从康美药业虚假陈述案看我国独立董事制度改进与重构

The Improvement and Reconstruction of China’s Independent Director System from the Case of Kangmei Pharmaceutical’s False Statement

摘要: 康美药业的判决将我国独立董事制度置于风口浪尖，为了更好地发挥独立董事的功能，保护中小股东利益，我国亟需对独立董事制度进行改革。当下，我国独立董事制度尚面临很多问题，例如收入与风险不匹配、过错与责任不相匹配等种种问题，在平时的公司治理中，独立董事也存在履职难的问题，很难真正参与到公司的运营中。因此，我国不仅要侧重保护金融投资者，对于独立董事这一特殊群体的保护也不能忽视。改革独立董事制度，对于促进我国上市公司发展，避免类似康美药业虚假陈述、违法发行证券等行为再发生都有积极意义。本文旨在以康美药业案为切入点，分析康美药业的判决对独立董事带来的一系列影响以及造成这一切结果的原因，最后对完善独立董事制度提出几点建议。

Abstract: Kangmei Pharmaceutical’s judgment puts China’s independent director system at the forefront. In order to better play the role of independent directors and protect the interests of minority shareholders, China urgently needs to reform the independent director system. At present, China’s independent director system still faces many problems, such as mismatch between income and risk, mismatch between fault and responsibility, etc. In the usual corporate governance, independent directors also have difficulties in performing their duties, and it is difficult to really participate in the company’s operation. Therefore, China should not only focus on protecting financial investors, but also protect the special group of independent directors. Reforming the independent director system is of positive significance for promoting the development of listed companies in China and avoiding the recurrence of false statements and illegal issuance of securities like Kangmei Pharmaceutical. The purpose of this paper is to analyze a series of influences brought by Kangmei Pharmaceutical’s judgment on independent directors and the reasons for all these results, and finally put forward some suggestions to improve the independent director system.