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本文重点从英美公司治理中独特的权利机制、股东大会失灵、董事会失灵、股权分散化和机构投资者的势力日益强大等方面分析了独立董事制度兴起的原因。并从信息、时间、独立性、预算等方面对独立董事制度进行了效率约束分析;从声誉、报酬、法律、控制权方面研究了激励机制的设计问题。最后以美国为例,评价了独立董事制度在美国的实践。
This article focuses on the reasons for the rise of the system of independent directors from the perspectives of the unique rights system in Anglo-American corporate governance, the failure of general meeting of shareholders, the failure of the board of directors, the decentralization of shareholdings and the growing power of institutional investors. And analyzes the efficiency of the independent director system from the aspects of information, time, independence, budget and other aspects; studies the design of incentive mechanism from aspects of reputation, reward, law and control. Finally, taking the United States as an example, it evaluates the practice of independent director system in the United States.