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? ? 1 ? ?2001 ? 8 ? 16 ? ? !?#?$%$? ,“?”?abcd?,1? ?e7cf?ghije,( ab?klmn?,opqr?stuvn?(,?$ wxy?z(,opu?_?, ?ast?bc?zd,( crs?tuvu?,kwkxyz?y|?y? ?g?!?#? ?!?v ?$ wx,? ?,(?,? ?g?,z?y?vu?,?k?#? ,(?$ ? ? z? |? ? ? ? 2 abstract the independent director system originated from great britain and america. in order to improve the corporate governance mechanism, china began to establish the independent director system gradually from august 16?2001. till now the system has been developing for more than eight years and it has achieved certain results?but there are still some problems and obstacles for developing. chinas binary system of corporate governance model is different from the one-tier system of britain and american countries?we cant completely copy their model of development and we should analyze the independent director system according to the actual situation of our country, to work out a new independent director system which suits our country national condition. this article starts from the introduction and development reality of the independent director system in china. through researching the domestic and international theory of the independent director system?as well as the development status after the introduction of independent director system in china, using empirical research methods, we work out the current situation and optimal value and analyze the problems and reasons of the independent director system in china. then propose the suggestions to improve the independent director system in listed companies in china, such as laws, selection system, payment system?the professionalism of the independent directors?further to provide reference for improving the corporate governance of chinas listed companies. the main innovations of this article is?carding the development and problems of the independent directorsproposing unique view to the selection mechanism?the incentive mechanism and the restraint mechanism building an development framework for the professionalism of the independent director. key words?the independent director system corporate governance selection system payment system professionalism ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? %? a0b?,?8?”? 3?_?“?,? !$ ?,?m? ?i 2001 ? 8 ? 16 ? “ $ “?8!?#?vu?-.#?$ $?,st(vu?%? ? 8=?_?8?7?m?,i ?xy$wx?,?zyz|?y? ?opst?q “?c?”y“gh?”?5ltst60u1?,ma$ ?1? baysinger butlerfi 1985 ? ?,?3?=?.? ”?$5?st?h,?1,?$?.q ? ,-?=k?su?stm4cn8kh,?$ schellenger woodfi 1989b 1985-1987 ?,?t?t?z/ 526 ? ?w?b? ?fi roa y? ? ?fi roe y? fi ret ? ? ? 3 ? ? 45 ? *?,? fi ret/std?st?m ?co?.,?$m4? roayret/std ?”?5? roe ret ?8?$ rosenstein wyattfi 1990stm4? ?,? ?,?n”$ millstein macavoy fi 1997 ? 