上市公司高管背景特征与信息披露质量关系研究

发布时间：2018-03-23 16:29

本文选题：高管背景特征　切入点：信息披露质量　出处：《郑州大学》2017年硕士论文

【摘要】：信息披露是管理层向投资者及其他利益相关者传递公司经营业绩、财务状况乃至公司治理情况最为重要的途径之一,对资本市场的有效运转起着至关重要的作用,可以说信息披露在一定程度上影响着资源配置效率,所以信息披露质量一直是投资者和监管机构所关注的重点。在传统的公司财务理论中,管理者被认为是同质的,即他们能够在不同的情况下做出理性的决策。然而,在现实中,由于个体性格、思想及信念等的差异,管理者在面对不确定环境时,其决策难以预测,管理者的异质性成为影响企业行为与决策的重要因素。Hambrick等(1984)提出的高层梯队理论认为,高管的认知基础和价值观等决定了他们对相关信息的解释力和理解能力,进而影响了他们的最终抉择,即高管特质影响他们对公司的行为和决策,最终会影响上市公司的信息披露状况。虽然高管的心理特征难以测量,但与其认知能力和价值观密切相关的人口统计学特征(年龄、性别、任期、职业背景及教育背景等)是可以客观度量的,因此,可以将这些背景特征作为高管心理认知过程的替代变量来预测高管的行为,如战略选择、风险偏好及是否自愿进行信息披露等。通过对已有文献的梳理及相关理论的分析,发现高管的背景特征如性别、年龄、学历、工作经历、任期等因素会对上市公司的信息披露质量产生一定影响。本文基于“高层梯队理论”、“委托代理理论”、“信息不对称理论”、“生命历程理论”及“心理社会发展理论”等,采用规范与实证相结合的研究方法,以2010-2014年于深圳证券交易所上市的主板、中小板和创业板上市公司的信息披露质量考评结果数据为基础,探究上市公司高管背景特征与信息披露质量的关系。本文首先构建了高管背景特征对信息披露质量影响机制的基本框架,从理论上分析了高管背景特征对信息披露质量的影响路径,在此基础上提出了五个假设,其中重点分析了高管“文革经历”这一特征对信息披露质量的影响;其次收集数据,构建模型,实证检验高管的性别、年龄、学历、任期及“文革”经历等对信息披露质量产生的影响以及不同职位级别的高管各项背景特征对信息披露质量的影响;最后分析高管背景特征对信息披露质量的影响结果,提出相关政策建议。研究结果显示:(1)高管年龄、学历及任期均与信息披露质量呈显著正相关关系;(2)高管“文革”经历与信息披露质量成显著负相关关系;(3)高管性别与信息披露质量之间无明显的相关性;(4)不同职位的高管,其背景特征对信息披露质量的影响并不相同。其中,董事长、董事会秘书的年龄、学历、任期及“文革”经历都与信息披露质量显著相关,总经理的学历、任期及“文革”经历与信息披露质量显著相关,财务总监的年龄、任期和“文革”经历都对信息披露质量有显著影响。本文的研究丰富了高管背景特征因素与信息披露质量领域的研究结果,创新的提出了高管“文革”经历这一背景特征,并对不同级别高管的背景特征对信息披露质量的影响进行了详细分析,为上市公司构建合理的高管团队提供理论依据,为保护投资者权益提供现实借鉴与参考,为政府的有效监管提供着力点。
[Abstract]:The information disclosure management to investors and other stakeholders to transfer the company's operating performance, financial condition and company, one of the most important ways of governance, effective operation of the capital market plays a vital role, can be said that information disclosure rang the efficiency of resource allocation in a certain extent, so the quality of information disclosure has been the focus of investors and regulators are concerned. In the traditional theory of financial companies, managers are considered to be homogeneous, i.e. they can make rational decisions in different situations. However, in reality, due to individual differences in personality, thoughts and beliefs, managers in the face of uncertain environment, its decision it is difficult to predict the heterogeneity of managers become the influence enterprise behavior and decision-making important factors such as.Hambrick (1984) proposed that the upper echelon theory, the cognitive basis and executive price The value concept determines their related information on the explanation and understanding, thereby affecting the final choice of them, namely the executive characteristics affect their company behavior and decision-making, will ultimately affect the information disclosure of listed companies. Although the psychological characteristics of executives are difficult to measure, but their cognitive ability and values of demographic characteristics closely related (age, gender, tenure, occupation and educational background etc.) can be objectively measured, therefore, can be the characteristic of the background as an alternative variable of executive cognitive process to predict the high tube behavior, such as strategic choice, risk preference and whether the voluntary disclosure of information through the analysis of the existing literature. Review and related theories, found that executives background characteristics such as gender, age, education, work experience, tenure and other factors will produce some of the information disclosure quality of listed company Effect. Based on the "upper echelons theory", "principal-agent theory", "information asymmetry theory", "life course theory" and "psychological development theory", adopting the research method of combination of normative and empirical, with 2010-2014 years on the Shenzhen Stock Exchange listed on the main board, the quality of information disclosure evaluation results of small and medium-sized board and the GEM listed companies based on the data of listed company executives background characteristics and the quality of information disclosure. This paper constructs the basic frame of the executive background characteristics on the quality of information disclosure mechanism, from the theoretical analysis of the background characteristics of senior managers on the quality of information disclosure path is put forward on the basis of five assumptions, which focuses on the "Cultural Revolution" of the executive characteristics on the impact of information disclosure quality; secondly, data collection, model construction, empirical test of executives The gender, age, education, the executive background characteristics of information disclosure and different job levels and the term "Cultural Revolution" have influence on the quality of information disclosure; finally, analysis the background characteristics of senior managers on the quality of information disclosure, and puts forward relevant policy suggestions. The research results show that: (1) executives age and the term of degree, and the quality of information disclosure is positively related; (2) executive experience in "the Cultural Revolution" and the quality of information disclosure is negatively correlated; (3) gender and information disclosure have no obvious correlation between the quality; (4) different executives, the background characteristics on the quality of information disclosure the impact is not the same. Among them, the chairman of the board, the Secretary of the board of directors of the age, education, tenure and experience in "the Cultural Revolution" has significant correlation with information disclosure quality, general manager of education, tenure and experience in "the Cultural Revolution" and the letter Information disclosure quality was significantly related to age, director of finance, and the term "Cultural Revolution" experience has a significant impact on the quality of information disclosure. This study enriches the research results of the executive background characteristics factors and the quality of information disclosure in the field of innovation, put forward the "Cultural Revolution" through the executive background characteristics, background and characteristics of different level executives conducted a detailed analysis of the impact of information disclosure quality of listed companies, and provide a theoretical basis for the reasonable construction of the executive team, to provide practical reference for protecting the interests of investors, to provide a focal point for effective supervision management of the government.

【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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