财务独立董事、公司治理与经营业绩关系－基于中国民营上市公司面板数据的研究

The research of the relationship between independent directors and operating performance of companies is an important topic in corporate governance study. Adopting the private listed companies of Shenzhen and Shanghai Stock Exchange in 2004-2006 as sample, using panel data and fixed-effect regression technology, the authors make an empirical analysis of the influence of financially independent derectors on the operating performance of companies respectively from the perspectives of ROA ang TQ. The empirical result finds that there is not obvious correlation between financially independent directors and the operating performance of companies in private listed companies and financially independent directors have failed to promote the improvement of the operating performance of companies.