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《Accounting Research》 2003-11
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Independent Director System of Listed Company in China: Limitation and Improvement

Yan Dawu & Tan Jinsong  
This study shows that the independent director system should be incorporated with the necessary mechanisms. These mechanisms consist of (1) corporate governance mechanisms including external, internal corporate governance mechanisms and independent director mechanism itself; (2) mechanisms represented by security legal system; and (3) informal mechanisms whose major component is cultural contents. However, the fact that the institutional environment in China is unable to substantiate the independent director system leads to the inherited deficiency for the listed companies to employ the independent director system. Moreover, the lack of knowledge on these deficiencies further results in the deviation in the mechanism design of the independent director system, which acquires another deficiency of this system. Therefore, in order to improve the current status of independent director system in China, we should start from analyzing the institutional background, both on the surface, in a short-term context, and in the essence, in a long - term context. Furthermore, we need the cure on the surface as a measure to reach our goal: the real cure in essence.
【Fund】: 国家自然科学基金项目(批准号:70272021);; 国家社会科学基金项目(批准号:02CJY006);; 教育部人文社会科学研究“十五”规划项目(批准号:01JA790101)的阶段性成果
【CateGory Index】: F276.6
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