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《Contemporary Economic Management》 2005-06
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Which Is More Important,Independence and Compensation,or Knowledge and Information

TANG Qing-quan,ZHANG Di(School of Business,Zhangshan(Sun-Yat-Sen) University,Guangzhou 510275,China)  
The independent directors are considered a kind of service which requires the high cognitive ability.Whether the independent directors can exert their monitoring function depends on the behavioral process of decision making.According to the decision-making theory,we conclude that three elements,information,knowledge and independence,are essential if the independent directors are expected to exert their function effectively.After analyzing the results of the questionnaire,the conclusion is drawn that independence is not the most important element that influences the effectiveness of the independent director system in China.Information and knowledge are more important.In addition,the salary is not the most important element either,and what's more important is the independent directors' ability to acquire the information.All these conclusions could help to improve the China independent director system from a new perspective.
【Fund】: 国家自然科学基金项目《我国实施独立董事制度的动机与效果研究》(70272021)的阶段性成果
【CateGory Index】: F279.21
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