دانلود رایگان مقاله روابط بین زمینه حرفه ای مدیران مستقل در شرکت دولتی و عملکرد شرکت

Abstract

The article analyzes how the professional backgrounds of independent directors (hereinafter IDs) in state-owned enterprises (hereinafter SOEs) influence corporate performance by collecting and analyzing publicly available data on listed companies. After differentiating between the “nominal professional backgrounds” and “real professional backgrounds” of IDs, we find that more than 85% of IDs have backgrounds in “the party-state system”. Based on IDs' “real professional backgrounds”, IDs' proportion of board seats is negatively correlated with corporate performance, indicating that IDs from “the party-state system” background did not play a positive and effective role in helping companies improve their corporate performance. Additional deep, broad analysis shows that the diversification of IDs' backgrounds in SOEs is positively correlated with corporate performance. Additionally, an SOE that has dissenting IDs or IDs with “different voices” achieves better corporate performance. Therefore, reducing the number of IDs from “the party-state system” and focusing more on IDs' professionalism and background diversity should be considered.

VI. CONCLUSION AND RECOMMENDATION

This paper quantitatively analyzes the role played by IDs of SOEs and those IDs’ influence on enterprises, based on the statistics of listed companies between 2009 and 2013. Contrary to the prediction of existing theories in the literature, a greater number of IDs on the board of listed SOEs does not help improve corporate performance. After analyzing IDs’ professional backgrounds, we found that more than 85% of IDs are directly or indirectly from “the party-state system”, which means either that they are easily identified (to some extent) as “dummy independent directors” or they can create shortcuts for power-to-money deals and their own private benefit. Moreover, SOEs’ performance is predicted to be better when IDs’ professional backgrounds or more diverse and when IDs either dissent or express themselves in “different voices”. Some recommendations can be made based on the above analysis. First, it is suggested that employing IDs with diverse backgrounds instead of those from “the party-state system” background can help enhance IDs’ professionalism and diversity. Furthermore, IDs should be motivated to cultivate independence and should be guided and encouraged to fulfill their responsibilities and express their actual thinking and suggestions. One of the main directions of China’s future economic development is mixed ownership. The foundation of promoting mixed ownership is the authorization of private capital in the SOE system: the construction of boards and IDs are the core elements in that process. With the extension and implementation of the mixed-ownership economic reform, IDs with a background in “the party-state system” are likely to be an historical phenomenon.