CAJ | 학술논문

选取我国沪深两市2006-2010年非金融类上市公司为研究样本，从独立董事职能的角度，结合产权性质，考察了独立董事机制对投资效率的影响。经验证据表明：独立董事比例的提高整体上可明显改善投资效率；相比国有上市公司，提高民营上市公司的独立董事比例能够更显著地改善投资效率；提高独立董事薪酬水平对改善投资效率的作用并不显著；将投资非效率区分为投资不足和投资过度两种情形后，以上结论依然成立。
선취아국호심량시2006-2010년비금융류상시공사위연구양본，종독립동사직능적각도，결합산권성질，고찰료독립동사궤제대투자효솔적영향。경험증거표명：독립동사비례적제고정체상가명현개선투자효솔；상비국유상시공사，제고민영상시공사적독립동사비례능구경현저지개선투자효솔；제고독립동사신수수평대개선투자효솔적작용병불현저；장투자비효솔구분위투자불족화투자과도량충정형후，이상결론의연성립。
Taking into consideration of property right, this paper selects non-financial firms listed in Shanghai and Shenzhen as the sample,and uses the panel data from 2006 to 2010 to analyze the effects of independent director mechanism on investment efficiency from the perspective of independent director＇s function. The empirical evidence shows as follows：the increase of proportion of independent directors at board prompts the improvement of investment efficiency; this improvement in private companies is more significant than that in state owned enterprises; the compensation level of independent director has little influence on improving investment efficiency;after dividing investment inefficiency into under-investment and over-investment,the above conclusions are still robust.