风险投资参与对独立董事独立性的影响研究

发布时间：2018-01-09 08:05

本文关键词：风险投资参与对独立董事独立性的影响研究　出处：《华东理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：目前我国上市公司中的独立董事没有发挥其应有的作用,就是因为独立董事的独立性没有得到充分的保证。阻碍独立董事独立性发挥的原因：内因方面是指公司的独立董事大都是某一个领域的专业人才,可能对公司其他方面的决策没有十分全面的了解。外因方面是指独立董事的选任职机制,激励和约束机制,行权机制的不完善。而风险投资的参与会对上市公司的公司治理产生重要的影响,会影响独立董事的人数,董事会占比等。风险投资的参与对独立董事的独立性到底有没有影响呢?本文选取深圳中小板2006-2011年和深圳创业板2009-2011年的公司数据作为样本数据,实证研究得出,首先风险投资的参与对独立董事亲自出席董事会议的次数,独立董事的质疑有一定的影响,但是影响都不显著。其次,风险投资的参与度也会影响独立董事的独立性。具体说来,风险投资的持股比例越大,独立董事越敢质疑。但是风险投资机构的家数越多,反而对独立董事的质疑有负作用。最后,独立董事发挥其独立性,也就是独立董事对公司质疑以后,对公司业绩没有促进作用,这可能是因为独立董事自身缺乏丰富的企业管理知识和管理经验,不能对公司业绩的提升发挥应有的作用。
[Abstract]:At present, the independent directors of listed companies in China have not played their due role. It is because the independence of the independent director has not been fully guaranteed. The reason that hinders the independent director's independence is that the internal reason is that the independent director of the company is mostly a professional in a certain field. May not have a very comprehensive understanding of other aspects of the company's decision-making. External factors refer to the independent director selection mechanism, incentive and restraint mechanism. And the participation of venture capital will have an important impact on the corporate governance of listed companies, and will affect the number of independent directors. Does the participation of venture capital affect the independence of independent directors? This article selects the Shenzhen small and medium-sized board 2006-2011 and Shenzhen gem 2009-2011 company data as the sample data, the empirical research obtains. First of all, the participation of venture capital has a certain impact on the number of independent directors attending the board meetings, the independent directors' doubts, but the impact is not significant. Secondly. The participation of venture capital will also affect the independence of independent directors. Specifically, the greater the proportion of venture capital holding, the more dare independent directors question. But the more the number of venture capital institutions. Finally, the independent director exerts its independence, that is, the independent director does not promote the performance of the company after questioning the company. This may be due to the lack of rich managerial knowledge and experience on the part of the independent directors themselves, which can not play their due role in improving the performance of the company.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F832.51

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