Empirical Research On The Influence Of The Characteristics Of Independent Director To The Violation Of Information Disclosure

In the year of2001, securities regulatory commission released "guidance of the companies to establish the system of independent directors". This guidance is as a sign to announce that the system of independent directors had been introduced to China formally. After more than10years’development, this system improved its influence and coverage ratio in the listed companies. But the type of corporate governance in China is different with USA, faced with the special condition, the independent directors not only need to solve the problem of insider control, he also need to restrict the power of controlling shareholder. But as an exotic, the system of independent directors didn’t take the real condition of China into account, so result is not as good as we think.In theory, as an import part of corporate governance, system of independent directors can solve the problem of information disclosure system, improve the quality of information, which will help the listed companies become better. The existing research about the relationship between the system of independent directors and violation of information disclosure always regard it as a part of board, just think about the ratio of independent directors in the board, research specially on the influence of the characteristics of independent director to the disclosure of information is scarcely.So in order to research the system’s working result, give advice on this system and maintain the capital market in good condition. In this paper, I selected the sample of the listed companies in Shanghai and Shenzhen stock exchange market, which were punished by the controller during2007and2011. Then I collected the information of the independent directors to describe his characteristics, including the ratio, payment, profession, were they criticized by the public and so on. By means of empirical research, I want to find out the factors, which have a influence on the violence of information disclosure.This paper is consisted of6chapters, each of them is as follow: Chapter1, In this part I introduce the background, significance, research purpose and other essential information.Chapter2, Review the relevant research in China and overseas, in order to mine the blank part of literature.Chapter3, Introduce the background of the system, including information disclosure and independent directors.Chapter4, Combine the theory and reality, to describe that the system of independent director is effective, then put forward the hypotheses.Chapter5, According to the hypotheses, this chapter examines them by the data selected by hand.Chapter6, According to the result of empirical research, I propose some recommendations pertinently.By empirical, we find independent directors of accounting background, whether the independent director lived in the same play as the listed company, attendance can help the company avoid information violation, were they criticized by the public and the violation of information disclosure exist remarkable positive correlation, and the payment of independent director has a relatively complex relationship.The contributions of this paper include:Introduce the quotas to describe the characteristics of independent director, these quotas are focus on the quality but not quantity, besides, the data selection in this paper take the compatibility into account, so the result of this research is more scientific.Based on the result, I give some advice on perfecting the system of independent director and information disclosure, moreover, point out the limitation of this paper, and put forwards some improvements point to the future research.