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基于董事会决策视角,对比分析了明星独立董事与普通独立董事在对公司管理层行为的监督中是否存在差异。研究发现,相较于普通独立董事,明星独董在“雇佣”关系中处于上风,但其在公司经营中更不愿意投非赞成票。即使在业绩较差、经营风险较高的企业,明星独立董事仍不愿意投非赞成票,这说明我国上市公司明星独立董事监督作用并不显著。进一步研究又发现上市公司“雇佣”独立董事的目的是为了提高股票市场的稳定性,是一种投资者关系管理行为。
Based on the decision-making perspective of the board of directors, this paper comparatively analyzes whether there are differences between the supervision of independent directors and ordinary independent directors on the behaviors of the company’s management. The study found that compared with ordinary independent directors, celebrity independent directors have the upper hand in the “employment” relationship, but they are even less willing to vote for the non-approval of the company. Even in the poor performance and high operating risk of the company, star independent directors are still not willing to vote for the non-approval, which shows that China’s listed companies star independent director supervision is not significant. Further study also found that the purpose of listed companies “hiring ” independent directors is to improve the stability of the stock market, is a kind of investor relations management behavior.