董事会规模影响财务舞弊的机理及其实证检验

How does Board of Directors' Size Affect Corporate Financial Fraud? An Evidence Test

文章以董事会的监督职能和成员知识互补效应为基点,利用路径分析方法,较为细致地考察了董事会规模对财务舞弊的直接影响,并以企业绩效为中间变量研究了董事会规模对财务舞弊的间接影响。结果表明:由于董事会监督作用的发挥,董事会规模与财务舞弊直接负相关,其边际监督能力随着董事会规模的扩大先增强而后减弱;企业经营绩效与财务舞弊负相关,董事会成员间的知识互补效应导致董事会规模通过企业绩效而与财务舞弊负相关。董事会改革的方向之一是以专业董事替代非专业董事。

Using path analysis, this study empirically tests the direct effect and indirect effect of size of board of directors on financial fraud based on the monitoring function and knowledge synergy effect of board of directors. Empirical results indicate that： 1 ） the direct relationship between board size and financial fraud is negative. What＇s more, with enlarging board size, it＇s marginal monitoring effect that can be enhanced and then becomes smaller; 2） corporate performance is negatively related to fraud, and the indirect links between BOD size and the likelihood of financial fraud is negative, which means the larger BOD size is, the higher corporate performance is, consequently, the lower the likelihood of financial fraud is. These results implicate that we need to replace non - professional directors with professional directors.