产权性质、独立董事机制与投资效率——来自中国A股非金融类上市公司的经验证据

摘要

Taking into consideration of property right, this paper selects non-financial firms listed in Shanghai and Shenzhen as the sample,and uses the panel data from 2006 to 2010 to analyze the effects of independent director mechanism on investment efficiency from the perspective of independent director＇s function. The empirical evidence shows as follows：the increase of proportion of independent directors at board prompts the improvement of investment efficiency; this improvement in private companies is more significant than that in state owned enterprises; the compensation level of independent director has little influence on improving investment efficiency;after dividing investment inefficiency into under-investment and over-investment,the above conclusions are still robust.%选取我国沪深两市2006-2010年非金融类上市公司为研究样本，从独立董事职能的角度，结合产权性质，考察了独立董事机制对投资效率的影响。经验证据表明：独立董事比例的提高整体上可明显改善投资效率；相比国有上市公司，提高民营上市公司的独立董事比例能够更显著地改善投资效率；提高独立董事薪酬水平对改善投资效率的作用并不显著；将投资非效率区分为投资不足和投资过度两种情形后，以上结论依然成立。