在监事会不能有效发挥监督作用的情况下,证监会要求上市公司建立独立董事制度。但独立董事能否有效保护中小股东利益,提高公司绩效,无论在理论上还是实证检验上都存在争议。本文通过对独立董事和“内部人”进行博弈分析,得出我国民营上市公司的独立董事缺乏有效性的结论。 In case the board of supervisors can not effectively play a supervisory role, the CSRC requires the listed company to establish an independent director system. However, whether the independent directors can effectively protect the interests of small and medium-sized shareholders and improve corporate performance is controversial both in theory and in empirical tests. Through the game analysis of independent directors and “insiders”, this paper concludes that the independent directors of private listed companies in China lack the validity.