Research On The Influence Of Accounting Independent Directors On Enterprise Value

In recent years,the problem of corporate governance structure has been paid more and more attention by scholars at home and abroad.As the core of the corporate governance structure,whether the board of directors can be standardized and efficient operation is the key to improve the corporate governance structure.In the corporate governance,the board of directors can give strong support to the important decisions made by the management of the company,and supervise the decision-making effectively.Therefore,the stronger the board of directors,the more beneficial to the enterprise to make the correct decision,and then to improve the value of the enterprise.China introduced the independent director system in 1993.For more than two decades,the research on independent directors in China has focused on two questions: firstly,whether independent directors can effectively improve the efficiency of enterprises;secondly,what are the factors that affect the effectiveness of the independent director system? By investigating the relationship between the independence of independent directors and individual characteristics and corporate performance,many domestic scholars have drawn different conclusions.By investigating the relationship between the independence and individual characteristics of the independent directors and corporate performance,many domestic scholars have come to different conclusions.Since the guidance on the establishment of independent director system in listed companies issued in China in 2001,the academic research on the independent director of accounting has gradually enriched,up to the date of the final version of this article,and since then,the research on the independent director of accounting has been gradually enriched in academic circles.Most domestic literatures mainly discuss the influence of independent directors on earnings management.This paper mainly discusses the influence of independent directors of accounting on the value of private enterprises and its mechanism analysis.Based on agency theory,resource dependence theory,upper echelons theory and information asymmetry theory,this paper empirically analyzes the data of private enterprises in Shanghai and Shenzhen from 2010 to 2016 by multiple regression method and fixed effect model.The main conclusions are as follows:(1)the more independent directors of accounting,the higher the enterprise value can be obtained by using multiple regression and fixed effect model;(2)the independent director of accounting promotes the influence of enterprise value by reducing the inefficiency investment of the enterprise,and the investment efficiency plays a part of intermediary effect in the influence of the independent director of accounting on the value of the enterprise;(3)the sample is divided according to the degree of marketization where the enterprise is located,and the research shows that in the enterprises with low degree of marketization,the role of independent directors of accounting to the value of the enterprise is obvious.But in the high degree of marketization group,the accounting independent director has no significant influence on the enterprise value;(4)the sample is divided according to the size of the enterprise,and the research shows that the independent director of accounting plays a significant role in the value of the enterprise in the small-scale enterprises.However,in large-scale enterprises,the influence of independent directors on enterprise value is not significant;(5)the samples are divided according to the number of analysts tracking,and the research shows that in the enterprises with fewer analysts tracking,the research shows that the number of independent directors has little influence on the value of enterprises.The effect of independent directors on corporate value is significant,but the effect of independent directors on corporate value is not significant in enterprises where analysts track a large number of enterprises.On the whole,the contribution of this paper is mainly in three aspects: firstly,considering the immaturity of the system in the early stage of the implementation of the independent director system in China,the recent sample is more representative and practical.Therefore,this paper selects the sample data of nearly seven years to investigate the accounting independent directors,which makes the conclusion more reasonable and effective.Secondly,the previous literature mostly from the gender,age,background,influence,salary and other aspects of individual characteristics of the independent director,this paper to independent directors more detailed research,from the perspective of independent directors with accounting background.Explore its impact on the enterprise value mechanism.At present,there are few literatures about accounting independent directors.This paper enriches and supplements the research scope of accounting independent directors and enterprise value.Finally,this paper analyzes the intermediary effect of accounting independent directors in the role of accounting independent directors in the enterprise value through the channel of investment efficiency.The research shows that the accounting independent directors improve the enterprise value by improving the investment efficiency,and the influence mechanism is that the accounting independent directors can improve the enterprise value by improving the investment efficiency.It innovates the influence channels and enriches the relevant research literature and conclusions.Due to the limited level of knowledge,the following aspects need to be improved: first,the description dimension of the independent director of accounting is limited.This paper mainly selected two indicators to describe the number of independent directors as independent variables,to study the impact on the value of enterprises,but this is only a quantitative measure,and did not describe the other characteristics of independent directors of accounting.The description and measurement of accounting independent directors are not comprehensive enough.The future research can describe accounting independent directors from three dimensions: corporate system characteristics,individual characteristics and behavioral characteristics,and expand the measurement dimension of the characteristics of the accounting independent director more abundant.Second,the selection of the research data can be further optimized.In this paper,the data of private listed companies from 2010 to 2016 are selected,and the selection of sample size may affect the accuracy of the research results.In the follow-up research,scholars can extend the sample time interval,and further subdivide the private enterprises according to the industry to explore the impact mechanism of independent directors of accounting on the value of enterprises in specific sectors.Thirdly,this paper only explores one of the influence channels-investment efficiency,which plays an intermediary role in the influence of independent directors of accounting on the value of enterprises.There may still be many other influence channels to be explored in reality.The future research can further enrich the influence channels of independent directors of accounting to corporate value from the aspects of executive consumption,information transparency and so on.The content frame of this paper is as follows.The first part introduces the research purpose,significance,method and research framework of the article respectively.The second part is literature review,which combs the relationship between board of directors,independent directors of accounting and corporate value,and the relationship between investment efficiency and corporate governance,and straightens out the development process of related research.The third part introduces the theoretical basis related to the main conclusions of the article,which lays a solid foundation for the empirical analysis.The fourth part is the research design.On the basis of the relevant theories,this paper analyzes the influence channels of the independent directors of accounting to the enterprise value in the private enterprises,and expounds the basis of dividing the samples,and then puts forward the research hypotheses of the article.The fifth part is an empirical analysis.We choose private enterprises in Shanghai and Shenzhen stock markets as the object of study,excluding ST and * ST companies and companies that have significant restructuring and abnormal data.We collect and sort out the relevant data of independent directors from 2010 to 2016,and select Tobin Q value as the interpreted variable to evaluate the enterprise value.Two explanatory variables-the number of accounting independent directors and the proportion of accounting independent directors to the number of independent directors are selected as explanatory variables.To verify that the hypothesis in this paper is valid,the regression analysis is carried out by using Stata software,and the intermediary effect is tested by stepwise regression method.According to the empirical results,this paper puts forward the conclusion that the independent director of accounting can improve the investment efficiency of the enterprise and then improve the value of the enterprise.To verify the reliability of the results,we replace the independent variables and use the fixed effect model to carry on the robustness analysis of the research results.The sixth part is the research conclusion and the policy suggestion.According to the conclusion of the article,we provide the relevant policy suggestion to the realistic enterprise management.