The Research On The Impact Of The Characteristics Of The Board Of Supervisors On Listed Companies' Information Disclosure

It is company's unshirkable responsibility to disclose information truthfully,accurately and completely according to law.This is related to the interests of investors and market development.However,in China,in the process of information disclosure of listed companies,there have been some violations of laws and regulations.This is not conducive to the development of the market while causing huge losses to investors.Therefore,it is important to improve the quality of company information disclosure.Some scholars have studied the relationship between corporate governance structure and the quality of information disclosure.But research focuses more on the board of directors.Few scholars discuss how to improve the quality of company information disclosure from the perspective of the board of supervisors.In fact,as an important component of the corporate governance structure,the impact of the board of supervisors on the quality of company information disclosure cannot be ignored.This paper takes a sample of Chinese A-share listed companies between 2007 and 2015,mainly studies the relationship between the characteristics of the board of supervisors and the quality of information disclosure.The study finds that from the perspective of internal governance,whether the company is involved in information disclosure violations is related to the gender composition of the board of supervisors.The increase in the proportion of female supervisors can effectively reduce the probability of company violations.The decrease in the average length of supervisors can inhibit the company's tendency to disclose information disclosure irregularities.According to the research results of Shenzhen Stock Exchange listed companies,the improvement in the quality of company information disclosure can be achieved by improving the education level of supervisors.When the financial restatement and KV value are the proxy variables for the quality of information disclosure,it is found that the longer the supervisor's tenure the more negative the information disclosure will be.For external governance,sample companies are divided into two groups according to market index.The above results were found to be more pronounced in the group with a higher market index.It shows that when it is in a relatively complete market mechanism and a good market environment,listed companies pay more attention to ensuring that the board of supervisors exercises its supervisory power.It also makes the characteristics of the Board of Supervisors has greater impact on the quality of information disclosureThis study confirms the role of the board of supervisors under the "dual system" corporate structure.It provides the basis for appropriately adjusting the structure of the board of supervisors according to the characteristics of people and improving the quality of company information disclosure.