摘要
文章以2003~2007年五年间深交所2857家上市公司为研究样本,采用LOGISTC回归分析方法,从董事会治理的角度,选择董事会规模、独立性、权力结构和行为模式四个特征,探讨它们与信息披露质量之间的关系。实证结果表明:董事会的规模和独立性对公司信息披露质量有积极的作用,董事会的规模越大,独立性越强,就会抑制内部人控制,从而提高信息披露的质量;而两职合一对我国上市公司的信息披露质量造成显著不利影响;实证结果没有发现审计委员会的设立有利于提高公司信息质量,这似乎说明审计委员会制度尚待加大执行力度。
This paper, applying LOGISTC regression analysis on the data of 2857 listed companies in Shenzhen Stock Exchange from 2003 to 2007, discusses the relation between quality of information disclosure and four characteristics of board governance, namely size, independence, power structure and behavior pattems. The empirical results show that board size and independence have a positive impact on quality of information disclosure. Large size and strong independence of board can restrain insiders control and improve the quality of information disclosure. Integration of two positions has significant adverse effects on quality of information disclosure in China's listed companies. The empirical results do not show that the establishment of audit committee is of help to improve the quality of information disclosure. It seems that the system of audit committee needs to be implemented more strongly.
关键词
信息披露质量
董事会治理
独立董事
审计委员会
Quality of Information Disclosure
Board Governance
Independent Director
Audit Committee