独立董事的财务专长、公司特质信息与盈余谨慎性

The Financial Expertise of Independent Directors, Firm-Specific Information, and Earnings Conservatism

本文以沪深两市2003至2005年2601家A股上市公司作为研究样本，检验了独立董事的财务专长与公司特质信息和盈余谨慎性的关系。实证结果显示，具有财务专长的独立董事比例与公司披露的特质信息呈正相关关系，具有财务专业的独立董事比例越高，披露的公司特质信息越好，而且股权制衡度好的公司，独立董事财务专长与公司特质信息的关系更加明显；同时也发现，具有财务专长的独立董事比例与盈余谨慎性呈正相关关系，具有财务专长独立董事比例越高的公司，盈余谨慎性越好。这一结论表明，具有财务专长的独立董事，能有效改善公司的信息披露质量。

Using data of A-share firms listed in Chinese stock markets from 2003 to 2005, we investigate the relation between the financial expertise of independent directors and firm- specific information as well as earnings conservatism. Empirical evidence shows that （1） the proportion of independent directors with financial expertise is positively related to firm-specific information, meaning that the higher this proportion, the better the quality of firm-specific information disclosed; （2） the relation between the financial expertise of independent directors and firm-specific information is more significant in a company with a better ownership structure; and （3） the proportion of independent directors with financial expertise is positively related to earnings conservatism, meaning that the former enhances the latter. Our results suggest that independent directors with financial expertise efficiently improve the quality of information disclosed.