独立董事背景与上市公司会计信息质量：来自独立董事离职潮的证据
发布时间：2019-02-26 18:17
【摘要】：2013年10月中共中央组织部下发《关于进一步规范党政领导干部在企业兼职(任职)问题的意见》(简称中组部18号文),两年后2015年11月教育部办公厅下发《关于开展党政领导干部在企业兼职情况专项检查的通知》,这一系列规定的下发引起了A股上市公司中出现了大规模独立董事的“离职潮”。上述规定引起的“离职潮”为本文的检验提供了优势。因为官员独立董事是因禁令而“被动”辞职,不同于以往研究中独立董事“主动”辞职,这将大大减轻自选择引起的内生性问题。本文从这一现象引起的经验数据出发,研究不同背景的独立董事对公司会计信息质量的影响,并选择了真实盈余管理作为企业会计信息质量的代理变量。研究结果发现:1、此次独立董事“离职潮”中有党政领导干部独立董事离职公司的会计信息质量与没有独立董事离职的公司相比有显著差异,且有独立董事离职公司在离职后的真实盈余管理程度与离职前相比减小;2、在有独立董事离职的公司样本中,有财务专家型独立董事离职公司会计信息质量与非财务专家型独立董事离职公司相比有显著差异,且财务专家独立董事离职后公司的真实盈余管理程度变大,会计信息质量下降。本文通过分析中组部18号文发布以后的A股市场独立董事“离职潮”所引起的公司会计信质量的变化,进一步研究独立董事背景对于公司的作用,丰富与深化了独立董事功能和公司治理方面的理论研究,对于公司更好选聘独立董事以及完善独立董事制度具有指导意义。
[Abstract]:In October 2013, the Organization Department of the CPC Central Committee issued "opinions on further standardizing the part-time (post) of Party and Government leading cadres in Enterprises" (Article 18 of the Organization Department of the CPC Central Committee for short). Two years later, in November 2015, the General Office of the Ministry of Education issued the notice on launching a Special Inspection on the part-time work of leading cadres of Party and Government in Enterprises. This series of regulations led to the A-share listed companies in a large-scale independent directors of the "turnover tide." The "turnover tide" caused by the above-mentioned regulations provides an advantage for the test of this article. Because officials' independent directors resign passively because of the injunction, which is different from that of independent directors'"active" resignation in previous studies, this will greatly alleviate the endogenous problems caused by self-selection. Based on the empirical data caused by this phenomenon, this paper studies the influence of independent directors from different backgrounds on the quality of corporate accounting information, and chooses true earnings management as the agent variable of accounting information quality of enterprises. The results are as follows: (1) the accounting information quality of independent directors' turnover companies with party and government leading cadres is significantly different from those without independent directors' turnover in the current wave of independent directors' separations, and there are significant differences between the independent directors' turnover companies and those without independent directors. Moreover, the true earnings management degree of the companies with independent directors after separation is less than that before they leave the post-employment period. 2. There is a significant difference in the quality of accounting information between independent directors and non-financial independent directors in the sample of companies with independent directors' separations, and there are significant differences in the quality of accounting information between independent directors with independent financial experts and those with independent directors without financial experts. And the financial expert independent director after the company's true earnings management degree become larger, accounting information quality decline. By analyzing the change of accounting letter quality caused by the "turnover tide" of independent directors in the A-share market after the publication of article 18 of the Organization Department of the CPC Central Committee, this paper further studies the role of independent director background on the company. It enriches and deepens the theoretical research on the functions of independent directors and corporate governance, which is of guiding significance for companies to better select and employ independent directors and to perfect the system of independent directors.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275
[Abstract]:In October 2013, the Organization Department of the CPC Central Committee issued "opinions on further standardizing the part-time (post) of Party and Government leading cadres in Enterprises" (Article 18 of the Organization Department of the CPC Central Committee for short). Two years later, in November 2015, the General Office of the Ministry of Education issued the notice on launching a Special Inspection on the part-time work of leading cadres of Party and Government in Enterprises. This series of regulations led to the A-share listed companies in a large-scale independent directors of the "turnover tide." The "turnover tide" caused by the above-mentioned regulations provides an advantage for the test of this article. Because officials' independent directors resign passively because of the injunction, which is different from that of independent directors'"active" resignation in previous studies, this will greatly alleviate the endogenous problems caused by self-selection. Based on the empirical data caused by this phenomenon, this paper studies the influence of independent directors from different backgrounds on the quality of corporate accounting information, and chooses true earnings management as the agent variable of accounting information quality of enterprises. The results are as follows: (1) the accounting information quality of independent directors' turnover companies with party and government leading cadres is significantly different from those without independent directors' turnover in the current wave of independent directors' separations, and there are significant differences between the independent directors' turnover companies and those without independent directors. Moreover, the true earnings management degree of the companies with independent directors after separation is less than that before they leave the post-employment period. 2. There is a significant difference in the quality of accounting information between independent directors and non-financial independent directors in the sample of companies with independent directors' separations, and there are significant differences in the quality of accounting information between independent directors with independent financial experts and those with independent directors without financial experts. And the financial expert independent director after the company's true earnings management degree become larger, accounting information quality decline. By analyzing the change of accounting letter quality caused by the "turnover tide" of independent directors in the A-share market after the publication of article 18 of the Organization Department of the CPC Central Committee, this paper further studies the role of independent director background on the company. It enriches and deepens the theoretical research on the functions of independent directors and corporate governance, which is of guiding significance for companies to better select and employ independent directors and to perfect the system of independent directors.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275
【参考文献】
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1 余玉苗;周莹莹;潘s，
本文编号：2431022
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