Process Of Marketalization, Independent Director And Quality Of Accounting Information

Accounting information is the social focus problem all the time. Requirements for enterprise accounting information quality are more stringent with the development of China’s securities market and establishment of modern enterprise accounting system.The accounting information is the main decision for enterprise stakeholders and the basis of normal operation of social economy, the quality may affects the efficiency of the market economy system. In the listed companies, the principal-agent problems caused by the separation of ownership and control are relatively serious, and affect the quality of accounting information. So in order to improve the quality of accounting information, the academia and practice hope to improve the corporate governance, and one of the measures is to introduce the independent director system. At present, a large number of literatures study how the independent director independence and professional background characteristics impact on the quality of accounting information, but there is little literatures consider the independent directors’ objections.In addition, as an emerging market country, regions’ marketization in China is extreme imbalance, many studies have shown the marketization process will affect the company’s resources allocation efficiency, and even affect the company’s internal governance. Based on the above consideration, this paper mainly researches how the independent directors’ objection, the number of part-time jobs and allowance affect the accounting information quality, then focus on the impact between different marketization process.First,this paper introduces the research background and analyses the significance to study from the perspective of marketization process, the independent directors and accounting information quality. Then we describe the research content and method,choose the independent directors’ objections, part-time jobs and allowance from company system characteristics and directors’ behavior characteristics as our major issues. Second, providing theoretical basis for follow-up studies in this paper by an overview of the accounting information quality standards 、 the motivation of listed companies employ independent directors and the summary of the related literature.What’s more, according to the research hypothesis we set up models, and select the A-share main board of Shenzhen stock exchange in 2009-2013 listed companies as samples for empirical analysis, the results show that if the independent directors cameup with objection, the company present the lower quality of accounting information;numbers of independent directors part-time jobs, allowance are positively related with quality of accounting information, explaining independent directors in our country have few part-time jobs, so it doesn’t affect their normal work; allowances’ incentive effect is obvious. In addition, we find that in the high marketable area, the independent directors’ objection and allowance have greater effects on the quality of accounting information; the numbers of independent directors’ part-time jobs in the process of low marketable area instead affect more and they are significant positive correlation. In a certain extent, higher allowance reflects the higher independent director’s reputation, so the allowance and information quality are also significant positive correlation. That is to say, the knowledge and experience gained by the part-time jobs played an important role in promoting the quality of information.Last, through the above research and combining the national conditions of our country, we put forward some feasible policy suggestions to improve the system of independent directors in China: encourage independent directors come up with their objections and strengthen the supervision and punishment of listed companies; lead independent directors set up correct concept of part-time jobs; improve the system of independent directors’ allowance to encourage independent directors to work hard;strengthen the construction of the marketable process and make use of market mechanism to employ independent directors on the basis of ability.