本文以第一届任期已满并面临换届的独立董事为样本,对其任期中公司在投资效率与财务报告质量等方面表现是否影响他们的继任作出实证分析。研究发现,独立董事任期内企业投资效率与其留任的概率显著正相关。在非国有企业中,企业支付高薪且财务报告质量越差,独立董事留任的概率越大。进一步研究表明,继任独立董事在其两个任期内的财务报告质量没有显著差异,但在独立董事薪酬较高的企业中,同一独立董事在其第二个任期内的投资效率相对于第一个任期有所提高。本文结论对于上市公司独立董事作用评价及其留任选择具有一定的理论和现实意义。 Based on the sample of independent directors whose term of office expires and is undergoing general election, this article makes an empirical analysis of whether the performance of companies in terms of investment efficiency and financial reporting during their tenure affects their succession. The study found that the investment efficiency of independent directors during their term of office is significantly and positively related to the probability of their retention. In non-state-owned enterprises, enterprises pay higher salaries and the worse the quality of financial reports, the greater the probability that independent directors will remain in office. Further research shows that the succession of independent directors in the two term tenure of financial reporting quality is not significantly different, but in the higher independent directors of the enterprise, the same independent directors in their second term investment efficiency relative to the first The term has risen. The conclusion of this paper has certain theoretical and practical significance for the evaluation of the role of independent directors of listed companies and their retention options.