摘要
已有关于独立董事的研究多关注独立董事的社会关系和社会网络,从独立董事的独立性职能方面进行讨论。本文基于财务重述的视角考察前后任关联独立董事的治理作用。利用2007-2017年A股上市公司作为样本,考察了前后任独立董事的关联社会关系对财务重述的影响。研究发现,前后任独立董事存在关联关系的上市公司,其发生财务重述的概率显著更低,即聘用关联的后任独立董事能够抑制财务重述。同时,董事会规模较小、董事年龄差异较小、会计独立董事异地任职时,上述关系将会加强。进一步分析表明,担任审计委员会主席的后任关联独立董事能够更显著抑制财务重述,完善的内部控制也有助于后任关联独立董事作用的发挥。本文的研究对于上市公司选择独立董事以及监管部门设计独立董事制度均有参考意义。
The existing researches on independent directors have mostly focused on the social relations and social networks of independent directors,and explored the independent functions of independent directors.This paper examines the governance role of independent directors association from a unique perspective.Using a sample of A-share listed companies from 2007 to 2017,we empirically examine the impact of the social relationships between successive independent directors on financial restatements.The study finds that,compared with listed companies with no associated relationship,the listed companies with associated relationships between successive independent directors have a significantly lower probability of financial restatement,which means that hiring associated subsequent independent directors can refrain the occurrence of financial restatement.Meanwhile,when the board size is small,the age difference among directors is small,and the independent accounting director work at a different location,the above-mentioned correlation will be strengthened.Further analysis shows that when the succeeding independent director serves as the chairman of the audit committee,restraining effect on financial restatement is more evident,and that sound internal control also helps the succeeding independent director to play the role.This paper provides reference for the selection of independent directors by listed companies and the design of independent director system by regulatory departments.
出处
《审计研究》
CSSCI
北大核心
2021年第5期98-108,共11页
Auditing Research
基金
国家自然科学基金项目(项目批准号:72072070、72002182)
广东省自然科学基金面上项目(项目批准号:2020A1515010402)
中央高校基本科研业务费专项资金(项目批准号:19JNQM17)
全国财政部会计领军人才项目
暨南大学管理学院重点学科建设育题基金资助项目(项目批准号:GY21008)的资助。
关键词
独立董事
关联社会关系
财务重述
公司治理
independent director
associated social relations
financial restatement
corporate governance