Research On The Relationship Between The Quality Of China's Listed Companies Board Characteristics And Information Disclosure

In the stock market, in order to reduce the information asymmetry between investors and listed companies to meet the investment needs of investors, listed companies in China should standardize information disclosure. But in recent years, with domestic and foreign Enron, World Com, silver Guangsha, Sichuan Changhong events scandals continue to occur, the authenticity and integrity of information disclosure of listed companies has been overwhelming majority investor concerns. So, what the problem is caused by poor quality of information disclosure, information disclosure quality factors and other issues which investors eager to solve. The Board of Directors as the main responsibility for information disclosure to ensure the quality of information disclosure has a decisive role. So, to find the right board features, improve Board governance structure in order to improve the quality of information disclosure has a more significant practical significance.From both theoretical and empirical aspects to analyze. In the theoretical analysis, the author reviewed the existing literature at home and abroad, and set forth the definition of the type of the board, and the board of directors of listed companies in the mandate and the role of information disclosure and quality concepts and measurement methods, and related basic theory. In the empirical analysis, to quality of information disclosure as the dependent variable, select independent variables: the board size, the proportion of independent directors, directors' remuneration ratio, the proportion of shareholding board members, chairman and general manager whether CEO duality; control variables: company scale, sales margin, asset-liability ratio; data from the Shenzhen Stock exchange and Resset database; and then to establish an empirical model by SPSS 23 statistical software, empirical analysis of the variables, in order to obtain disclosure of information between the board characteristics and quality Positive relationships. Finally, the empirical results obtained: shareholding board members and quality of information disclosure was a significant positive correlation. Chairman and general manager, CEO duality and quality of information disclosure was significantly negatively correlated. Board size and quality of information disclosure was negatively correlated with the proportion of independent directors, the proportion of directors' remuneration and quality of information disclosure was positively correlated, but not significantly affect the results.Finally, the empirical results, the following recommendations: control board size, improve management efficiency; increase the proportion of independent directors, independent director system perfecting; sound directors incentives to improve the motivation of directors; separate chairman and general manager positions, to ensure the independence of the board..