国外独立董事研究

3,,,;;;;,,,3:;:[e-mail];:(insidedirectors),Diane(2001),JensenMeckling(1976)(outsidedirectors)(executivedirectors)(affiliatedirectors)(graydirectorsorgrayoutsiders)(MarkandLi,2001),,CEO(chiefexecutiveofficer),,(HermalinandWeisbach,1988),,,Smith(1776)BerleMeans(1932)70,JensenMeckling(1976)Fama(1980)FamaJensen(1983),,76430023,,,BerleMeans(1932)30,Smith(1776),BerleMeans-,60,,1,,,,(FurubotnandPejovich,1972)JensenMeckling(1976),JensenMeckling(1976)(1)100%-,-,L1L2,-,,,,U1U2,L2A2,F0,--,-(100%)--,L3,L3L1A3,U3,U3L3A3,-F1,VeV1Ve-V186430023-,100%-W3,L1,U1,-Fe,VeBerleMeans:,,,Smith(1776):,,,,,,,,,,,-,-,JensenMecklingR1(2),,-U3U4,R1B,-F2,V2,V3-V2bk,2JensenMeckling(1976),,JensenMeckling,,,,Fama(1980)FamaJensen(1983)Fama(1980),,,,,FamablFama,,bm,(),bn,boFamaJensen(1983)96430023bkblbmbnbo,,,,Fama(1980),,,BerleMeans1932,,DemsetzLehn(1985)V3,V3-V2,V2:JensenMeckling(1976),()(),,bp,,,,,,bq,,,br,,,CEO,,,bsFamaJensen,,bt,,,,,,CEO,CEO,CEO,CEO,,,,,,,,WilliamBrown(1996),,,,,(CEO)CEO,HermalinWeisbach(1988),ck,CEO,FamaJensen(1983),CEO(HermalinandWeisbach,1998)CEO,,CEO,CEO,07430023bpbqbrbsbtckColesHesterly(2000),CEO,,FamaJensen,,,,,,HermalinWeisbach(2001),FamaJensen(1983),,,,CEO(HermalinandWeisbach,2001)Borokhovich,ParrinoTrapani(1996)CEO,cl,(Borokhovich,ParrinoandTrapani,1996),,CEO,(Helmich,1974)CEO(Borokhovich,ParrinoandTrapani,1996;Renneboog,2000),(Renneboog,2000),,(HermalinandWeisbach,1988)Yermack(1996),CEO,CEO,,CEOBorokhovich(1996),,7080CEO,CEOYermack(1996)CEO,CEO,HermalinWeisbach(1998)HermalinWeisbach(1988),CEO,CEO,CEO,,,CEO,,CEO,CEO,,CEO,,CEO,HermalinWeisbach(1998)CEO,CEOCEO,,,,CEO(Arthur,2001)MarkLi(2001)CEO,Arthur(2001)CEO,cmMarkArthur,CEO,HermalinWeisbach(1998)CEOCEO,,Jensen(1993),,CEO,(HermalinandWeisbach,2001;WilliamandBrown,1996),,;CEO,(WilliamandBrown,1996),,CEOcn(Jensen,1993)?,17430023clcmcnHermalinWeisbach(1998)Arthur(2001)CEO,,BorokhovichParrinoTrapani(1996),,,,,,(FamaandJensen,1983),CEO,?:;,co,cp(WilliamandBrown,1996),Arthur(2001),,,,,,,Arthur20%,Arthur,,,,,(),CEO,CEO,CEO,CEO,,,,HermalinWeisbach(1998),,Arthur(2001),Arthur,,(),cqArthur,,,,Fama(1980),,,,,,WilliamBrown(1996),CEO,,,,crLeeRosensteinWyatt(1999)27430023cocpcqcrWilliamBrown(1996)CEO,,ShleiferVishny(1997),,(KangandShivdasani,1995)Perry(2000),,,CEO,,,,,,,,,;?RosensteinWyatt(1990)19811985146,,RosensteinWyatt(1990),FridaySirmans(1998)REITcs,,REIT,50%FridaySirmans50%,,,,FridaySirmans,,Fosberg(1989),BhagatBlack(1999)Q,Q,Ford(1988)ctHermalinWeisbach(1988),WilliamBrown(1996),,,,,,dk,(HermalinandWeisbach,1998),,,,,:11,,,(FamaandJensen,1983)21,1040;31,41,,,37430023csctdkUdueni(1998),REIT:Realestateinvestmenttrust,JensenMeckling(1976),,,,FamaJensen(1983),,,,,,,,,CEO,CEO,,dl,,dm?Fama(1980),,:11;21;31(FamaandJensen,1983),,,,CEOdn(WilliamandBrown,1996)CEO,(HermalinandWeisbach,2001;WilliamandBrown,1996),,(Jensen,1993),,Perry(2000),,CEO,,(WilliamandBrown,1996)?,,CEO?,,(Udell,1988),,CEO?,,,,,,47430023dldmdnWilliamBrown(1996),CEO,,CEOFamaJensen(1983):,ColesHesterly(2000),,(FamaandJensen,1983),,,,,,,,,,,,,,,,,,,,,,,,(BornaandRyan,2000),,,,(HermalinandWeisbach,2001),Loh(1994),(HermalinandWeisbach,2001),Ryngaert(1988),(CommentandSchwert,1995)BrickleyColes(1994),,,,,,,ColesHesterly(2000):11,do;21,;31,,57430023do,ColesHesterly(2000)CEO,CEO,CEO,CEO,,,,,,(),,,,ChenJaggi(2000),,,,,,CEO,,,ChenJaggi(2000),,,,,,ChenJaggi,,MarkLi(2001)MarkLi:11,dp;21,;31CEO,;41;51,CEOJensenMeckling(1976),,Shivsasani(1993),,MarkLi(2001):,dq,dr,MarkLi,,,MarkLi(2001),,,,MarkLi(2001),,MarkLi,ChenJaggi(2000),,67430023dpdqdrArthur(2001)LaPorta,Lopez2de2Silanes,Shleifer,Vishny(1996),Arthur(2001),,,,,,,,,,,,,,,,-,,:11;21,;31;41,,,,,:,CEO?,,,,,,,,,,:Arthur,N.(2001):BoardCompositionastheOutcomeofanInternalBargainingProcess:EmpiricalEvidence,JournalofCorporateFinance.7,pp.307-340.Berle,A.,andG.Means(1932):TheModernCorporationandPrivateProperty.Harcourt,Brace&World.ReprintbyTransactionPublishers(1997).Bhagat,S.,andB.Black,(1999):TheUncertainRelationshipbetweenBoardCompositionandFirmPerformance,BusinessLawyer,Vol.54,pp.921-963.Borna,J.A.,andH.E.Ryan(2000):CapitalExpenditureAnnouncementsandAnti2takeoverBarriers,TheQuarterlyReviewofEconomicsandFinance.40,pp.205-228.Borokhovich,K.A.,P.Parrino,andT.Trapani(1996):OutsideDirectorsandCEOSelection.JournalofFinancialQuantitativeAnalysis,Vol.31,No.3,pp.337-355.Brickley,J.A.,andJ.L.Coles(1994):OutsideDirectorsandtheAdoptionofPoisonPills,JournalofFinancialEconomics,35(3),June,pp.371-390.Chen,C.J.P.,andB.Jaggi(2000):AssociationbetweenIndependentNon2executiveDirectors,FamilyControlandFinancialDisclosuresinHongKong,JournalofPublicPolicy.Vol.19,pp.285-310.Coles,J.W.,andW.S.Hesterly(2000):IndependentoftheChairmanandBoardComposition:FirmChoiceandShareholderValue,JournalofManagement.Vol.26,No.2,77430023pp.195-214.Comment,R.,andG.W.Schwert(1995):PoisonorPlacebo?EvidenceontheDirectorsandWealthEffectsofModernAnti2takeoverMeasures,JournalofFinancialEconomics.Vol.39,pp.3-43.Demsetz,H.,andK.Lehn(1985):TheStructureofCorporateOwnership:CauseandConsequence,JournalofPo