摘要
本文对中国沪深两市上市公司进行研究,实证结果表明上市公司聘请独立董事有决策效应、避免风险效应、利用独立董事作为花瓶的持续显示效应、市场花瓶效应和业绩显示效应。这表明独立董事具有的知识型花瓶式角色和相对独立性是客观存在的规律,只有合理地应用好独立董事的这些角色,才能让独立董事承担起自己能胜任的角色,并发挥出作用。
The paper studies the roles played by independent directors in listed Corporations in Shanghai and Shenzhen Securities Exchanges. The study indicates that employment of the independent directors by listed companies has the decision-making effect, risk-avoidance effect, sustained ＂ vase＂ effect including the vase of market and performance, which implies that independent directors have knowledge and ＂vase＂ roles and relative independency. Based on the results, the paper explores how to bring their roles into full play in reality to improve the effectiveness of independent directors in Chinese corporations.
出处
《当代经济管理》
2006年第5期105-109,124,共6页
Contemporary Economic Management
基金
国家自然科学基金项目<我国设立独立董事动机与效果的研究>(70272921)
中山大学"985工程"创新基地的资助
关键词
独立董事
知识型董事
花瓶式董事
董事会决策
independent directors
knowledge-type directors
vase-style directors
decision-making of board
