摘要
本文研究中国上市公司独立董事声誉对盈余质量的影响。本文以2007～2012年我国民营上市企业为样本，从会计专业独董的视角研究独立董事声誉对盈余质量的影响。研究发现，会计专业独董的声誉对企业盈余质量有着显著的正向影响，并且这种影响在受聘于大股东掏空严重、低市场化进程地区企业和担任审计委员会主席的高声誉会计专业独董上更为明显。本文的结论在使用不同的盈余质量度量方式、不同的独董声誉度量方式、控制了内生性因素后依然成立。本文的结果表明，高声誉的会计专业独董能积极发挥治理作用，提高盈余质量。本文为独立董事声誉的研究提供了一个新的视角，即声誉机制能激励独立董事维持其独立性，提高公司的会计信息披露质量，从而保护中小股东利益，这对于当前我国不够完善的投资者法律保护体系以及公司治理机制是一种有效的补充。
We investigate the relation between independent director reputation and the earnings quality of Chinese listed firms. Based on a sample of Chinese listed non-state-owned enterprises between 2007 and 2012, we investigate the influence of independent directors' reputation on the earnings quality from the perspectives of independent directors with financial background. The analysis shows that the reputation of independent directors with financial background has a significant and positive effect on earnings quality. And this relationship is more eminent for the independent directors who served as chairmen of the audit committee, employed by firms with more severe tunneling from controlling shareholders, and employed by firms in regions with less developed institutions. Our findings are robust to different measures of earnings quality, different measures of reputation and endogeneity problem. The findings show that the financial background independent directors with high reputation can play an active role in corporate governance and improve the earnings quality. The paper provides a new perspective for studies of independent directors' reputation. It suggests that the reputation mechanism can encourage independent directors to maintain their independence, improve corporate accounting information disclosure quality, and thus protect the interests of minority shareholders, which plays a complementary role to the undeveloped corporate governance mechanism and investor protection in China.
出处
《管理世界》
CSSCI
北大核心
2016年第3期128-143,188,共16页
Journal of Management World
基金
国家自然科学基金项目(71372118)
复旦大学金融研究中心的资助
