代理问题、任职风险与独立董事监督决策

This project studies the decision-making of supervision by independent directors and their governance consequences when independent directors face agency problems by view of risk of directorship. It takes all decisions by independent directors into a unified decision-making space, deeply explores institutional backgrounds which might have effects on the risk of directorship, theoretically and empirically investigates the relationship between the risk of directorship and the decision-making of supervision. First, it examines how independent directors react to agency problems with different severity, whether independent directors make different decisions when they face explicit or implicit agency problems. Secondly, the project checks the effects on the decision-making of supervision by independent directors of environmental factors, which include corporate financial risk, information risk, legal protection of investors, D&O insurance and media coverage. Finally, it explores the governance consequences of decision-making of supervision by independent directors on the agency problems. This research will help to explain the governance status quo of China's independent directors, and provide theoretical or empirical evidences to support the reform of independent director system.

本课题基于任职风险视角研究独立董事对于公司代理问题的监督决策及其治理效应。研究中将独立董事监督决策纳入统一决策空间，充分挖掘制度环境变迁对独立董事任职风险造成的影响，从理论与实证层面深入探讨任职风险与独立董事监督决策之间的关系。首先，考察独立董事面对严重程度不同的代理问题时如何决策，监督显性或隐性代理问题时决策是否存在差异。其次，从环境层面研究任职风险对独立董事监督决策产生的影响，具体涉及公司财务风险、信息风险、投资者法律保护、D&O保险及媒体关注等方面。最后，探究独立董事监督决策对于公司代理问题的治理效应。本课题研究有助于解析中国独立董事治理现状，并为独立董事制度改革提供理论与证据支持。

项目组依据项目计划，基于任职风险视角研究独立董事对于公司代理问题的监督决策及其治理效应。研究中将独立董事监督决策纳入统一决策空间，充分挖掘制度环境变迁对独立董事任职风险造成的影响，从理论与实证层面深入探讨任职风险与独立董事监督决策之间的关系。首先，从理论方面探究独立董事面对严重程度不同的代理问题时如何决策，推演出独立董事的决策逻辑。其次，从环境层面研究任职风险对独立董事监督决策产生的影响，具体涉及公司财务风险、信息风险、D&O保险等方面。最后，探究独立董事监督决策对于公司代理问题的治理效应。此外，项目组还针对中国独立董事所面对的一些典型代理问题进入了深入的专题研究。本课题研究有助于解析中国独立董事治理现状，并为独立董事制度改革提供理论与证据支持。