中国上市公司独立董事制度完善研究
摘要
2001年8月21日，中国证监会正式发布《关于上市公司建立独立董事制度的指导意见》，第一次对独立董事的比例、任职资格或条件、提名和选举、职权范围、薪酬等问题做出详细的规定。虽然法律上有了明确的规定，但是在事实上，我国上市公司中独立董事的作用并没有完全发挥，甚至出现了所谓的“花瓶董事”“人情董事”等等现象，导致了独立董事不独立，独立董事根本没有起到应有的作用。在中国特有的国情条件下，上市公司应当如何保护中小股东权益，如何解决内部人控制问题，如何避免关联交易，如何应对市场风险呢？本研究综合运用理论分析和实证研究等多种方法，试图通过探究中国上市公司独立董事制度的现状，发现其制度原因，从制度层面解决中国上市公司独立董事作用发挥不彻底的问题。
首先，我们先简单回顾了一下委托代理理论，从委托代理理论分析的角度来引出施行独立董事制度的必要性，进而分析独立董事制度对于上市公司的促进作用。对于独立董事制度，最重要的方面就是保持董事的独立性，我们将从制度层面对其独立性的必要性加以论证。
其次，通过中国上市公司的独立董事的运作与国外独立董事运作的比较，我们发现中国独立董事制度在实际运作过程中还存在许多问题，制度的有效性未能得到充分发挥。实证分析研究结果进一步表明：中国上市公司经营业绩在独立董事制度建立前后没有显著变化；中国目前的独立董事薪酬水平还不能起到有效激励作用；由于中国职业经理人市场的不完善，我们也没有相应的名誉激励机制来激励独立董事履行职责。在此基础上，本文分别将从社会层面和企业层面提出了完善中国独立董事制度的对策与建议。
由于中国的国情的复杂性，在一项制度的实施过程中往往会遇到意想不到的阻碍，任何一项制度的变迁都会引发既得利益者的阻挠，每次变革的出现都是一次博弈。本研究综合运用了理论分析法与实证分析法，对比了国内外的独立董事
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制度运作的情况，试图指出中国上市公司独立董事制度完善之路，一个制度的完善必须有法律作为其根本保障，相关部门应当完善立法，从强制力角度出发将中国的公司治理运作带入正轨。由于专业所限，本研究涉及的一些法律问题可能不是十分的完备，考虑不是十分完善，随着学习的深入，本研究会继续对相关内容进行完善。
关键词：中国;独立董事;上市公司;制度;完善
Abstract
August 21, 2001, China Securities Regulatory Commission officially released the \of an independent directors of listed companies, the guidance system,\the first time the proportion of independent directors, or conditions of qualification, nomination and election, terms of reference, pay and other issues and make detailed provisions. Although the law has been clearly defined, but in a matter of fact, China's listed companies in the role of independent directors are not full play, and even the so-called \director\\director\and so the phenomenon has led to independent directors is not independent , the independent directors did not play its due role. China's unique national conditions, the listed companies should be how to protect the rights and interests of small shareholders, how to solve the insider control problem, how to avoid related party transactions, how to deal with market risk? In this study the integrated use of theoretical analysis and empirical research in a variety of methods, trying to explore the independent directors of listed companies in China the status of the system and found that the reasons for its system from the system level to solve the independent directors of listed companies in China play the role of incomplete problems.
First of all, let's look briefly reviewed the principal-agent theory, principal-agent theory from the perspective of the analysis leads to the necessity of an independent director system, thus analysis of the independent director system for listed companies
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and facilitating role. For the independent director system, the most important aspect is to keep the director's independence, the institutional level we will need to be proof of its independence.
Secondly, through the independent directors of listed companies in China with foreign independent directors of the operation of the operation of comparison, we find that the independent director system in China during the actual operation there are still many problems, the effectiveness of the system has not been fully realized. Empirical analysis results further show that: China's Listed Companies operating performance before and after the establishment of an independent director system has not changed significantly; China's current salary levels of independent directors can not play an effective stimulus; Chinese professional managers because of market imperfections, we do not the reputation of the corresponding incentive mechanism to encourage independent directors perform their duties. On this basis, this paper, the social level and corporate level will be made perfect the independent director system in countermeasures and suggestions.
As China's national conditions and the complexity of the implementation process in a system often encounter unexpected obstacles, any one system will trigger changes in the obstruction of vested interests, each time there is a game of change. In this study the integrated use of the theoretical analysis and empirical analysis, comparing the domestic and international operation of the independent director system, attempts to identify the independent directors of listed companies in China improve the road system, a improvement of the system must have as its fundamental guarantee of the law, the relevant departments should improve the legislation, from the coercive power point of view the operation of China's corporate governance into the right track. Due to professional constraints, this study involved a number of legal issues may not be quite complete, given the not very perfect, with in-depth study, this study will continue to improve the relevant content.
Keywords：China; Independent Director; Listed Company; System;
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Improvement
目 录
摘要 .......................................................................................................................................................... 1 Abstract .................................................................................................................................................... 2 第一章 导 论 .......................................................................................................................................... 8
第一节 研究背景 ............................................................................................................................ 8
1.1.1 问题的提出 .................................................................................................................. 8 第二节 研究意义和目的 .............................................................................................................. 10
1.2.1 研究的背景 ................................................................................................................ 10 1.2.2 研究的目的意义 ........................................................................................................ 10 第三节 研究方法和框架 .............................................................................................................. 11
1.3.1 研究的方法 ................................................................................................................ 11 1.3.2 研究框架和逻辑框架 ................................................................................................ 12
第二章 独立董事相关概念与理论综述 ............................................................................................ 14
第一节 委托代理理论的回顾 ...................................................................................................... 14
2.1.1 委托代理理论产生背景 ............................................................................................ 14 2.1.2 委托代理理论模型 .................................................................................................... 16 第二节 独立董事制度的发展 .................................................................................................... 19
2.2.1 国外独立董事制度兴起的背景 ................................................................................ 20 2.2.2 国外独立董事制度的产生与发展 ............................................................................ 21 第三节 独立董事制度的特点 ...................................................................................................... 24
2.3.1 独立的人格 ................................................................................................................ 24 2.3.2 独立的经济利益 ........................................................................................................ 24 2.3.3 独立的业务 ................................................................................................................ 24 2.3.4 独立的运作机制 ........................................................................................................ 25
第三章 中国独立董事制度的现状及问题 .......................................................................................... 26
第一节 我国上市公司独立董事制度的运行现状....................................................................... 26
3.1.1 独立董事的个人情况 ................................................................................................ 26 3.1.2 独立董事的薪酬状况 ................................................................................................ 29 3.1.3 独立董事在董事会中的比例 .................................................................................... 30 第二节 独立董事与监事会职能冲突 ........................................................................................ 32
3.2.1 法律规定导致的冲突 ................................................................................................ 32 第三节 中国上市公司独立董事的构成缺陷 .......................................................................... 34 第四章 完善中国独立董事制度的方法设想 ...................................................................................... 36
第一节 完善中国独立董事制度相关法律体系 .......................................................................... 36
4.1.1 法律的作用 ................................................................................................................ 36 4.1.2 现行法律制度缺陷 .................................................................................................... 37 第二节 理清监事会与独立董事制度的关系 ............................................................................ 38
4.2.1 独立董事制度与监事会制度冲突 ............................................................................ 38 4.2.2 独立董事制度与监事会制度的整合......................................................................... 40 第三节 设立独立董事协会 .......................................................................................................... 41
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