财务独立董事影响因素研究——来自中国上市公司的经验证据
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摘要
以中国证监会对独立董事聘任制度的强制性规制为背景,选取我国2004~2006年A股上市公司为研究样本,对财务独立董事影响因素进行了检验。研究发现,法制环境、国际四大、董事会规模、董事会独立性、股权集中度与财务独立董事水平之间存在着显著为正的关系,控制权与财务独立董事水平之间存在着显著为负的关系,而交叉上市、董事长兼任总经理、国有控股、机构投资者与财务独立董事水平之间没有显著的影响关系。这意味着,在借鉴国外财务独立董事制度的基础上,必须紧密结合我国特有制度背景,不断调整所有权结构与控制权安排,以更好地发挥财务独立董事对上市公司中的治理作用。
引文
[1]De Fond M L,Hann R N,Hu X.Does the market value financial expertise on audit committees of boards of directors?[J].Journal of Accounting Research,2005,43(2):153-193.
[2]Krishnan G V,Visvanathan G.Does the SOX definition of an accounting expert matter?The association between audit committee directors'accounting expertise and accounting conservatism[J].Contemporary Accounting Research,2008,25(3):827-857.
[3]Jiang L Kenneth R Ferris,Edward N Coffman.The association between financially expert independent directors and the accounting for employee stock options[J].Research in Accounting Regulation,2009,(21):1-10.
[4]Dhaliwal D,Naiker V,Navissi F.The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees[J].Contemporary Accounting Research,2010,27(Fall):787-827.
[5]John L A,Don Herrmann,Tony Kang,Gopal V Krishnan.Audit committee financial expertise and properties of analyst earnings forecasts[D].Advances in Accounting,Available online 24 December,2012.
[6]Jeanjean T,Stolowy H.Determinants of board members'financial expertise:Empirical evidence from France[J].The International Journal of Accounting,2009,(44):378-402.
[7]向锐.财务独立董事的公司绩效研究[J].证券市场导报,2008,(8):59-64,72.
[8]陆宇建,肖睿.我国上市公司财务独立董事履职效力研究[J].南京社会科学,2009,(7):67-74.
[9]Carcello J V,Hermanson D R,Neal T L,Riley Jr R A.Board Characteristics and Audit fee[J].Contemporary Accounting Research,2002,19(3):365-384.
[10]Bédard J,Chtourou S M,Courteau L.The effect of audit committee expertise,independence and activity on aggressive earnings management[J].Auditing:A Journal of Practice and Theory,2004,23(2):15-37.
[11]Agrawal A,S Chadha.Corporate Governance and Accounting Scandals[J].Journal of Law and Economics,2005,(48):371-406.
[12]Sameer T Mustafa,Nourhene Ben Youssef.Audit committee financial expertise and misappropriation of assets[J].Managerial Auditing Journal,2010,25(3):208-225.
[13]Venkataraman M Iyer,E Michael Bamber,Jeremy Griffin.Characteristics of audit committee financial experts:an empirical study[J].Managerial Auditing Journal,2013,28(1):65-78.
[14]王跃堂,赵子夜,魏晓雁.董事会独立性是否影响公司绩效[J].经济研究,2006,(5):62-73.
[15]袁萍,刘士余,高峰.关于中国上市公司董事会、监事会与公司业绩的研究[J].金融研究,2006,(6):23-32.
[16]吴清华,王平心.公司盈余质量:董事会微观治理绩效之考察[J].数理统计与管理,2007,(1):30-40.
[17]胡奕明,唐松莲.独立董事与上市公司盈余信息质量[J].管理世界,2008,(9):149-160.
[18]唐雪松,杜军,申慧.独立董事监督中的动机——基于独立意见的经验意见[J].管理世界,2010,(9):138-149.
[19]叶康涛,祝继高,陆正飞,张然.独立董事的独立性:基于董事会投票的证据[J].经济研究,2011,(1):126-139.
[20]邱兆祥,史明坤.独立董事个人特征与任期内公司经营绩效[J].财贸经济,2012,(11):56-62.
