公司治理披露的信息含量——基于股权结构和董事会特徵的实证研究  

Information Content of Corporate Governance Disclosure ——An Empirical Research on Ownership Structure and Board of Directors Character

作　　者：石水平 石本仁[2] 

机构地区：[1]山大学管理学院 [2]暨南大学会计系

出　　处：《Journal of Modern Accounting and Auditing》2005年第4期31-48,共18页现代会计与审计（英文版）

基　　金：本文是国家自然科学基金项目《不确定性会计的理论与方法研究》（No.70072037）的阶段性研究成果.

摘　　要：我国上市公司财务报告公告日中披露的公司治理信息是否具有信息含量？这是一个需要证实的问题。本文运用累计超额收益和多元回归分析模型，从股权结构、董事会特徵与累计超额收益关系方面封沪、深股市1999—2002年中的208家上市公司进行了实证分析。初步得出结论：研究样本与控制样本累计超额收益在公告日有显着差异，表明公司治理披露具有信息含量。但在股权结构、董事会特徵对累计超额收益影响方面．发现股权结构比董事会特徵更具有信息含量。从年度检验结果来看，1999—2001年公司治理披露的信息含量不显着，但2002年明显提高。此外，在2002年特别引入独立董事变量。但没有通过统计检验．且与我们的假设相反．进一步说明独立苦事在公司治理中遏没有起到其应有的柞用．Does the corporate governance information on the annotmce day in finance reports have the information content？ This is a problem that needs to be confirmed. This paper uses cumulative abnormal return and multi-regression models to empirically analyze 208 listed companies between the ownership construction, board of directors character and cumulative abnormal return aspects in Shanghai and Shenzhen stock markets from 1999 to 2002. We get first step conclusion： The corporate governance disclosure has information content, according to the difference between the study sample and control sample before and after announce day. But at the aspects of effect of the ownership construction and board of directors character on cumulative abnormal return, we discover that the board of directors character having tess information content than the ownership construction. From the test result, the information content of corporate governance disclosure is not significant from 1999 to 2001, but it increases obviously in 2002. In addition, we adopt the independent director specially in 2002, but it does not pass the statistic test and it is contrary with our assumption, which makes it clear furthermore that the independent director has not fulfilled its function that it should have in the corporate governance.

关 键 词：公司治理披露 信息舍量 股权结构 董事会特徵 

分 类 号：F276.6[经济管理—企业管理]