20 ? 90 ?#?,?8? ?,?g?,?0%?%?,$ friday sirmansfi 1998st?o“?l?fi reit,? ?.,?$?|,?2? ?,1?$ catherine?jonathan?alan daltonfi 1996st?|? ,? ceo ,?c$john?holthausen larckerfi 1999st ?+?” ?*?j?$?8?je ? ceo |v?$core?holthausen larckerfi 1999st? ?9?-? ceo |?=$? ?2,?f8=?l?j8?$ ?!00001111 ? ?cd?l?,x2 78?+?st?,34s?$ hermailin weibachfi 1988st?8fl -.-?, ?8?!?,?%?,?f?3?,34$5 denis sarinfi 1999?y?_?,?w?$ ronaldfi 1998st? ?,? ? ? ?dfl ?n8?kw?,?fi 2004 st?,|?%?xay?,?y?=y?, ?3qrc?-.34$+?a#bfi 2004zh!?!?w? ?oc?,?oist? ?xa?roe”? ?epsy eva ?=?ud?,? ?, eva ?834 “?,?h$ +efyghfi 2004#?1?i?y?yjk?c*? .?,ja?hl?lk?oist$?1tm4? ?$ +mnyo8p?fi 2005qr? ? ceo ,? ,?h?y?,z ?y?=z?y? ?u?xf$op? ?m4?.,?vu?,? ?#?,?$ ?fl ?oist,o$wx?,?:;,rs?op$ ld?#?$?t?aopoist,m4?,stma? m?vu#?g?,#?st,7#? ?1,st?($ ?88889999 ?_?,?ast? bc?zd,(crs?tuvuk,#? ?#?g?!?v?$ 1.3.2 ?:; wxb?st?hbfl stjk? ?aaaa?bbbbcccc wx?hx?qfk?fop?b? ,?(?c?st;?iiiijjjjkkkkllll?bbbbcccc wxgb?,x?qf?aop,jk?st?56c +?d,?t?b?,opjk?ef?suwx?h spss ?!?1t?h?i?,stw ;?lw;,?1?st8=v?!?,?=$ 1.4.2 qqqq?oooopppp ?,st?+?!?=, ?!?rs?,st$wx,st?i?rs,jpbc?y k?9:,op?t?z?y*?y? ?yk?j8r?uvu?n?,?#?qngh?+?v,sw ?mn?$?1?78?5$?x?v,st1?,yz+,jb?u?ag$ ?ik?*?8?34? ?,s?$ ?w?fi aba ?*?.?8s?, ?$ ?g?n?cn8bfl ?q?,? fi 1cl ?c?,? fi 2cl?,? fi 3c?v? fi 4 c?v?,? fi 5c l?0?hbs$ ?,2z?h“,x2?!?,? c ?,?j? ?,!?c?cq _f?+,?,?,?$ ? yb!?2zcvirs/?p?y? ? ? !.#$%?b?s?y?ab?,?“f?c ?,:;$ $?,wf? ? ?t?stu“?z? ccgink”!? er,gzm4?1?,?34$? ?,?erl? 50.63%?8? 49.83%fi 3.1 $?8g? w?ol? 75.37% 12.4%? ? 24.63%g?!?,? 57.58% 22.47%? 42.42%$m4?!? ?m?n?.?3?8=?y*?y? ,?er?8?er !?;? ? ? ? aaaabbbbcccc66667777333388889999 ?ddddeeee? ? ? ? ? ffffgggg44445555? ? ? ? hhhhiiii44445555? ? ? ? jjjjkkkk? ? ? ? ltst7?u-?!?q ,1:;? wwwwllllmmmmnnnnooooppppqqqqllllmmmmrrrraaaa ccgink?!?q ?h?,?!? ?,? $? n?2003? ? ? ? 17 ? ? 45 ? ?y?t?+?c? 6c?$6?t,w)*8?1,v?!?kt os?t?,?g?3?v? ?,?=$ 2222333344445555!|eeee?zzzzeeee? ?!?lmno,?o?6q c? ?.lmnoq rq ? ccginka?y ?no?cq ? lmno,?%?a?*?lmno8?34$?8? 1?,!? ?,d-?71?,? $?,?12,34$ ccginkopf?l, 100 ?!? ?”7?w?,?l:;z?$! ?*?a?3,?:;?,?wrs$ ?8=v?*?*?|?c?$l?u ,i?c? y ?c?n?oprfl ? 4.1 ? 4.1.1 ? ?8cd?7_fz?6?kln8,?,oc?cf sk8,v?7,?h$ 4.1.2 ?-? ?t“,x2?|,?8?!? ? ? ? 20 ? ? 45 ? f5b1?,?,? ?_?1?y?_? /|$?1?!?i3?9?f?9,? 3?,“?:”$?u“?:”6$y6?3?,?a?“?ji?,?j? i?c?$” 4.2 ? ?,?x2l 1997 ? 12 ?i,! ?az8?x2$2000 ? 12 ?1?! tx? ?h?/,ab?u?%?= . . a5bcdefg gh i?78? ?0j34klmn . o -pqrst) .?78i? o #r%;?22223333? ?“x2?“!?k?v,?, ?k?2”? ?no”?“?!f ? ?cklyl!?c?8?,?/0 w,y?no,?j? ”$ 5.3 ?8 75%,?| 2-10 ?m 5.3 ?|?% 6 ?b-?|,v?2k,c?x?r?k?t:;? bx2?k?,?t:;?$c?kwkx,?2n? _?%?$ 6.1.2 !66667777?8888?9999:; ?“?”,?abfl ?!?,?fq ?9?5,$ 1?2 fi 2003 ? ?m?k?,? ?,?m?8?q ,n?g?=?75cnv,$ “?”,?abfl ? ,8=? ?w,g?n ?$r4f? ?f!8? ,8=?_bo?s?!?,?3!?je,q “?!, :;?d-+?s?7cg?