独立董事异质性对上市公司盈余质量的影响

发布时间：2018-06-08 00:14

本文选题：独立董事 + 异质性　；参考：《西南财经大学》2012年硕士论文

【摘要】：基于独立董事的公司治理效应,独立董事制度对于防范上市公司虚假财务报告具有重要意义。近年来独立董事特征与盈余管理二者的关系一直受到经济学界、企业界和资本市场的广泛关注。但已有的研究大多局限于独立董事制度或独立董事人文特征对盈余质量的影响,而本文从独立董事异质性角度出发,试图发现独立董事异质性对盈余质量的影响。本文以独立董事的教育背景异质性、年龄异质性、职业背景异质性和任期异质性为出发点,试图探讨这些异质性对上市公司盈余质量的影响。论文在综述国内外相关文献的基础上,结合心理学与管理学相关理论进行分析并提出假设,通过实证研究对假设进行验证并提出结论。全文共分为5个部分,分别如下：第一章为导论。指出本文的写作背景和意义,基于本文写作目的概括出本文的研究思路及框架,并确定了研究方法。第二章是独立董事对盈余质量影响的文献综述。通过对独立董事特征和独立董事对盈余质量影响两方面的文献回顾可以发现,关于独立董事异质性对盈余质量影响的研究较少。第三章是本文研究的理论基础。该部分从心理学和管理学角度分析异质性将如何影响团队行为,并结合盈余管理理论对独立董事教育、年龄、职业背景和任期四个特征的分析初步得出,教育异质性、职业背景异质性和任期异质性将有利于公司盈余质量的提高,而较大的年龄异质性则不利于公司的盈余质量。第四章是本文的实证分析。首先结合第二、三章的理论分析提出本文的四个假设,以上海证券交易所A股部分公司为样本对假设进行验证,得出检验结论：独立董事年龄异质性不利于公司盈余质量；职业背景异质性能使公司盈余质量显著提高；未发现教育异质性及任期异质性与公司盈余质量的关系。第五章是本文研究结论与展望。基于理论分析与实证检验结果得出本文结论：年长独立董事出于家庭、经验和社会地位考虑,相对而言更加谨慎,希望企业的会计信息质量更高,所以平均年龄较大即年龄异质性小的独立董事团队有利于公司盈余质量水平的提高；不同职业背景的独立董事团队在决策时有充分的视野和足够的知识容量,有利于独立董事进行科学的决策和专业化的监督,使公司的信息披露质量得到改善。结合上述研究结论,并立足于我国实际情况,本文针对我国上市公司在选聘独立董事的策略方面提出建议,同时提出对于异质性领域的研究展望。本文的主要贡献点在于：结合独立董事异质性与盈余质量进行分析,丰富了独立董事研究领域的内容；设计出相对系统的异质性对盈余质量影响的回归模型,为后续研究提供参考。本文的主要不足在于：本文所选影响盈余质量的异质性指标可能不全面,其他影响盈余质量的异质性指标有待探讨；模型设计中经过筛选后的样本容量偏小,增大样本量可能得到更多显著结果；本文结论主要基于国有企业的回归结果得出,可能缺乏普遍性。
[Abstract]:Based on the corporate governance effect of independent directors, the independent director system is of great significance to the prevention of false financial reports of listed companies. In recent years, the relationship between the characteristics of independent directors and the two of earnings management has been widely concerned by the economic, business and capital markets. However, most of the existing research is limited to the independent director system or the independent director system. The influence of the humanistic characteristics of the directors on the quality of earnings, and from the perspective of heterogeneity of independent directors, this paper tries to find out the influence of the heterogeneity of independent directors on earnings quality.
This paper, based on the heterogeneity of the educational background of independent directors, the heterogeneity of age, the heterogeneity of the career background and the heterogeneity of tenure, tries to explore the influence of these heterogeneity on the earnings quality of the listed companies. Through empirical research, hypotheses are verified and conclusions are drawn.
The full text is divided into 5 parts, which are as follows:
The first chapter is the introduction. It points out the background and significance of this article. Based on the purpose of this article, it summarizes the research ideas and framework of this study, and identifies the research methods.
The second chapter is a literature review of the influence of independent directors on the quality of earnings. Through a literature review of the two aspects of the independent director's characteristics and the influence of independent directors on earnings quality, it is found that the study of the influence of the heterogeneity of independent directors on earnings quality is less.
The third chapter is the theoretical basis of this study. This part analyses how heterogeneity affects team behavior from the perspective of psychology and management, and combines the analysis of four characteristics of independent directors' education, age, career background and term of office based on the theory of earnings management, which will benefit from educational heterogeneity, professional background heterogeneity and tenure heterogeneity. The improvement of earnings quality and the larger age heterogeneity are not conducive to earnings quality.
The fourth chapter is the empirical analysis of this paper. First of all, the second, third chapter of the theoretical analysis of the four hypotheses, the Shanghai stock exchange A share companies as samples to verify the hypothesis, and conclude that the independent director's age heterogeneity is not conducive to the quality of the earnings of the company; professional background heterogeneity to make the quality of the earnings of the company significantly The relationship between heterogeneity of education and heterogeneity of tenure and earnings quality was not found.
The fifth chapter is the conclusion and Prospect of this paper. Based on the results of theoretical analysis and empirical test, the conclusion of this paper is that the older independent directors are more cautious in terms of family, experience and social status, and hope that the quality of accounting information is higher, so the average age of the independent directors with a smaller age heterogeneity is beneficial to the independent directors. The quality level of the company's earnings is improved; the independent director team of different career backgrounds has a full view and sufficient knowledge capacity in decision-making. It is beneficial to the independent director to carry out scientific decision making and professional supervision, so as to improve the quality of information disclosure of the company. In the light of the strategies adopted by China's Listed Companies in the selection of independent directors, the research prospect for heterogeneity field is put forward.
The main contributions of this paper are: analyzing the heterogeneity of independent directors and the quality of earnings, enriching the content of the research field of independent directors, designing a regression model of the influence of the relative system heterogeneity on the quality of earnings, and providing a reference for the follow-up research.
The main shortcomings of this paper are: the heterogeneity index of the earnings quality selected in this paper may not be comprehensive, and the other indicators of the heterogeneity affecting the quality of earnings need to be discussed. The sample size after screening in the model design is small, and the increase of the sample size may be more significant. The conclusion of this paper is mainly based on the regression knot of the state-owned enterprises. It can be concluded that there may be a lack of universality.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】