摘要
《关于在上市公司建立独立董事制度的指导意见》规定在2003年7月前上市公司聘任独立董事比率不得低于1/3。从统计数据来看,中国90%以上上市公司的独立董事比率都刚好达到1/3的门槛要求。以2011—2019年我国A股上市公司为样本,研究多个大股东对超额独立董事聘任(超过1/3)的影响。研究发现:(1)公司大股东数量越多,越倾向于更多的聘请独立董事,而不仅仅满足证监会强制要求的1/3比率;(2)大股东委派董事与更多的聘请独立董事之间存在替代关系,其原因在于委派董事和更多的聘请独立董事均能达到维护大股东自身权益的目的;(3)当公司管理层权力过大时,管理层会抑制大股东通过多聘请独立董事对管理层进行监督的行为。结合独立董事不得低于1/3比率的研究表明,上市公司聘请独立董事更多在于维护大股东利益,从而为独立董事的治理效应提供了新的经验证据。
As stipulated in Guiding Opinion on Establishing the Independent Director Institution in Listed Companies,the ratio of independent directors hired by listed companies before July 2003 must not be less than 1/3.The statistical data show that the ratio of independent directors,in more than 90%of listed companies in China,has just reached this minimum requirement.With the Chinese A-share listed companies from 2011 to 2019 as the sample,this paper studies the influence of multiple large shareholders on the appointment of extra independent directors(more than 1/3).The results show that:(1)The increasing number of large shareholders in the company is likely to increase the ratio of hiring more independent directors,which goes beyond the 1/3 of the board seats required by China Securities Regulatory Commission.(2)There is a substitution effect between the behavior of appointing the directors by major shareholders and that of employing more independent directors by major shareholders.The reason is that both appointing and hiring more independent directors can achieve the purpose of safeguarding the rights and interests of major shareholders.(3)The management in the company,when exerting excessive power,will restrain the major shareholders from supervising the management by employing more independent directors.As revealed from the research into the stipulation that the ratio of independent directors should not be less than 1/3,this paper shows that the employment of independent directors in the listed companies is an important mechanism for major shareholders to protect their own interests,which provides new evidence for governance effect of independent directors.
作者
陈险峰
任洋虬
胡珺
CHEN Xian-feng;REN Yang-qiu;HU Jun(School of Management,Hainan University,Haikou 570228,China)
出处
《海南大学学报（人文社会科学版）》
CSSCI
2021年第1期52-61,共10页
Journal of Hainan University （Humanities & Social Sciences）
基金
国家社会科学基金项目(15BJY131)。
关键词
独立董事比例
多个大股东
委派董事
管理层权力
ratio of independent directors
multiple large shareholders
assigning the director
management power
