公司盈余质量:董事会微观治理绩效之考察——来自我国独立董事制度强制性变迁的经验证据

本文选用我国上市公司董事会结构变迁背景下的经验数据,系统地考察了董事会特征对公司盈余信息披露质量的治理效应问题.研究结果表明,董事会的独立性、专业性特征是影响我国上市公司财务呈报质量的重要因素,即:公司拥有更高比例的独立董事、拥有财务独立董事、或者设立审计委员会,均能更好地抑制公司的盈余管理行为;但作为表征董事会行为特征的变量,如董事会持股水平、董事会年度会议频率和兼任控股股东职务等,却与公司盈余质量之间没有显著关系;而且,在认同审计委员会与独立董事制度能够发挥财务报告监督作用的同时,亦要避免其形式上的装饰现象。

Quality of Company Earnings: An Investigation into Micro-Governance Effect of Board——Evidence from the Forced Change for Independent Director Institution

This paper tests the governance role and performance of financial reporting with the empirical data from the background of board composition changes forced by regulation.It is found that board's independence and expertise characteristics are significantly negative related to quality of Financial Reporting.Board members with more independent directors,with at least a financial independent director,or board with an audit committee are associated with firms that have smaller discretionary accruals,but those representing board activity variables,i.e.board annual meeting frequency,stock options for directors and percentage of duality with controlling stakeholders are not significantly related to the quality of Financial Reporting.These results suggest that Independent Director and audit committee Institution are necessary as for monitoring financial reporting process,but those formal lactivities should be avoided.