An Empirical Research On The Relationship Between Board Governance And The Quality Of Information Disclosure

In the stock market, the outside investors make the investment decision by the listed company’s information. For asymmetry of the information, the managers of listed companies dominate the information superiority, and the external shareholders in information disadvantage, so that information disclosure is prone to information distortion, financial fraud, speculative behavior, and other defects, which seriously damage the interests of investors, affect the corporate health and sustainable development. There is an urgent requirement to find the impact of information disclosure quality factor. The improvement of the governance of the board of directors is a key factor to improve the quality of information disclosure, how to strengthen the board governance to improve the quality of information disclosure is an urgent problem.At present, the existing literature both at home and abroad is more analysis of relationship between corporate governance and information disclosure quality, selecting only the individual factors of the characteristics of the board of directors. This paper directly from the board governance angle, on the analysis of the market efficiency theory, information asymmetry theory and the principal-agent theory, propose the research hypotheses, and examine the relationship between board governance and the information disclosure.The core content of this paper is to analysis on the relationship between the board of management and information disclosure quality empirical. First choose the343listed companies which are non-financial sectors of Shenzhen stock exchange as research samples, and set up the independent variable:the number of the meetings of the board of directors, share ratio, the proportion of the independent directors, unity, the size of the board; the control variable is:asset-liability ratio, the company size, net assets yield; the measure of the quality of information disclosure, use the information evaluation results of Shenzhen stock exchange published, set the assessment for0and1, and give the Pearson correlation inspection between the variables, preliminary judgment that does not exist multiple linear between variables. Second establish the empirical model, adopting the two logistic regression method, inspection the quality related between board governance and information disclosure. Finally, draw the empirical results:directors shareholding percentage and information disclosure quality are significantly positive correlation, the board of directors meeting times and the information disclosure quality are significantly positive correlation, the relationship between unity and information disclosure quality is significant negative correlation, the effect of independent director is limited, the influence on the quality of information disclosure is not significant, and there is no significant relationship between the size of the board and information disclosure.In the end of this paper, according to the empirical results of the study, proposes the following improvement measures:to raise the share ratio of directors, to strengthen the option incentive directors; the board of directors structure adhere to the "dual leadership"; improve the independent board of directors system, play the supervisory role of independent directors; strengthen the board of directors with the management of information disclosures.