董事会治理特征与盈余质量——以后股权分置时代为研究背景

Board Governance and Earnings Quality:Empirical Evidence in Post Non-tradable Share Reform Era

本文以后股权分置时代为研究背景,实证考察了董事会治理特征与盈余质量之间的关系,得到以下研究结论:董事会规模与盈余质量显著正相关,独立董事比例、董事会会议次数与盈余质量显著负相关,审计委员会的设立、独立董事会议出席率与盈余质量为不显著的正相关关系,两职合一、独立董事工作地点一致性与盈余质量不相关。进一步研究后发现,国有控股企业的治理效果好于非国有控股企业。在国有控股企业中,适当扩大董事会规模、独立董事勤勉工作可以有效改善盈余质量,非国有控股企业中却没有这种效果。此外,研究还发现2006～2008年盈余质量逐年下降,原因很可能是控股股东操控盈余高价减持股份,这在非国有控股企业中表现得尤为明显。

Based on post non - tradable share reform era as theory background, this article takes the non - fi- nancial listed companies from 2006 to 2008 as samples to study the relationship between board governance and earnings quality, gets the following conclusions： there is significant positive association between the size of the board of directors and earnings quality ; the proportion of independent directors, the number of board meetings have significant negative effects on earnings quality; The establishment of audit committee, meetings of independent di- rectors attendance rate have insignificant positive effects on earnings quality ; the duality function of the chairman of board and the CEO, the independent directors＇ work place whether in the same place with the listed companies registered have no effect on earnings quality.