人力资本、独立董事激励与公司治理

从独立董事的人力资本角度出发来研究公司治理中独立董事的激励问题。独立董事制度的出现，源于半期公司治理安排的失败，特别是董事会职能的失效。但是，实证研究并没有发现独立董事有助于改善公司业绩的有力证据。对于独立董事的人力资本性质缺乏认识，就不可能发挥独立董事在公司治理中的有效作用。本文分析了独立董事激励机制的现状，从委托代理理论以及契约理论出发，认为只有从独立董事的人力资本性质出发来对其进行激励，才能够发挥独立董事在公司治理中的作用。同时，也探讨了中国独立董事激励机制的弊端。

Incentive of human capital and independent director for corporate management

From the human capital's perspective, this paper casts light on the issue as to the independent directors' incentives. The emergence of independent directors was derived from the failure of early corporate governance, notably the ineffectiveness of the board. Nevertheless, positive research couldn't provide strong evidence to prove that independent directors would play an effective role in corporate governance. Devoid of the concept regarding independent directors as human capital, we could not expect independent directors to be effective in corporate governance. This paper provides analysis to the status quo of the independent directors' incentive mechanism. Based on principal- agent theory and contract theory, this paper holds that independent directors, expected to act properly, should be galvanized according to their characteristics of human capital. Meanwhile, the defects of the incentive mechanism as to independent directors in China are explored.