【作者】 曾菊兵；

【导师】 胡云清；

【作者基本信息】 江西财经大学 ， 企业管理， 2003， 硕士

【摘要】 我国证券市场创建10多年以来，为经济改革和发展作出了巨大的贡献，但是许多上市公司大股东利用非法手段侵害中小股东利益的违法行为屡见不鲜，上市公司治理混乱已成为我国上市公司急需解决的问题。为了在我国上市公司中建立起较为健康和规范的公司治理结构，中国证监会颁发了《关于在上市公司建立独立董事制度的指导意见》，要求“各境内上市公司……聘任适当人员担任独立董事”，不少上市公司纷纷修订公司章程，加入有关独立董事的条款，并聘请有关人员担任独立董事，在某种程度上确实加强了对上市公司的外部监督，使上市公司的运作更加规范。 在西方国家股份公司的治理结构中，其权力机制的制度性安排有两种基本模式：一种是一元模式或单层模式，即公司内部没有设立专门的监督机构，来监督董事会的决策行为；另一种是二元模式或双层模式，即公司内部设有一个监督董事会决策行为的常设机构。在这两种模式中，股东大会都是公司的最高权力机构，对董事会的监督是其功能之一。然而，董事会实际上已日渐成为公司的权力中心和决策中心，随着董事会的权力不断扩大，其责任也相应加大，股东大会对董事会的制约作用在世界范围内呈现弱化的趋势。因此，要求董事会及其成员能够站在公司的立场上，对全体股东负责，作出尽可能科学的决策，并对管理层实施有力有效的制约。然而，由于市场不完善，竞争不充分，大股东在追求自身利益最大化时，可能会损害中下股东的利益。为此，需要建立独立董事制度，在决策层中安排代表中下股东利益的独立董事，从而强化内部制衡机制，使董事会能够着眼于全体股东利益以及公司的整体利益和长远利益。 我国已有1000多家上市公司，但其运行机制和实际治理水平离公司治理的实质要求尚有很大差距。在目前资本市场国际化的情况下，只有公司治理水平被投资者所信赖和接受，才能增加投资者的信心。我国公司要想迈进全球证券、金融市场融资，就必须迎合国际资本市场的要求，完善公司治理结构。而我国的上市公司大部分是由国有企业改制而来，在治理结构方面仍存在很多问题，其基本特征可以概况为政府行政干预下的内部人控制，具体表现有：上市公司中基本存在控股股东，股权的集中度相当高，董事会被大股东控制，广大中小投资者被迫站在国有股权代表的对立面；上市公司受制于母公司的决策，无法维护自身的利益，大量的募集资金被控股公司非法长期占用等。因此在这种条件下，也需要建立独立董事制度，这样以达到防止内部人控制的发生，增强董事会的独立性。 然而，我国独立董事制度的建立，面临着如何有效地界定独立董事与监事会权限的问题。对于这一问题，国内学者有两种不同的看法，第一种看法是取消监事会，让独立董事取代监事会的地位：第二种看法是保留监事会，但让独立董事和监事会共同履行监督职责。独立董事制度起源于20世纪70年代的美国，美国股份公司独立董事的功能在很大程度上与我国监事会的权限相似，那是因为以英美法系为代表的西方国家，他们的治理结构模式是“一元制”，即只设有董事会而不设有监事会，独立董事的监督川意是非常明显的。但在我国的公司治理结构模三）卜，股为之会之下的董事会与监习工会呈并行之态，董事会专事经营决策，而监事会则专门监督董事、经理的行为。笔者认为，在二元体制下，监事会和董事会都对股东大会负责，它一方面要监督上市公司的财务状况门润保公司财务的安全和真实；另一方面又要对董事会利经营管理机构的运作实行监督，确保公司的决策和经营能符合全体股东的利益利公司的年远发展。但在我国，现在却把提议聘用或解聘会计师事务所、独立聘请外部审汁机构和咨询机构、对关联交易进行审查等本应山监到会行使的职权转移给了独立董事，并且要求董事会下设的审计委员会中应有二分之一是独立董事，独立董事l－P至少有一人是会计专业人士，这样，就儿乎把一元体制下的独立董到制度照搬到我国上市公司中来了，形成了严重的机构重叠和权能交叉现象，并且可能因此而形成上市公司内部新的权责不分。鉴于我国公司立法体系中二元体制难以改变的现实，笔者认为，在引入一元体制中的独立董事制度时，不能忽视发挥监事会的作用。在此情形下，如何将独立董事的职能界定好，同时又能“无线投入”现行的治理框架内，从而既发挥独立董事的作用，又批九独立苗率和监事会两者功能）。【。突和无人负责的尴尬局面，应是制议设计时必须仔细考虑的问题。笔者力图解决上述问题，为提高我国上市公司独立董事九U度的有效性提供一种良好的建议。 按WZ06CD原则，董事会结构和行为准则因国家的不同而不同，这要求对董事会独立成员的问题采取不同的方法；独立董事应能对董事会的决策作出重大贡献，对企事和经划层的业绩作出客观的评价。另外，当经理层、公司和股东在某些方面山现利益分歧时，如高级首理人员大报酬、职位继承计划、公司控制权的变化。及收购计划、大规模收购以及审计职能等，独立董事也能发挥重要作用。 在本文中，笔者从以下三个方面着手：更多还原

