The Board Dependence And Quality Improvement Of Disclosed Information In Listed Companies

The relationship between corporate governance and quality of information disclosure of listed companies is a hot topic in academic circles; in particular the relationship between Board Independence and the quality of information disclosure of listed companies is a more important hot spot. By studying the relationship between board Independence and the information disclosure of listed companies can not only solve the problem of listed companies in China, but also improve the market the quality of information disclosure to promote the development of corporate governance, in particular, to improve the board's independence. In word, we can find that the relationship between the information disclosure of listed companies and the corporate governance is a two-way. Thus, improving corporate governance issues, in particular the independence of the board can change the perspective of information disclosure of listed companies. Listed companies improve the quality of information, which can make the corporate governance good, in particular of the independence of the board.Meanwhile, the existing research, for the independence of the board has not formed a system. And, the Background of independent directors and improve the quality of information disclosure of listed companies have not formed a system. Therefore, this article, from the independence of board, and not the board characteristics, research the relationship between the board independence and quality of information disclosure of listed companies between.First, we collected a series of domestic and foreign literature, including the following aspects:first, the literature of the reassurance about the quality of information disclosure of listed companies. Second, the literature about factors of the board independence.Third, the literature of relationship between the board independence and quality of information disclosure of listed companies. Through the collection and arrangement of the literature, the paper selected the Shenzhen Stock Exchange credit file disclosure evaluation results as the reassurance of the quality of information disclosure of listed companies. Factors in the independence of the board, the paper selected the background characteristics and the proportion of independent directors as explanatory variables.Then, in the theoretical part, this paper focuses on the independence of the board. By describing, the independence of the board of directors is a natural attribute. And, using the agency theory and signaling theory, I analyze the independence of the board to improve the quality of information disclosure of listed companies.Finally, according to the data of the manufacturing in Shenzhen Stock Exchange from 2006 to 2009.By empirical, we find the proportion of independent directors, independent directors of the government background and the independent directors of the multiple identities are good for improving the quality of information disclosure of listed companies. Meanwhile, to improve the independence of our board of directors of listed companies and the quality of information disclosure we propose a series of recommendations.All in all, Purposes of this article are the following:through the normative part of this paper to sort the relevant contents of the independence of the board; in the empirical context, through the collection the date of independent directors, independent directors inspection background information disclosure of listed companies, to prove that Board Independence and quality of the information of listed companies are related. Through a combination of specification and empirical methods for some problems, taking some proposals in the hope of the actual problems solved.The main contribution of this article:First, the quality of the information of listed companies is measured by the date of dynamic perspective.Second, this paper research the relationship between quality of information disclosure and background of the independent directors of listed companies andThe shortcomings of this article:First, in the independence of the board of directors, independent directors play a crucial role. The natural attributes of independence can not measure. So, the result may have some limitations. Second, the data limitations because of China's securities market are relatively non-standard.Third, in the background of the independent directors are too rough. Most of the background variables, we use a dummy variable.