外文文献翻译分析独立董事制度在中国施行的缺点和改进.docx

外文文献翻译分析独立董事制度在中国施行的缺点和改进.docx

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外文文献翻译分析独立董事制度在中国施行的缺点和改进

AnalysisoftheShortcomingsandImprovementoftheIndependent

DirectorSysteminChina

HUANGYede，LIJin91，WANGJun2

1．SchoolofManagement，ShandongUniversityofTechnology,China，255049

2．ZiboInstituteofMeasurementandTesting，China，255033

yede-9505@163．tom

Abstract：

AsmostofthelistedcompaniesinChinaarerestructuredfromstate·ownedenterprises，manydefectsexistintheircorporategovernancestructure．Independentdirectorsysteminourcountryisanewthinganditstillneedtobefurtherimprovedbethintheoryandpractice。

sotheresearchonithasaprofoundsignificance．111ispaperappliestheagencycosttheoryandstakeholdertheorytoanalyzingtheproblemsofindependentdirectorsysteminChinasuchasunreasonableindependentdirector’sselectionmechanism．independentdirectorisdependentintheeconomicinterests。

theright-to—knowoftheindependentdirectorsislimitedandere．Inordertoresolvetheseshortcomings．weneedtodothefollowingthings：

establisharationalmechanismfortheremunerationpaidtoindependentdirectors，establishallincentivemechanismofsoundreputationofindependentdirector,andensuretheindependentdirectorsacquiresufficientinformationandsoon．

Keywords：

IndependentDirectorSystem，Problems，Countermeasures

1TheIntroductionofIndependentDirectorSystem

TheindependentdirectorsystemwasfirstcreatedintheUnitedStates．Intheearly20thcentury,asthecompany’stopmanagementandprincipalshareholdersofthecompanyoccupykeypositionstotalongtime,controlofthecompanyhasbeenmoreandmoreconcentratedandthecompanywasmanipulatedbyasmallnumberofinternalstaff（thatis，thepersonwhohasamajorinterestswiththeshareholders.thecompany’smanagementorthecompany）．Thefunctionoftheboardofdirectorshasbeenweakenedslowly．1eadingtodamagetheinterestsofsmallandmediumshareholdersandthecompany．Inviewofthissituation．theUnitedStatesproposedtheproblemof”governthecompany’scorporatestructure”andleadsintotheconceptofoutsidedirectors．inordertothroughtheparticipationofthecompany’sexternaltobalancethepoweroftheinternalstaffs．thuschangingtheBoardofDirectors”degenerate”situation.Sincethe1950s．westerncountriescontinuetoconfronttheemergenceofprincipalandsmallshareholders．principalshareholdersagainsttheinterestsofshareholders，aswellasshareholdersagainsttheinterestsofotherstakeholders．Thus，theUnitedStates。

BritainandotherWesterncountrieshavelearnedfromitsmistakesandbegunthegradualintroductionandimplementationofindependentdirectorsystem．Fromthe1980s．theintroductionofindependentdirectorsysteminthedirectorsofthecompanystructurehasbeenwidelyfollowedintheUnitedKingdomandFranceandshowedastrongdevelopmentmomentum．

Inthefirstseveralyearswhenthesecuritymarketstandardizedcourseinourcountry,theindependentdirector’ssystemoflistedcompanywasnotlistedintheagenda．thepolicy-makingleveloflistedcornp8nyhasnotrealizedtheimportanceoftheindependentdirector．Becauseithasnotformedthemacroclimate．theindependentdirector’sroleinthesecompaniesisverylimited．Withthedevelopmentofsecuritymarket，improvingcorporategovernancestructureandlistedcompany'squalitybecamemoreandmorecaredbyregulators．experts，scholarsandinvestors．Thusourcountrybegantointroducethesystemofindependentdirectors．InDecemberl997．theSFCintroducedindependentdirectorsintheformofoptionalprovisionsinthe”ArticlesofAssociationguidelineslisted”forthefirsttimewhichis”thecompanymayestablishtheindependentdirectorsinaccordancewiththeneed．”Since200l，theChinaSecuritiesRegulatoryCommissionissuedaseriesofguidingopinionsontheestablishmentofanindependentdirectorsystembylistedcompanies，hopingthatthroughtheestablishmentoftheindependentdirectorsystemtoimprovethegovernancestructureoflistedcompanies121．InAugust200lChinaSecuritiesRegulatoryCommissionreleased”establishmentofindependentdirectorsbylistedcompaniesguidingopinion”。

itrequiredthelistedcompaniestointroduceindependentdirectorswhodonotholdanypositioninthecompaniesintotheboardofdirectors．hopingthatcanexpecttheeffectiveimplementationofthebusinessobjectivelyandimpartially．In0ctober2005，thereviseddraftof”CompanyLaw’’wasapprovedbythetenthStandingCommitteeoftheNationalPeople’sCongress．Thisdraftstipulates：

ThelistedcompanycansetupindependentdirectorandtheconcretewayisstipulatedbythesecuritiessupervisionandadministrationorganizationoftheStateCouncil．Thisindicatesthatdevelopmentofindependentdirector'ssysteminChinahasrealistic1egalbases．

2TheTheoreticalResearchoftheIndependentDirectorSystem

Themostimportantfeatureofindependen