The Independent Director: Supervisor or Advisor?

摘要

Since the independent director system was introduced to China, there have been many scholars to research that the independent directors can raise corporate performance or not. This article research the relationship of the independent director and corporate performance with the different results from the study before. The proportion of the independent directors, the frequency of the independent directors attending the board meeting have negative effect on corporate performance; The independent directors' degree have positive effect on corporate performance; The independent directors putting forward notpositive suggestions have no effect on corporate performance. The data for empirical research is from the companies which listed in SSE and SZSE from 2008 to 2011.At last we draw a conclusion that the independent directors are advisors not supervisors in our country.