自愿性信息披露水平高的上市公司治理特征研究

A Study on Corporate Governance Characteristics of Listed Companies who have a high level of voluntary disclosure

本文以2011年上市的396家深市和沪市制造业上市公司为样本,主要研究自愿性信息披露水平高的公司的治理特征,研究表明其特征有以下几个方面:①在公司基本特征方面,公司规模较大,财务杠杆水平也相对偏高,且盈利水平表现一般;②在股权特征方面,实际控制人属于国有控股的居多,且股权相对比较集中;③在董事会特征方面,公司董事的薪酬较高,并且,董事会规模的设置较合理,但是董事会会议次数略显不足;④在高管特征方面,大部分公司董事和CEO两职不合一;⑤自愿性信息披露水平高的公司与自愿性信息披露水平低的公司比较,可以体现其不同治理特征的主要有财务杠杆水平、实际控制人类别、前五大股东持股比例之和及其金额最高的前三名高管薪酬总额。

This paper,by taking 396 companies of manufacturing industry listed in 2011 as sample,is focusing on the corporate governance characteristics of listed companies which have a high level of voluntary disclosure.It is found that their characteristics are：（1） in the aspect of basic characters,they are the companies of large size with relatively high financial leverage and an ordinary performance of profitability;（2） in the aspect of equity,the actual controllers of most companies which have a high level voluntary disclosure are state-controlled companies,and they have relatively high proportion of equity;（3） in the aspect of board of directors,the salaries for the directors are relatively high,and the size of the board of directors is reasonable,but they do not have necessary times of meetings;（4） in the aspect of senior managers,most of the companies have separate directors and CEOs;（5） Comparing the companies of higher level of voluntary disclosure with those of lower level of voluntary disclosure,characteristics of governance are different mainly on the financial leverage,the actual controllers,the total shares of the first five shareholders and the amount of the three highest executives＇ remuneration.