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The Study on the Effect of Board of Directors Characteristics on Financial Information Disclosure in China’s Listed Companies

Author: ZouJun
Tutor: CaoJianXin
School: South China University of Technology
Course: Accounting
Keywords: Characteristics of Board of Directors Disclosure of financial information Violation Affect
CLC: F276.6;F224
Type: Master's thesis
Year: 2011
Downloads: 183
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Abstract

June 15, 2009, the Shenzhen Stock Exchange to complete the assessment of information disclosure of listed companies in 2008, examination results show: the Shenzhen Stock Exchange listed company on the Main Board of deep Huafa 17 information disclosure unqualified, small plates, two examination results failed 486 listed company on the Main Board of the Company hovering in the passing line 165. Listed companies appear important reason for financial disclosure violations this behavior is considered unreasonable governance structure of listed companies, the Board is the core part of the governance structure, the board characteristics have a direct impact on the disclosure of financial information of listed companies. In this context, we stand in the perspective of investors, and has a certain practical significance of the research board characteristics of financial information disclosure. On the basis of the research results at home and abroad, to select the size of the board leadership structure, the stake of the Board of Directors, the Board of Directors remuneration and board meetings five variables as the frequency of the characteristic variables of the Board, to study these variables violations possibility of disclosure of financial information the frequency and the severity of the impact. The paper selects 62 of the 2008-2009 financial disclosure violations as breaches were selected 62 paired samples to compare empirical research through the establishment of a logistic regression model and ordinal regression model. The results show: (1) violations sample and paired sample characteristics of the Company's Board of Directors have significant differences in these two aspects of the company leadership structure and ownership of board; (2) Leadership Structure and the Board of Directors shareholding level of financial information. the possibility of disclosure of violations significantly; (3) the structure of the leadership, the stake of the Board of Directors and the Board of Directors meeting frequency financial disclosure violations frequency was significantly associated with the occurrence; (4) Leadership Structure and the Board of Directors shareholding in financial significantly related to the severity of the violation information disclosure. Based on the above findings, put forward policy recommendations. The study in-depth inspection of the Board characterized the possibility of financial information disclosure violations, the frequency and the severity of the impact, further research on the domestic. At the same time, the conclusions of this study help to to strengthen governance functions of the Board of Directors, to strengthen the supervision of the Board of Directors of the information disclosure, and to promote the healthy development of the securities market in a certain extent.

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