摘要
董事会功能发挥对于自愿性信息披露具有重要的作用。根据我国上市公司2004年数据,独立董事规模、财会专业背景独立董事比例、金额最高的前3名高管薪酬对自愿性信息披露产生正向影响;董事会越稳定,公司自愿性信息披露水平越高。股权集中度越高,自愿性信息披露水平越低。这一结论说明我国上市公司有必要加强董事会建设,制衡大股东的控制权,以提高信息透明度和董事会治理效率。
The implement of the directorate plays an important role in the voluntary disclosure of information. Sample on the date of Chinese listed companies in 2004, we show that the scale of independent directors, proportion of the independent directors with accounting background and the payment for the top three executives have a positive effect on the disclosure. The level of companies' voluntary disclosure will increase with steadier directorate, but decrease with higher concentrated stock shares. The conclusion suggests that Chinese listed companies should strengthen the construction of the directorate and balance the power between big stockholders to improve the transparency of information and enhance the governance efficiency of the directorate.
出处
《武汉大学学报(哲学社会科学版)》
CSSCI
2008年第4期489-494,共6页
Wuhan University Journal:Philosophy & Social Science
基金
国家自然科学基金项目(70771048)
教育部人文社科规划项目(06JA630030)
南开大学“985”项目
关键词
自愿性信息披露
公司治理
董事会
大股东行为
voluntary disclosure
corporate governance
the board of directors
the behavior of controlling shareholder