance. (2) according to the number of independent directors of Listed Companies in compliance with the provisions of the Commission were comparative analysis found that the implementation of China, mandatory set of independent directors system Later, the proportion of independent directors is lower than the national mandatory regulations set the proportion of listed companies, increase the number of independent directors will have to increase its rate of return on assets. The independence of the board of directors as the development of corporate governance, has important theoretical significance and practical significance. The research results provide a new perspective and new evidence to understand and push the evaluation of listed companies the reform of the system of independent directors China policy effect, comparison between the two sides of the Strait governance system of the Anglo American company overall transplantation in emerging markets. The results provide a reference to support the mandatory regulations independent directors set policy to actively support the role of cross-strait corporate governance system in the coexistence of double track and committee system, this has certain reference significance a study of many have not yet studied the institutional selection problem.

【作者单位】：汕头大学商学院;华南农业大学经济管理学院;哈尔滨工业大学管理学院;
【基金】：国家自然科学基金(71532004) 汕头大学人文科研启动经费(STF14003);汕头大学粤台企业合作研究院重大基金~~
【分类号】：F271;F275;F832.51

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