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The review of the literature of the the inefficient causes of of the independent director system of the the Listing Company of the our country

Author: DuZuo From: www.yourpaper.net Posted: 2009-05-20 13:32:52 Read:
The contents of Abstract: This article around the the Listing Company of the our country independent director system inefficient the causes of, of the existing literature the different points of view held by has combed, be summarized and classification, and sum up the to research the status quo carried out, in order to period that the for that problem the deepening of study on the relationship between the to provide of the direction of.
Key words: independent director system corporate governance the inefficient causes of

The the Listing the Company's independent to the directors of of is to refers to the the not in the company served as other duties outside the the In addition to the best of the Directors', and with the the which they new recruits appointed to of the listed company and its a substantial shareholder of does not exist the that may constitute a bar to the the directors of the of its to conduct an independent and objective judgment the relationship between. In recent years, the and scholars from around the the Listing Company of the our country independent director system carried out a large number of research. Among them, the in the the effectiveness of the independent director system of the the Listing Company of the our country on the the issue of, Although the the surviving in the to a certain controversy, but most studies have think that the of the system so far did not fully play its role.
In order to understand the the the relevant research the status quo, summed up the on results of relevant studies, especially is expectations of be able to for to further deepen the research so specify the the direction of, this article around the inefficient the causes of of the China's independent director system afford, a to collect that is in a targeted, studied the the relevant literature, has combed on the the different points of view and classification of, and in the the are carried out in This on the basis of reviews and summarize the books.

The inefficient the causes of of the independent director system of the the Listing Company of the our country related the reference articles and point of view.

In this paper, are of the view that, on the this problem of in the the Listing Company of the our country independent director system targeted inefficient the genesis of, held by the the existing literature opinion classifieds are as follows:
(A) of the the current legal system said that and incentive mechanism said
And some literature think that the independent director system of the the Listing Company of the our country inefficient causes of lies in China's the present legal system. Qing-Quan Tang et al. (2006) through the conducted a questionnaire survey on the 500 independent Directors, research results found that (in Chinese), the the current legal regime is considered to be to be the affect the independent directors can effectively perform to play a role the most important factor. However, the Qing-Quan Tang and and so on on "the current legal system" specifically referring to what, did not give a clear Description.
By Chen Yan (2007) through the the to compare in the direction of a on the the the the theory and practice of the the at home and abroad to independent the directors incentive mechanism., Think that the of China's independent director system the effect is not very satisfactory is an important reason is the independent the lack of of the directors an effective incentive mechanism, at the same time EXPRESSLY DISCLAIMS our country the lack of strict legal a the reasons for of the inefficient of which he is independent director system.
(B) cultural to say
to the environment
And incentive mechanism said a contrary to the views of the is that the, Bear Jin-cai (2006) think that the the loss of Independent Director in China incentive mechanism the nature of the reasons of the incentive function of does not lie in the incentive mechanism itself, but rather on the independent director system outside the the in the incentive mechanism has a strongly exclusion the role of, which restricts the cultural system of the independent of independence of Directors, namely, in order to "emotional" is characterized by of the the national culture, in in order to with the "national ism"-is characterized by from the Law Culture, and in order to the "relationship"-is characterized by the corporate culture of.
This will be Cause boils down to of inefficient in in the the point of view of the a Culture of our country and unique for background has been endorsed by the by some academics.. Such as Zhang Zongyi (2006) think that the system innovation is the a very complex process, it is not a simple institutional arrangements novate or a change in the system under, that the the internal mechanism of of its the most deep-seated rooted in the the culture of a society which, the System of the Changing includes not only the a series of formal rules, regulations, but also including the some informal the habit of, customs, practices, and so on, Therefore, the the the Institutional Variance of the step-up sexual would have been existence of.
(Third) the implementation of motivation to say
There are The literature the causes of formation of think that the inefficient of to is that the the Listing Company of the our country implementation of the of Independent Director System motivation is not correct. Such as-hung, Zhu tea LEUNG, (2006) in order to 1994-2000 years 65 A-share company of the to engage an independent directors on a voluntary basis as a sample, the study found that, the the Listing Company of the our country take the initiative to to hire the the real motive of the independent directors are not based on reducing the the need for the the governance of of the agency costs, but in order to to curry favor with the the Government. Zhu tea-fen think that the This practice of engaging the motivation of the "alienation" the low-efficiency the implementation of by the independent director system can be in the a large extent be explained by.
(D) introducing a way of saying
Also have think that the in the literature that the the the introduction of the way by the Cause lies in of inefficient in of the China's independent director system. Such as WANG Shi-the right to et al. (2005) the use of the method of Sino-Japanese independent director system transplantation and Compareative Research on Effect, think that the The our country the introduction of the the the reasons for of independent director system possible to obtain the is expected to effect lies in China is mandatory the introduction of the of the system. At the same time, WANG Shi-the right to, and and so on on pointed out that, the Mandatory the introduction of The reason why caused by independent director system inefficient reasons, they have lies in the the introduction of of the the time did not give full consideration to to the the At that time listed companies existing is still on the existing board of supervisors system at higher expected, while the the At that time caused by the To China 's Board of Supervisors system the root causes of failure, that is, the of China's listed companies Option is is too concentrated the problem of did not been resolved, it it will also result Independent Director in China failed systems of governance.
(Five-Year) The Institutional Conflict says
is available on said with the systems and regulations
There are The literature the causes of formation of think that the inefficient of lies in the the our country Independent Director System and the the the conflict of the board of supervisors system. Such as Leigang et al. (2006) In the after the the Britain and the United States on the one hand and D'in the corporate governance on the the concept of on the date of and and in the the different on the the the external environment is compares the, think that the the Independent Director System and the board of supervisors system is not compatible with is to caused by the reasons for not feasible by the independent director system in our country. However, much more tend to in the literature think that the the conflict of the the two systems, is just caused by China's independent director system inefficient one of the many other of the causes of of (Gao Minghua, et al., 2006; Chen Zhengxu et al., 2005; Heting Ling, 2006; Yang Hui et al., 2006). There are the literature explicitly think that the inefficient causes of to lies in the Independent Director in China system its own institutional defect of (thousands of Province, Lee et al., 2005); but more the literature, although not explicit in asserting the, but it of the existence of through the the the independent director system of the our country each carried out to a kinds of defect analysis, implicitly to express the such of the point of view. These revealed by in the literature institutional problem that including that the the relevant provisions of is too principled, the lack of the operability of; the terms of reference of the independent directors unworthy of the name; the nomination and Procedure for the appointment of is unreasonable; the lack of effective incentive and restraint mechanisms; the Independent Board sources of such as irrational many other aspects of (Peng the Cultural Revolution et al.., 2007; Li Haijian et al., 2006; Zhang Jing et al., 2005; Heting Ling, 2006; Chenzheng Xu et al., 2005).
The said of the information problems in (VI) with the independent director do not independent to say
The there are literature the causes of formation of stressed that inefficient of lies in the information problems of independent facing the by the directors are. Such as Jin Jingyu (2005) think that the corporate governance access to information is-independent Directors to participate effectively in the the the key to of the corporate governance, but the current Independent Director in China to obtain the the the incompleteness of of the information is particularly conspicuous, is the The Factors Affect on the Independent Director in China play an effective role the key to reasons for.
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