[21]La Porta R,Lopez-De-Silanes,F Shleifer A,Vishny R W.Legal determinants of external finance[J].Journal of Finance,1997,(52):1131-1150.
[22]La Porta R,Shleifer A,Vishny R,F Lopez de Silanes.Law and Finance[J].Journal of Political Economy,1998,(106):1113-1155.
[23]La Porta R,F Lopez-de-Silanes,A Shleifer R Vishny.Investor Protection and Corporate Governance[J].Journal of Financial Economics,2000,(58):3-27.
[24]Bushman R,J Piotroski and A.Smith.What Determines Corporate Transparency[J].Journal of Accounting Research,2004,(42):207-252.
[25]Allena.F Qianb J Qianb M.Finance,and Economic Growth in China[J].Journal of Financial Economics,2005,(77):57-116.
[26]Roland J G.Transition and Economics[M].Massachusetts Institute of Technology(中译本,北京大学出版社,2002).
[27]朱茶芬,李志文.国家控股对会计稳健性的影响研究[J].会计研究,2008,(5):38-45.
[28]Cheng Courtenay.Board composition,regulatory regime and voluntary disclosure[J].The International Journal of Accounting,2006,(41):262-289
[29]Coffee J.Racing towards the top?The impact of cross-listings and stock market competition on international cor porate governance[J].Columbia Law Review,2002,(102):1757-1831.
[30]Stulz R.Globalization,corporate finance,and the cost of capital[J].Journal of Applied Corporate Finance,1999,(26):3-28.
[31]Doidge,Graig.U.S.cross-listings and the private benefits of control:evidence from dual-class frims[J].Journal of Financial Economics,2004,(72):519-553.
[32]Lang M,J Raedy and M Yetman.How representative are firms that are cross-listed in the United States?An Analysis of accounting quality[J].Journal of Accounting Research,2003,(41):363-397.
[33]Huijgen and Lubberink.Earnings conservatism,litigation,and contracting:the case of cross-listed firms[J].Journal of Business Finance and Accounting,2005,(32):1275-1309.
[34]De Angelo L.Auditor size and audit quality[J].Journal of Accounting and Economics,1981,(3):183-99.
[35]Weber J M Willenborg,JZhang.Does auditor reputation matter?The Case of KPMG Germany and ComROAD AG[J].Journal of Accounting Research,2008,(46):941-972.
[36]Teoh S H,T J Wong.Perceived auditor quality and the earnings response coefficient[J].Accounting Review,1993,68(2):346-66.
[37]Giner B.The influence of company characteristics and accounting regulation on information disclosed by Spanish firms[J].European Accounting Review,1997,16(1):45-68.
[38]Francis J,J Krishnan.Accounting accruals and auditor reporting conservatism[J].Contemporary Accounting Research,1999,16(1):135-65.
[39]Geiger M,D Rama.Audit firm size and going-concern reporting accuracy[J].Accounting Horizons,2006,20(1):1-17.
[40]Fama E Jensen M.Separation of Ownership and Control[J].Journal of Law and Economics,1983,(26):301-3025.
[41]Molz R.Managerial domination of boards of directors and financial performance[J].Journal of Business Research,1988,16(3):235-249.
[42]Shivdasani A,Yermack D.CEO involvement in the selection of new board members:An empirical analysis[J].Journal of Finance,1999,(54):1829-1853.
[43]Yeh Y-H,Woidtke T.Commitment or entrenchment?:Controlling shareholders and board composition[J].Journal of Banking&Finance,2005,(29):1857-1885.
[44]Chaganti R S,V Mahajan S Sharma.Corporate board size,composition,and corporate failures in the retailing industry[J].Journal of Management studies,1985,(22):400-417.
[45]Yermack D.Higher Valuation of Companies with a Small Board of Directors[J].Journal of Financial Economics,1996,(40):185-212.
[46]Monks R,N Minow.Corporate Governance[M].Blackwell Publishing,Oxford,1995.
