Abstract: with policy restrictions on it fast diminishing, private enterprises flourish while bring problems. The independent director system has become a new way in better governance and more resources, that has advantages of low cost, direct supervision and heterogeneous human resources. So whether independent director in private enterprise is effective and why? from the network embeddedness perspective, this article analyses the microprocess how the independent director deeply embedded in the internal network of his firm and empirically tests the relationship between their embedding degree and firm performance by listed companies’ data. Results below:①the significant negative correlation between independent directors’ proportion and corporate performance means that they restrict their firm development;②as few independent directors truly embed in the internal network completely due to their heterogeneity, the overall index describes the efficiency of independent directors group often is not related with corporate performance;③independent director’s individual Quality is better than their overall numbers. This study supports the judgment that independent director fails to work, just because independent directors right for their corporates are few and the majority do nothing.

摘要： 随着国家政策不断放宽对民营企业的限制，民营企业蓬勃发展的同时治理问题也越显突出。具有低成本、监督直接、异质资源多样性等优势的独立董事制度成为民营企业改善内部治理，拓宽资源渠道的新途径。那么，民营企业独立董事是否真的有效？如果有效，作为外部成员的独立董事又是如何有效地嵌入企业内部网络实现其职能价值的？如果无效，又是哪一履职环节出现了问题？本文立足网络嵌入视角，构建和解析外部独立懂事嵌入企业内部网络的微观过程，借助2010-2013年在中国深沪两市A股上市的360家民营上市公司的数据，实证检验了独立董事嵌入程度对企业绩效的影响。研究发现：①民营上市公司的独立董事并没有发挥预期的价值，甚至相反的制约了企业的发展，独立董事比例与企业绩效呈显著负相关关系；②考虑到个体能力和资源的差异，独立董事能力供给与企业需求间的匹配差异，能够真正实现完全内网嵌入的人员属于少数人群。所以大样本下的关于独立董事的整体性指标并不能显示个体的职能价值，表现为这些整体性指标往往与企业绩效不相关；③独立董事并不是以多取胜，个人能力对于企业价值而言更具有价值。本研究支持了“独立董事失效”的论断，是因为只有个别高质量独立董事能够有效嵌入企业内网，真正的实现其功能价值，但是事实上在数量上处于优势的“南郭先生”稀释了其效力，使其价值隐藏在数据背后。