The Influence Of Independent Directors With Different "Industry Background Label" On The Efficiency Of Information Transmission Of Listed Companies

Since the introduction of independent director system in China in 2001,there has been a great increase of domestic scholars' research on the role of independent directors,and there are various opposite conclusions about the role of independent directors in corporate governance.This paper analyzes the influence of independent directors with different “industry background labels” and analyzes the role of independent directors in corporate governance,from the view of information transmission efficiency.In this paper,the author makes a further study on the qualitative research on the positive influence of the independent directors of industry experts on the information transmission of the listed companies.For the first time,this paper studies the influence of the number of "industry background labels" of independent directors on the efficiency of stock price transmission of listed companies from the quantitative point of view.And on this basis,it elaborates the industries of independent directors,compares and studies the different influence on the information transmission efficiency of listed companies of independent directors with different "industry background labels".This paper selects non-state-owned non-financial enterprises listed on Shanghai stock market in as the explanatory variables to test the information transmission effect of listed companies 'characteristics,establishes multiple regression models,and tests the relationship between the listed companies' independent directors and the efficiency of the information transmission.According to the empirical analysis,this study draws the following conclusions:(1)With the increasing number of independent directors' "industry background labels" employed by listed companies,the lower the price synchronization of listed companies,the more information included in the listed companies,The greater the role of directors in improving the transmission of trait information of listed companies.(2)In the background of the five types of industry backgrounds,such as "government background label" independent director,"financial background label" independent director,"legal background label" independent director,"management background label" independent director,"academic background label" independent director.In the five kinds of independent directors,the independent director of "management background label" and "academic background label" independent director have more remarkable effect in promoting the information flow of listed companies and improving the information transmission efficiency of listed companies.