[47]Lehn K,Sukesh P,Zhao M.Determinants of the size and structure of corporate boards:1935-2000[D].Katz Graduate School of Business Working Paper,2003.
[48]Brickley J,C James.The Takeover Market,Corporate Board Composition and Ownership Structure:the Case of Banking[J].Journal of Law and Economics,1987,(30):161-190.
[49]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J].经济研究,2005,(10):48-58.
[50]Chen G,Firth M,Xu L.Does the type of ownership control matter?Evidence from China's listed companies[J].Journal of Banking and Finance,2009,(33):171-181.
[51]Shleifer A,R Vishny.Large Shareholders and Corporate Control[J].Journal of Political Economy,1986,(94):461-488.
[52]Cheung Yan-Leung,Rau P R,Stouraitis A.Tunneling,propping,and expropriation:evidence from connected party transactions in Hong Kong[J].Journal of Financial Economics,2006,(82):343-386.
[53]周中胜,陈俊.大股东资金占用与盈余管理[J].财贸研究,2006,(3):128-135.
[54]La Porta R,F Lopez2de2Silanes,A Shleifer.Corporate Ownership around the World[J].Journal of Finance,1999,(54):471-517.
[55]Xu X,Y Wang.Ownership Structure and Corporate Governance in Chinese Stock Companies[J].China Economic Review,1999,10(1):75-98.
[56]徐莉萍,辛宇,陈工孟.股权集中度和股权制衡及其对公司经营绩效的影响[J].经济研究,2006,(1):90-100.
[57]Brickley J,Lease R.,Smith Jr C.Ownership structure and voting on antitakeover amendments[J].Journal of Financial Economics,1988,(20):267-291.
[58]Chen X,Harford J,Li K.Monitoring:which institutions matter?[J].Journal of Financial Economics,2007,(86):279-305.
[59]Healy P M,Hutton A P,Palepu K G.Stock performance and intermediation changes surrounding sustained increases in disclosure[J].Contemporary Accounting Research,1999,16(3):485-520.
[60]Yan X,Zhang Z.Institutional investors and equity returns:are short-term institutions better informed?[J].The Review of Financial Studies,2009,(22):893-924.
[61]高雷,张杰.公司治理、机构投资者与盈余管理[J].会计研究,2008,(9):64-72.
[62]樊纲,王小鲁,朱恒鹏.中国市场化指数-各地区市场化相对进程2006报告[R].北京经济科学出版社,2007.
[2]Krishnan G V,Visvanathan G.Does the SOX definition of an accounting expert matter?The association between audit committee directors'accounting expertise and accounting conservatism[J].Contemporary Accounting Research,2008,25(3):827-857.
[3]Jiang L Kenneth R Ferris,Edward N Coffman.The association between financially expert independent directors and the accounting for employee stock options[J].Research in Accounting Regulation,2009,(21):1-10.
[4]Dhaliwal D,Naiker V,Navissi F.The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees[J].Contemporary Accounting Research,2010,27(Fall):787-827.
[5]John L A,Don Herrmann,Tony Kang,Gopal V Krishnan.Audit committee financial expertise and properties of analyst earnings forecasts[D].Advances in Accounting,Available online 24 December,2012.
[6]Jeanjean T,Stolowy H.Determinants of board members'financial expertise:Empirical evidence from France[J].The International Journal of Accounting,2009,(44):378-402.
[7]向锐.财务独立董事的公司绩效研究[J].证券市场导报,2008,(8):59-64,72.
[8]陆宇建,肖睿.我国上市公司财务独立董事履职效力研究[J].南京社会科学,2009,(7):67-74.
[9]Carcello J V,Hermanson D R,Neal T L,Riley Jr R A.Board Characteristics and Audit fee[J].Contemporary Accounting Research,2002,19(3):365-384.
[10]Bédard J,Chtourou S M,Courteau L.The effect of audit committee expertise,independence and activity on aggressive earnings management[J].Auditing:A Journal of Practice and Theory,2004,23(2):15-37.
