Features Of Board Of Supervisors And Board Of Directors And The Quality Of Information Disclosure

As a critical indicator to measure the validity of one country's securities market, the quality of information disclosure of listed companies, to a large extent, determines whether securities market will function well. Therefore, the quality of information disclosure of listed companies is drawing more and more attention both from the academic and the practical field home and abroad. Information disclosure of listed companies is affected by various internal and external factors, of which corporate governance is the internal one. The governance mechanism of board of directors and supervisors, the key factor of corporate internal governance, not only reflects the improvement of the performance of listed companies' governance, but also affects the quality of information disclosure of listed companies. This essay will study, through method of empirical research, the subject of the quality of information disclosure of listed companies from the angle of features of board of directors and supervisors, to analyze the impact of the feature variables of board of directors and supervisors on the quality of information disclosure of listed companies. Hoping this essay will find an effective way to improve the performance of corporate governance and enhance the quality of information disclosure.First, this essay gives an introduction to the research background and the significance of this study. A true, accurate and complete information disclosure is the fundamental guarantee to achieve stock market's "open, fair and just" principle, is the heart of the capital market supervision. Therefore this study on the one hand will promote market resources'efficient allocation, enhancing the effectiveness of securities markets, on the other hand can help to improve the governance mechanism of listed companies and protect the interests of investors.Secondly, this essay reviews related research of the quality of information disclosure and the corporate governance mechanism home and abroad. Based on domestic and foreign research documents, this essay independently analyzes the impact of the governance of the board of directors and supervisors on the quality of disclosure of information from the aspect of corporate governance mechanism. The existing documents mostly illustrate from the perspective of a comprehensive analysis of corporate governance, or from the company or from the cost of capital. The research angle innovation of this essay will be to focus on the feature variables of board of directors and supervisors, meanwhile not omitting other relevant variables. The empirical innovation lies in, first, selecting the quality of information disclosure for the Shenzhen Stock Exchange's information disclosure evaluation results, of which the data selected are authoritative and convincing, and second, using "logistic" regression model as measurement method, a more accurate measurement of the quality of information disclosure and corporate governance mechanisms relationship.In the empirical analysis of the relationship between quality of information disclosure and the features of board of supervisors and directors, selecting 531 listed companies in Shenzhen Stock Exchange total 1593 samples, this essay comprehensively assesses the quality of information disclosure of listed companies by putting the Shenzhen Stock Exchange three years' information evaluation results as the explained variables, and by putting feature variables of board of supervisors and directors as the explanatory variables, applies "logistic" regression to analyze the features of board of supervisors and directors on the quality of information disclosureFrom the results of empirical analysis, this essay obtains the following conclusion:the effect of share ratio of board of supervisors on improving the quality of information disclosure is little. There is quite limited influence of board of supervisors'governance on the improvement the quality of information disclosure; in contrary, the share ratio of board of directors' influence is comparatively positive. Board size of directors, to a certain extent, improves the quality of information disclosure, but also limited. Based on the conclusion, this essay raises to take measures of strengthening the supervision function of Board of supervisors, enhancing external governance and improving incentives of Board of supervisors and directors.