CAJ | 학술논문

我国独立董事对公司业绩的治理效果一直是学者们感兴趣的话题，但此前的研究一直忽视了独立董事的内生性问题。本文使用四种模型检验了当大股东存在时独立董事对公司业绩的影响。研究发现，在排除内生性之后，独立董事对业绩的影响并不显著。本文认为，造成这种现象的原因在于当公司存在大股东的时候，公司董事会的构成会受到大股东的控制，从而使得独立董事制度流于形式。
아국독립동사대공사업적적치리효과일직시학자문감흥취적화제，단차전적연구일직홀시료독립동사적내생성문제。본문사용사충모형검험료당대고동존재시독립동사대공사업적적영향。연구발현，재배제내생성지후，독립동사대업적적영향병불현저。본문인위，조성저충현상적원인재우당공사존재대고동적시후，공사동사회적구성회수도대고동적공제，종이사득독립동사제도류우형식。
The effect of Chinese independent directors on company performance is currently a hot topic concerning scholars. However, previous research has ignored the independent director endogenous problem. This paper uses four models to examine the impact of independent directors on company performance, which is measured by Tobin＇s Q, ROE, and ROA, when there are major stakeholders. The result of the first Ordinary Least Squares （OLS） model shows that independent directors have a significant effect on company performance. The second model, a one-way fixed effect model, shows the same results. The results of two further models - an instrumental variable method and a simultaneous equations method - show that the effect of independent directors on company performance is not significant. Because the method of OLS regression does not control for endogenous variables, we consider the results to be not reliable, and that this negative correlation may be derived from endogenous variables. The panel data model helps to solve the company-specific effects brought by the endogenous problem, but it can not overcome the endogenous problem caused by simultaneous variables, so the results of this model are also questioned. The instrument variable and simultaneous equation models can be used to overcome the endogenous problem, so these two results are more credible. Furthermore, the results calculated by the two methods are consistent - the proportion of independent directors does not have a significant impact on company performance. In summary, the effect of independent directors on company performance is not significant when endogenous effects are excluded. The reason may be because company boards are controlled by the major stakeholder, when a major stakeholder exists.