[11]Agrawal A,S Chadha.Corporate Governance and Accounting Scandals[J].Journal of Law and Economics,2005,(48):371-406.
[12]Sameer T Mustafa,Nourhene Ben Youssef.Audit committee financial expertise and misappropriation of assets[J].Managerial Auditing Journal,2010,25(3):208-225.
[13]Venkataraman M Iyer,E Michael Bamber,Jeremy Griffin.Characteristics of audit committee financial experts:an empirical study[J].Managerial Auditing Journal,2013,28(1):65-78.
[14]王跃堂,赵子夜,魏晓雁.董事会独立性是否影响公司绩效[J].经济研究,2006,(5):62-73.
[15]袁萍,刘士余,高峰.关于中国上市公司董事会、监事会与公司业绩的研究[J].金融研究,2006,(6):23-32.
[16]吴清华,王平心.公司盈余质量:董事会微观治理绩效之考察[J].数理统计与管理,2007,(1):30-40.
[17]胡奕明,唐松莲.独立董事与上市公司盈余信息质量[J].管理世界,2008,(9):149-160.
[18]唐雪松,杜军,申慧.独立董事监督中的动机——基于独立意见的经验意见[J].管理世界,2010,(9):138-149.
[19]叶康涛,祝继高,陆正飞,张然.独立董事的独立性:基于董事会投票的证据[J].经济研究,2011,(1):126-139.
[20]邱兆祥,史明坤.独立董事个人特征与任期内公司经营绩效[J].财贸经济,2012,(11):56-62.
[21]La Porta R,Lopez-De-Silanes,F Shleifer A,Vishny R W.Legal determinants of external finance[J].Journal of Finance,1997,(52):1131-1150.
[22]La Porta R,Shleifer A,Vishny R,F Lopez de Silanes.Law and Finance[J].Journal of Political Economy,1998,(106):1113-1155.
[23]La Porta R,F Lopez-de-Silanes,A Shleifer R Vishny.Investor Protection and Corporate Governance[J].Journal of Financial Economics,2000,(58):3-27.
[24]Bushman R,J Piotroski and A.Smith.What Determines Corporate Transparency[J].Journal of Accounting Research,2004,(42):207-252.
[25]Allena.F Qianb J Qianb M.Finance,and Economic Growth in China[J].Journal of Financial Economics,2005,(77):57-116.
[26]Roland J G.Transition and Economics[M].Massachusetts Institute of Technology(中译本,北京大学出版社,2002).
[27]朱茶芬,李志文.国家控股对会计稳健性的影响研究[J].会计研究,2008,(5):38-45.
[28]Cheng Courtenay.Board composition,regulatory regime and voluntary disclosure[J].The International Journal of Accounting,2006,(41):262-289
[29]Coffee J.Racing towards the top?The impact of cross-listings and stock market competition on international cor porate governance[J].Columbia Law Review,2002,(102):1757-1831.
[30]Stulz R.Globalization,corporate finance,and the cost of capital[J].Journal of Applied Corporate Finance,1999,(26):3-28.
[31]Doidge,Graig.U.S.cross-listings and the private benefits of control:evidence from dual-class frims[J].Journal of Financial Economics,2004,(72):519-553.
[32]Lang M,J Raedy and M Yetman.How representative are firms that are cross-listed in the United States?An Analysis of accounting quality[J].Journal of Accounting Research,2003,(41):363-397.
[33]Huijgen and Lubberink.Earnings conservatism,litigation,and contracting:the case of cross-listed firms[J].Journal of Business Finance and Accounting,2005,(32):1275-1309.
[34]De Angelo L.Auditor size and audit quality[J].Journal of Accounting and Economics,1981,(3):183-99.
[35]Weber J M Willenborg,JZhang.Does auditor reputation matter?The Case of KPMG Germany and ComROAD AG[J].Journal of Accounting Research,2008,(46):941-972.
[36]Teoh S H,T J Wong.Perceived auditor quality and the earnings response coefficient[J].Accounting Review,1993,68(2):346-66.
