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《China Industrial Economy》 2006-03
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The"Independency Fallacy" and Institutional Design of Independent Directors

JIAN Xin-hua,SHI Hua-wei(College of Economics and Management Wuhan University,Wuhan 430072,China)  
Due to the imperfect status quo of independent director institution,independent directors can not play their role effectively.Especially,the prospect of independent director institution was darkened by "the independency fallacy" which was caused by the contradiction between independent director's salary incentive plan and"independency".Based on the stakeholder theory,we analyzed the substantial functions of independent directors and argued that independent fallacy was not invincible,and we thought independent directors were not only the stakeholders in corporate,but the protectors of corporate interests and the coordinators of other stakeholders' interests.Sharing the firm rest was not necessarily led to lose of "independency".Finally,on the basis of the practice of the corporation governance in China,the author designed some institution to ensure the realization of independent director's functions.
【CateGory Index】: F271
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