【Abstract】 Since bond market was founded ten years ago in china, bond market has made great contribution to economic reform and development. However, the illicit conduct that big stockholders impose unlawful measures to harm the benefits of the middle and small stockholders has always come. The confusion of corporate governance in listed company has been the exigent resolution problem in china. In order to establish relative well and normative corporate governance in listed company in china, the China Securities Regulatory Commission has issued "The Guidance Note of Constructing the Independent Directors System in listed company" .Many listed company act on these documents. The engaging of Independent Directors do improve the supervision of the listed company and enable it to operate more normatively.There are two basic models in the institutional arrangement of authority mechanism in corporate governance in western countries. One is the one-tiered model, i.e, no regular organization is set within company to supervise the board’s decision-making; the other is the two-tiered model, i.e, a regular organization is set to supervise the board’s decision-making. In both models, the general meeting of stockholders should hold supreme authority. But, in fact, the board has been the center of authority and decision-making. The board has become more and more powerful, and shoulder greater and greater responsibilities. Accordingly which weakens the function of the general meeting of stockholders of supervising the board. Thus, the board and its member are required, on half of all the stockholders, to make decision scientifically and exert firm and effective control over the management team. However, the big stockholders, in the process of maximizing their own profits, may damage the benefits of the middle and small stockholders due to the imperfect market and incomplete competition. Therefore, it is urgent that the Independent Directors system be constructed- Independent Directors who safeguards the benefits of the middle and small stockholders are included in the decision-making team-In order to make the board attach importance to the benefits of the stockholders and the company as a whole.Among the one thousand odd listed companies in china, the operating mechanism as well as the level of governance of as far from the required level. As the internationalizing of the capital market, investors’ confidence can only be enhanced by good corporate governance. To meet the demands from the international capital market, companies must perfect the corporate governance to finance in the international market.4But many problems of corporate governance exist in the listed company in china most of which were reorganized from State-Owned-Enterprises. The basic feature of their corporate governance can be summarized into "insider control under governmental intervention". For instance, high concentration of stock equity, big stockholders dominating the board, most of the stockholders in opposition to the representatives of the State-Owned stock equity, listed company clung to parent company and unable to protect its own benefits, etc. under these circumstance, a highly effective Independent Director system can avoid insider control and make the board more independent.However, the establishment of Independent Director system in china must be faced with the problem of how to partition the jurisdiction between Independent Director and the board of supervisors. Independent Director system originated from America in 1970’s.The function of Independent Director in listed company in America is similar to the function of the board of supervisors in listed company in china. Which is that in Western countries on the represent of English and American law, their corporate governance model is one-tiered model, that is, under the general meeting of stockholders is set up only the board not the board of supervisors, therefore the supervisory function of Independent Director is obvious. But in china, corporate governance model is two-tiered model, tha更多还原