独立董事数变迁的影响因素:基于指导意见实施后的上市公司年报的经验证据

独立董事数体现了董事会独立性高低。实证发现，低于和高于独立董事规定数公司在股权结构、公司业绩、财务、盈利状况及其收益分配、公司规模等特征变量上存在显著性差异。自愿和非自愿设JZ独立董事的公司在控制了独立董事数、行业、地域冈索后，在股权结构等变量上已不存在显著性差异。现金分红越高的公司倾向于选择较低的独立董事数；而公司规模、每股收益越大的公司选择较低的独立董事数可能性越小。公司规模、大股东与公众股持股比例之差越大，非国有公司、董事不持股的公司倾向于选择较高的独立董事数；而大股东与其他法人或机构持股比例之差越大，非自愿设立、两权分离公司选择较高的独立董事数可能性越小。

The Influence of Change in Number of Independent Board of Directors: The Empirical Evidence of Annual Report of the Listed Company Based on Guide Opinions

The number of independent board of directors shows its independence. The empirical research discovers that when the number is lower or higher than provided difference will exist in ownership of a share structure,company accomplishment, finance, earnings condition and its incomes assigning, company scale etc. The company , roluntarily or not voluntarily establishing the independent director system, shows no remarkable distinction in the variation of share structure after controling the independent director number, profession and region factors. The company which enjoys higher interest on shares in cash tends to choose the lower number ; while the company, which has more interests on each share, has fewer possibiliies in choosing the lower independent director number. The bigger proportion is between company scale and big shareholder and public share; the higher number the none - state - owned company and the company in which directors do not hold share tend to choose. The more surplus amount between shareholders and other or organizations, the fewer possibilities in choocing the higher independent director number are for those which are not voluntarily set up or in which two authorities are separated.