【作者】 陈红；

【导师】 毛志宏；

【作者基本信息】 吉林大学 ， 会计， 2012， 硕士

【摘要】 随着我国资本市场的不断健全与规范，上市公司的信息披露质量有一定改善，但如科龙电器、银河科技和秦丰农业等公司的虚假披露案例也说明，现阶段我国资本市场仍存在信息披露不规范的问题。信息披露不规范不是简单的会计人员的失职，而是存在深层次的原因。这一原因和公司治理结构以及董事会治理功能有着直接的关系。董事会作为公司所有者的代表及行权机构，其整体特征及成员特质直接影响公司的信息披露质量。董事会的外部特质为董事会特征，内部特质为成员的人力资本。本文主要研究了我国上市公司董事会特征及成员人力资本与信息披露质量的关联性，以期从规范和完善我国资本市场信息披露机制和董事会治理职能的角度进行深入研究并提出建设性意见，从而促进资本市场有效的信息传递，提高市场的健康度和公司的信息透明度。在对信息披露的相关文献进行梳理并分析了我国上市公司董事会特征及成员的人力资本特点之后，本文基于董事会内外部特质的视角，以2008年-2010年间深交所405家上市公司为研究样本，采用多元Logistic回归的实证研究方法分析了董事会特征的四个维度：董事会规模、董事会会议次数、独立董事比例和董事长与CEO两职合一与信息披露质量的关联性。与此同时，本文创新性的应用资源依赖理论中的董事会人力资本概念，并深入分析了董事知识、专业技能以及任职经验对信息披露质量的影响。描述性统计结果表明，在研究区间内，我国上市公司的信息披露质量虽然有所提高，但上升幅度不大；董事会的人力资本水平呈现出逐年升高的趋势，其中董事的受教育程度和年龄均有明显提高；在董事会特征方面，我国上市公司独立董事比例和两职合一公司所占比例不断提升，其中值得注意的是，我国公司的独立董事比例为34%左右，而美国的这一比例为62%左右，差距明显；我国上市公司的董事会规模与会议次数基本保持稳定。主要的回归分析结果显示，董事的知识与任职经验之间存在明显的交互作用；在董事任职经验的交互作用下，董事会知识水平与信息披露治理负相关；董事会成员的任职经验正向影响信息披露质量；董事的专业技能会对上市公司的信息披露质量产生正向的作用。本文从完善董事会职能和促进信息披露合规的角度出发，为提高我国上市公司信息披露质量提出了相应的建议。更多还原

【Abstract】 With constantly improving and standardization of Chinese capital market, thelisted companies’ information disclosure quality has improved to some extent. Butthere are also some examples such as Kelon Electric, Galaxy Technology, andQinFeng Agriculture also show that Chinese capital market still has informationdisclosure problems. Non-standard information disclosure cannot be simply attributedto the accountant or the malfeasance of certified public accountant, but it is the deeperreason. From inside of companies, the deep-seated reasons are about a company’sgovernance structure and the soundness of governance functions. As the companyowner’s representative, board of directors’ features and members’ characteristics havedirectly influence on the quality of information disclosure.The external characteristics of the board of directors are directors’ characteristics;internal characteristics are members’ human capital. This thesis is based on these twocharacteristics, used405listed companies during2008to2010in the Shenzhen StockExchange as the study samples. Through by multivariate logistic regression weanalyzed four dimensions of the board characteristics: board size, proportion ofindependent directors, two jobs in one, and the number of board meetings. What’smore we found the contact between these four dimensions. At the same time, thesearticle innovative application resources dependent on the board of directors of theconcept of human capital theory and in-depth analysis of directors’ knowledge,professional skills and office experience on the quality of information disclosure. Thedescriptive statistics show that in the range of the study, the quality of informationdisclosure is improving as the same as the level of human capital, proportion ofindependent directors of listed companies and the unity of the two jobs rising. Rising proportion of listed companies in China the proportion of independent directors andtwo rank-one company, which is noteworthy that the proportion of independentdirectors of our company for about34%, while the proportion of the United States wasabout62%, the size of board and number of meetings have remained stable.Regression analysis showed significant interaction between the directors’ knowledgeand under-representation of experience, directors’ knowledge are employed by theexperience of interaction, and had negative influence on the quality of informationdisclosure. The board members’ experience had positive effects on the quality ofinformation disclosure and the professional skills had the same influence. This thesis’spurpose is to improving the quality of information disclosure for the listed companiesin China.更多还原