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This paper explores the impact of the CEO’s supervisory role as an independent director on firm performance, utilizing measures such as Return on Equity (ROE) and Tobin’s Q. The supervisory effect is assessed through the remuneration of directors and supervisors. Empirical findings indicate a significant supervisory role when the CEO also serves as an independent director. Whether viewed from the perspective of shareholders’ equity or company growth, the CEO’s involvement as an independent director positively influences firm performance. Furthermore, the concurrent roles of CEO and independent director contribute to enhanced firm performance, irrespective of their relationship.

本文探讨了首席执行官（CEO）兼任独立董事时所承担的监督职能对企业绩效的影响，采用净资产收益率（ROE）与托宾Q值（Tobin’s Q）作为绩效衡量指标。研究通过董事与监事的薪酬水平评估其监督效应。实证结果显示，当CEO同时担任独立董事时，其监督职能的作用显著。无论从股东权益还是企业成长的视角来看，首席执行官以独立董事身份参与公司治理，均会对企业绩效产生积极影响。此外，无论二者的关联关系如何，首席执行官同时兼任独立董事的双重职务，均有助于提升企业绩效。