Corporate Governance And Corporate Transparency

Using panel data of non-financial listed companies of Shenzhen Stock Exchange in China from 2002 to 2005, this study investigates the influences of corporate governance environment on corporate transparency. It has reached the major conclusions as follows. The more developed the market, legal institutions and intermediary organizations, the more transparent the companies are. The less frequency the government intervention, the more transparent the companies are. Companies with clear opinion are more transparent than other companies. Whether firms issue B- or H-share and whether firms have"big-five"external auditor are not significantly related to corporate transparency, but firms those who does are more likely have excellent transparency. In addition, duality, proportion of independent directors, and the number of committees are not significantly related to corporate transparence. The higher the firm size and the financial performance, and the lower the leverage, the higher the corporate transparence.