摘要
采用深交所对上市公司信息披露质量的评级作为信息披露质量代理变量,借助于多元排序选择模型检验了深交所上市公司股权结构、董事会特征对信息披露质量的影响。研究发现:信息披露的质量与控制变量——公司规模、财务业绩呈显著正相关,与公司财务杠杆之间的相关性不显著;股权集中度、第一大股东的性质、流通股比例、高管持股比例、董事会规模、董事会领导结构、独立董事比例等公司治理变量对信息披露质量的影响不显著,只有年度董事会会议次数与信息披露质量之间是显著负相关的。
This paper regards disclosure quality ratings of Shenzhen Stock Exchange as proxy variable, and tests the influences of ownership structure and board characteristics on disclosure quality with multivariate ordered choice model. The result indicates that disclosure quality is positively correlated with corporate size and performance and isn＇ t correlated with corporate lever （all of them are control variables） ;while ownership concentration, the largest shareholder＇ s property, the proportion of tradable shares, the proportion of managerial ownership, board size, board composition, board leadership structure don＇ t affect disclosure quality significantly and disclosure quality is negatively correlated with board meetings＇ frequency.
关键词
股权结构
董事会特征
信息披露质量
ownership structure
board characteristics
disclosure quality
