摘要
近几年,中国企业的财务违法问题一直没有得到有效遏制,影响恶劣。2022年2月在证监会通报中,2021年财务造假案件75起,同比增长8%;向公安机关移送相关涉嫌犯罪案件32起,同比增长50%。财务违规案件涉及金额大、周期长,市场影响恶劣,不仅降低了公众信任,给企业带来财产与名誉损失;而且破坏资本市场秩序,削弱资产配置效率。在此背景下,本文以2005年-2019年中国A股非金融类上市公司为样本,基于固定效应模型,从企业生命周期发展的动态视角,考察并检验了董事会特征对财务违规在企业不同生命周期阶段中起到的效果。结果表明:(1)董事会特征能够显著影响中国企业财务违规发生,较小的董事会规模可以抑制财务违规发生的次数,董事会会议频率越高表明企业财务违规发生的可能性越大,但独立董事比例对企业财务违规影响不显著,这一结论在更换财务违规测度指标、更换生命周期划分指标与更换平衡面板样本的稳健性检验中依然成立。(2)中国上市公司董事会特征在企业生命周期不同阶段影响力不同,且差异显著。董事会规模在企业成熟期与财务违规显著正相关,董事会会议频率在成熟期与衰退期与财务违规显著正相关。本文的研究对于认识董事会特征在企业不同生命周期对财务违规的影响及探寻提高公司的治理水平的路径有重要意义。
In recent years,the financial irregularities of listed companies in China have been banned repeatedly,which has bad influence.In February 2022,the China Securities Regulatory Commission("CSRC")reported 75 cases of financial fraud in 2021,up 8%year on year;and 32 cases of suspected crimes transferred to public security organs,up 50%year on year.Cases involving financial irregularities involve large amounts,long periods and adverse market impacts,which not only reduce public trust and bring about property and reputation losses to enterprises,but also undermine the order of the capital market and weaken the efficiency of asset allocation.Based on the fixed effect model,this paper examines the effect of board of directors'characteristics on different stages of corporate life cycle from 2005 to 2019.The results show that:The characteristics of the board of directors can significantly affect the occurrence of financial irregularities in Chinese enterprises,and a smaller board of directors can inhibit the occurrence of financial irregularities.The higher the frequency of the board of directors meetings is,the more likely the financial irregularities are to occur,but the proportion of independent directors has no significant impact on the financial irregularities of the enterprises.The influence of the characteristics of the board of directors of listed companies of our country is significantly different during the enterprise life cycle.This study is of great significance to understand the impact of board of directors characteristics on financial irregularities and to explore ways to improve corporate governance.
作者
卢婧
Jing Lu(SILC Business School,Shanghai University,Shanghai 201899,China)
关键词
董事会特征
财务违规
企业生命周期
公司治理
Board Characteristics
Financial Irregularities
Corporate Life Cycle
Corporate Governance
