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Relevance Analysis of the Characteristics of Independent Directors and IPO Initial Assessment of Companies in China

Author: YuanXue
Tutor: SunZuo
School: Jilin University
Course: Accounting
Keywords: Independent directors IPO initial evaluation Principal-agent theory
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 61
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Abstract

IPO is a good development projects, and the help of investment banks and other intermediaries, the first public sale of corporate shares in the process of raising funds to market potential investors. China's securities market is not by commodity economy natural evolution of the product, there are a lot of drawbacks, a listed company in order to achieve more than misappropriating the purpose, the use of a large number of examples of asymmetric information damages the interests of investors exist, the investor is difficult to distinguish between the good and bad of the IPO companies . At this time, as the supervisor - the presence of independent directors is critical. The independent directors are independent of the company, independent of major shareholders, directors independent of the operators. Due to the independence of the identity of the independent directors, make it the IPO Firms can play a supervisory role to reduce the presence of asymmetric information, the market gave a positive evaluation. Foreign research has achieved fruitful results, mainly that the initial evaluation of the influence of the characteristics of the identity of the independent directors and independent directors be enterprise IPO influential domestic research in this area is very small, mostly independent directors in the proportion of independent directors and corporate performance and earnings management relations, research significance of this paper is to make up for the domestic blank relevance of empirical research on the characteristics of independent directors and the initial evaluation of the IPO companies, to improve China's independent director system, to enhance the financing capacity and help investors to choose high-quality IPO companies to provide advice. In this paper, the principal-agent theory as the basis for analysis, formulating hypotheses, to China 2005-2008 IPO enterprise is selected as the study sample, descriptive statistical analysis, correlation analysis and multiple regression analysis method to study the characteristics of independent directors with early IPO Firms in China Evaluation of correlation. The principal-agent theory is that enterprises should separation of the ownership and management, the owners retain residual claim residual control rights to assign any. At the same time, the principal-agent theory that people are rational, the agent may be in their own interests, the presence of asymmetric information damages the interests of the principal. In this case, the establishment of the post of independent directors, the supervisory role of the operators and the inside directors, thereby reducing the phenomenon of internal control, and protection of the majority shareholders, especially the interests of medium and small shareholders. In this paper, assuming the following independent directors of competence to practice, experience practicing corporate voluntary multi-appointment of independent directors, and the initial evaluation of the influence of independent directors and corporate IPO correlation exists. This paper the following conclusions: the legal background of the independent directors, the influence IPO corporate underwriters bargaining power is negatively correlated; bargaining power of the number of independent directors and the underwriters of voluntary multi-appointment; financial background, experience in the practice of independent directors, influence is related to the evaluation of IPO Firms investors; voluntary more than the number of independent directors and the appointment of the investors is negatively related to the enterprise evaluation; positively correlated with financial background and experience in the practice of independent directors and IPO enterprises early gains; voluntary appointment of independent directors of the number of IPO companies early income negatively correlated; management background of independent directors, Associate Professor background IPO companies underwriting price formulation, investment enterprises, the enterprises of the early gains on the results of the study did not find a correlation. Finally, based on the above conclusions, the following recommendations: The government should raise the minimum number of independent directors requirements, refine the qualifications of independent directors; IPO enterprises should be required to appoint the independent directors of different backgrounds, in addition, also to prevent the young team of independent directors technology; investors can interpret the IPO of independent directors occupational background, age, number of influential analysis of the enterprise whether there is serious information asymmetry problem.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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