+,-.?z!? ?6g?-.f?$ 1?_?,$k?!?,?t? 3?1?_b? yjet,?!? ?z?#?z?t,?$f5$?j k?d?5lm“?_bb?,$s?!? ?z,?95?g?!?9?,f?5$?,? _b?9+!?v?xa=k?3w?v?=?$* 1-.,#?!?z,?fi _b#?z?o ?,n?qr? ?|n812,?$ cccc?ddddeeeeffff-.?cccc ?,|?h2,?|?,*?qr?c?$? ?2?we?,|?8jb9v?%?,=4? cf? ?,?$su?#+?,|m?y? !?1?“ ?im?lm?oy?,? ?b?f?0?j?1?,lmsq?d- ?im?,p203 23 :.?q?b;x?,?u?78t)?xfl ?d.a?a?5?,2008 24 .?78t)?ra?=?fl ?j.?”2009 ? 10 ?314-315 25 bcd.78t),?$zfefj.?g”2008 ? 2 ?105-106 ? ? ? 42 ? ? 45 ? 26 hij.?u?78t)kl,mnza=j.?fl ?,2009 ? 1 ?:54-56 27 op?”q?r.?78t)?,“st?”mnedfl ?j.up?2006 ? 5 ?40-47 28?v”wxy.78t)?u?xm.u?8?”2003 ? 29z?.78t)fl ?m.?”2004 ? 30b.u?uwkx?_aedfl ?m.?”2008 ? 31bcd.78t)?x ?u?,fl ?m.? ? ?” 2003 ? 32ef. 78t)_?ghmn,ijd.k?lh5?”2006 33mn.78t),o?.?k0i?”2007 ? 17 t? 7 ?223-224 34?.78t),?pq?rt?st?u?usj.up?wx” 2006 ? 10 ?105-124 35b?.78t)_vw?-j.wxx?”2009 ? 3 ?182-183 36?” yu?” o?z.78t)_vw?-b.,edfl ?j.up?wx” 2005 ? 2 ?97-101 37|.78t)?-b.fl ?u?78t),?sqq?vw j.?”2009 ? 4 ?87-89 38.?8?78t)?j,?j.wx?”2005.0146-47 39?”?x?.?78t),?j.fp”2009.09108-109 40e?.?u?78t),?j.?k”2009 ? 4 ?66-67 41?.?o878t),?,s:j.?”2006 ? 7 ?”42-43 ? ? ? 44 ? ? 45 ? ?2008 !?#? $% 600097 .3830 2.21 .48 34.99 9 3 33.33% 4.8 ? 600738 .1059 1.42 .51 7.47 9 3 33.33% 2 ? 600337 .1227 2.64 .10 4.47 9 3 33.33% 5 abcd 600366 .2689 3.38 .39 7.95 9 3 33.33% 3.6 e?fg 600796 -.2825 1.52 .08 -18.58 9 3 33.33% 0 ?hij 600018 .2201 1.42 .15 15.46 9 3 33.33% 8 k? 600378 .2297 1.76 .27 13.08 9 3 33.33% 10 l?m 600055 .1311 2.29 .42 5.73 9 3 33.33% 4.5 no? 600397 -.7758 2.23 .48 -29.76 9 3 33.33% 3 pqr? 600830 .1106 2.78 -.69 3.98 9 3 33.33% 3 ?sk( 600075 .1316 3.65 .12 3.60 9 3 33.33% 4.5 t!6u 600531 .2683 4.17 1.34 6.43 9 3 33.33% 3 ?:? 600056 .6813 4.43 -.40 15.39 9 3 33.33% 3.11 ?vij 600252 .2162 2.05 .27 10.56 9 3 33.33% 8 ?w? 600195 .4148 2.82 1.13 14.70 9 3 33.33% 4.44 ?xyz 600527 .2012 2.00 .46 10.06 10 3 30.00% 4 ?y 600350 .3690 2.64 .58 13.99 10 3 30.00% 5 ? ? ? 45 ? ? 45 ? _( 600449 1.4010 8.55 1.15 16.38 11 3 27.27% 2.4 0a? 600422 .1022 1.93 .29 5.30 9 4 44.44% 8.57 b?6c 600639 .3286 3.64 .33 9.02 9 4 44.44% 7 ?d5( 600158 .2457 1.41 -1.00 17.42 9 4 44.44% 11.9 efa? 600420 .1874 1.92 .20 9.78 10 4 40.00% 5.76 g?ho 600674 .5616 2.86 .22 19.67 11 4 36.36% 4 vf-. 600570 .4514 2.13 .49 21.23 11 4 36.36% 8 aiy 600377 .3085 3.17 .55 9.73 11 4 36.36% 11.3 jj? 600300 .0667 2.90 .22 2.30 11 4 36.36% 5 ?kg+ 600319 .0497 3.41 .31 1.46 11 4 36.36% 4.5 lmn8 600132 .3381 2.21 .38 15.30 11 4 36.36% 5 opqr 600893 .2667 3.41 .74 7.81 12 4 33.33% 1.6 s? 600566 .0788 4.75 .22 1.66 12 4 33.33% 6.25 tu?v 600784 .1229 1.58 -.24 7.80 12 4 33.33% 5 ? 600216 2.1600 4.00 2.67 72.96 12 4 33.33% 5.4 ?

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