CAJ | 학술논문

文章运用我国上市公司2002-2010年间的数据研究公司代理成本和独立董事津贴之间的关系，以及机构投资者的监督对两者关系的影响。研究结果显示，独立董事津贴与独立董事所在公司代理成本之间存在正相关关系，机构投资者监督强化了这一正相关关系，且这两种关系主要出现在代理成本相对较低的公司。文章研究结果意味着，独立董事已在一定程度上认知和重视公司的代理成本，且可能要求不同程度的津贴水平为其面临的代理问题寻求风险补偿，而机构投资者的监督促进了独立董事重视所在公司的代理成本，从而进一步提高其风险补偿。
문장운용아국상시공사2002-2010년간적수거연구공사대리성본화독립동사진첩지간적관계，이급궤구투자자적감독대량자관계적영향。연구결과현시，독립동사진첩여독립동사소재공사대리성본지간존재정상관관계，궤구투자자감독강화료저일정상관관계，차저량충관계주요출현재대리성본상대교저적공사。문장연구결과의미착，독립동사이재일정정도상인지화중시공사적대리성본，차가능요구불동정도적진첩수평위기면림적대리문제심구풍험보상，이궤구투자자적감독촉진료독립동사중시소재공사적대리성본，종이진일보제고기풍험보상。
Based on the data of listed companies in China from 2002 to2010, this paper studies the relationship between agency costs and independ- ent directors~ allowances, and the effect of institutional investors＇ supervi-sion on the relationship. It shows that there is a positive relationship be- tween independent directors＇ allowances and agency costs of companieswhich the independent directors belong to, which is strengthened by institu- tional investors＇ supervision, especially in companies with low agency costs.The results mean that independent directors have emphasized the agency costs to a certain extent, and might ask for allowances to cover the agencyrisks; the institutional investors~ supervision can promote the emphasis on the agency costs, thereby further increasing the risk compensation of inde-pendent directors.