CEO与审计委员会中独立董事的社会关系对财务信息质量的影响

The Impact of the Social Relations between CEO and Independent Directors of Audit Committee on the Quality of Financial Information

在我国,CEO的社会关系是审计委员会中独立董事来源的重要影响因素,而现有文献尚未关注此种关系对审计委员会财务信息监督功能的影响。以2008-2017年我国沪深两市A股上市公司为样本,实证检验CEO与审计委员会中独立董事的社会关系对财务信息质量的影响。结果发现,CEO与审计委员会中独立董事存在社会关系显著降低了公司财务信息质量,尤其在法治水平较低的地区,或是在民营企业中,这一削弱效应更为显著。进一步分析发现,代理成本部分中介CEO与审计委员会中独立董事的社会关系对财务信息质量的影响;CEO与审计委员会召集人存在社会关系对财务信息质量的削弱效应更为显著。

In China,CEO’s social relationship is an important factor affecting the source of independent directors in the audit committee,but the existing literature has not yet paid attention to the impact of this relationship on the financial information supervision function of the audit committee.Taking A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2008 to 2017 as samples,this paper empirically examines the impact of the social relationship between CEO and independent directors in audit committees on the quality of financial information.The results show that the existence of social relationship between CEO and independent directors in audit committee significantly reduces the quality of financial information,especially in areas with low level of rule of law or in private enterprises.This weakening effect is more significant.Further analysis finds that:the social relationship between CEO and independent directors in audit committee has an impact on the quality of financial information;the social relationship between CEO and convenor of audit committee has a more significant impact on the quality of financial information.Therefore,in the design of audit committee,we should pay full attention to the social relationship between its members and management,give full play to the governance effect of audit committee,and promote the improvement of financial information quality of listed companies.