公司财务信息失真促成了独立董事制度变化吗?  

Can Financial Information Distortion Events Prompt the Companies Revise the System of Independent Directors?

作　　者：程新生[1] 李海萍[1] 罗艳梅[1] 杜娉[1] 

机构地区：[1]南开大学商学院

出　　处：《中国会计评论》2009年第1期87-96,共10页China Accounting Review

基　　金：国家自然科学基金项目(批准号:70771048;70532001);教育部人文社科规划项目(批准号:06JA630030)资助

摘　　要：董事会的独立性对信息披露质量有着重要而直接的影响,独立董事(以下简称为独董)比例在很大程度上反映了公司董事会的独立性特征。关于独董的实际运作效果一直缺乏统一认识。本文选择了2003年至2005年92家发生财务信息失真的上市公司作为样本组,并考虑行业、资产等因素选择了配对样本公司作为控制组,分析财务信息失真前后样本组与控制组中独董比例小于1/3的公司所占比重的变化差异和独董比例的变化幅度,发现失真事件发生会促使相关公司提高独董比例;在政策强制影响作用下,样本组和控制组公司的独董比例都会显著提高,但样本组公司独立董事比例提高的幅度明显高于控制组公司。这一研究成果也为"独立董事比例提高将有助于防范财务信息失真"这一论点提供了支持证据。The independence of the Board has an important and direct impact on the quality of financial information. To a large extent, the proportion of independent Directors reflects the independent characteristics of the board. The effects of the actual operation on independent director have been the lack of common understanding in china. In this paper, 92 listed companies are selected from 2003 to 2005 to be defined as sample group, which have distort financial information, and the paired-sample companies are chose to be defined as control group, according to some factors, such as profession, property and so on. The author analyzes the proportion＇s change of listed company, whose proportion of independent Directors is less than 1/3 in distortion sample group and the control group, and the change rate of independent Directors proportion in the sample group and the control group. The research discovered that, financial information distortion incident will prompt companies increase the proportion of independent Directors, and due to mandatory of effect the policy, distortion and matching the company will increase the proportion of independent directors, but the rate in distortion companies was significantly higher than that matched companies. The study provided an evidence to support the view that increasing the proportion of independent directors will help to prevent distortion of financial information.

关 键 词：财务信息 信息失真 独立董事制度 公司治理 

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