国外有关独立董事制度的有效性研究及其对中国的启示

董事会是一项解决公司内在代理问题的内生机制。在西方国家公司制企业的董事会构成中，独立董事占有很大比例并发挥着重要的作用。国外的理论和实证研究表明，独立董事在董事会中发挥着与内部董事不同的功能，并被认为能更好地履行受托人义务。这些研究还表明要使独立董事制度发挥应有作用，就必须保证独立董事有相当的独立性、对称的激励和责任约束以及相应的职业能力。国外有关独立董事制度的思想和实践经验对于我国刚刚开始实行的独立董事制度有许多可借鉴之处。

Foreign Study on the Efficiency of Independent Director Institution and Its Hints to China

Board of directors is an endogenously determined governance for addressing agency problems inherent to many corporation. Among the boards in Western company, independent directors constitue a large propotion and play an inportant role. Foreign theoretics and empirical literatures show that independent directors have different functions from insider-directors and that indepent directors could be deemed to be better fiduciaries. These literatures also suggest that independent directors should have considerable independence, symmetrical incentive and duty constraints and relevent professional capability, if we want to make independent directors more efficiency. The ideas and practical experience of foreign independent director institution can enlighten China on her's new-born independent director institution.