[37]Giner B.The influence of company characteristics and accounting regulation on information disclosed by Spanish firms[J].European Accounting Review,1997,16(1):45-68.
[38]Francis J,J Krishnan.Accounting accruals and auditor reporting conservatism[J].Contemporary Accounting Research,1999,16(1):135-65.
[39]Geiger M,D Rama.Audit firm size and going-concern reporting accuracy[J].Accounting Horizons,2006,20(1):1-17.
[40]Fama E Jensen M.Separation of Ownership and Control[J].Journal of Law and Economics,1983,(26):301-3025.
[41]Molz R.Managerial domination of boards of directors and financial performance[J].Journal of Business Research,1988,16(3):235-249.
[42]Shivdasani A,Yermack D.CEO involvement in the selection of new board members:An empirical analysis[J].Journal of Finance,1999,(54):1829-1853.
[43]Yeh Y-H,Woidtke T.Commitment or entrenchment?:Controlling shareholders and board composition[J].Journal of Banking&Finance,2005,(29):1857-1885.
[44]Chaganti R S,V Mahajan S Sharma.Corporate board size,composition,and corporate failures in the retailing industry[J].Journal of Management studies,1985,(22):400-417.
[45]Yermack D.Higher Valuation of Companies with a Small Board of Directors[J].Journal of Financial Economics,1996,(40):185-212.
[46]Monks R,N Minow.Corporate Governance[M].Blackwell Publishing,Oxford,1995.
[47]Lehn K,Sukesh P,Zhao M.Determinants of the size and structure of corporate boards:1935-2000[D].Katz Graduate School of Business Working Paper,2003.
[48]Brickley J,C James.The Takeover Market,Corporate Board Composition and Ownership Structure:the Case of Banking[J].Journal of Law and Economics,1987,(30):161-190.
[49]田利辉.国有股权对上市公司绩效影响的U型曲线和政府股东两手论[J].经济研究,2005,(10):48-58.
[50]Chen G,Firth M,Xu L.Does the type of ownership control matter?Evidence from China's listed companies[J].Journal of Banking and Finance,2009,(33):171-181.
[51]Shleifer A,R Vishny.Large Shareholders and Corporate Control[J].Journal of Political Economy,1986,(94):461-488.
[52]Cheung Yan-Leung,Rau P R,Stouraitis A.Tunneling,propping,and expropriation:evidence from connected party transactions in Hong Kong[J].Journal of Financial Economics,2006,(82):343-386.
[53]周中胜,陈俊.大股东资金占用与盈余管理[J].财贸研究,2006,(3):128-135.
[54]La Porta R,F Lopez2de2Silanes,A Shleifer.Corporate Ownership around the World[J].Journal of Finance,1999,(54):471-517.
[55]Xu X,Y Wang.Ownership Structure and Corporate Governance in Chinese Stock Companies[J].China Economic Review,1999,10(1):75-98.
[56]徐莉萍,辛宇,陈工孟.股权集中度和股权制衡及其对公司经营绩效的影响[J].经济研究,2006,(1):90-100.
[57]Brickley J,Lease R.,Smith Jr C.Ownership structure and voting on antitakeover amendments[J].Journal of Financial Economics,1988,(20):267-291.
[58]Chen X,Harford J,Li K.Monitoring:which institutions matter?[J].Journal of Financial Economics,2007,(86):279-305.
[59]Healy P M,Hutton A P,Palepu K G.Stock performance and intermediation changes surrounding sustained increases in disclosure[J].Contemporary Accounting Research,1999,16(3):485-520.
[60]Yan X,Zhang Z.Institutional investors and equity returns:are short-term institutions better informed?[J].The Review of Financial Studies,2009,(22):893-924.
[61]高雷,张杰.公司治理、机构投资者与盈余管理[J].会计研究,2008,(9):64-72.
[62]樊纲,王小鲁,朱恒鹏.中国市场化指数-各地区市场化相对进程2006报告[R].北京经济科学出版社,2007.