董事会控制与盈余质量——中国证券市场的实证分析

基于我国沪深两市上市公司2002年至2005年的数据,对我国上市公司从董事会结构和董事会成员工作情况角度,对董事会在上市公司盈余质量上的控制作用进行了实证分析.实证发现:董事会规模较大、董事会中设立审计委员会对公司盈余质量的正面作用越大,且相对于基本盈余回报模型,有增量信息解释能力.董事会规模在13人时,董事会对盈余质量的正面效应最大.董事会成员工作情况(董事会开会的次数、独立董事的工作地点与公司所在地一致性、成立一年以上的审计委员会)对盈余质量的提高有一定的成效,且相对于基本盈余回报模型,有一定的增量信息解释能力.但实证不支持独立董事对盈余质量提高的正面作用.

Board Control and Earnings Quality - An Empirical Analysis from China's Listed Companies

This paper explores the role of board in controlling firm's earnings quality from board structure and directors' working attitude,based on Chinese listed companies from year 2002 to 2005.The results show that firms with larger board size or firms with the board of audit committee have more significantly positive position on earnings quality and information added capability.The positive relationship between earnings and returns is the strongest when the board size is of 13.Independent directors,however,have no significant positive effect on earnings quality.