Research On The Impact Of Characteristics Of Top Management Team On Accounting Information Transparency From The Perspective Of Investor Protection

Accounting information transparency is an important performance of enterprise information disclosure under certain information disclosure system and requirements,and an important indicator of accounting information quality.A certain transparency actually reflects the information environment,management process and disclosure strategy of an enterprise.Improving the transparency of accounting information is not only conducive to increasing the financing opportunities of enterprises,but also to safeguard the legitimate interests of investors and stabilize the order of the capital market.It can be seen from the endless violations of laws and regulations of information disclosure in recent years that the supervision of information disclosure needs to be further strengthened and the transparency of accounting information needs to be further improved.As an important responsibility body of an enterprise,the top management team plays an important role in the process of communicating with investors and exerts a non-negligible influence on information disclosure.Therefore,from the background characteristics of the top management team,this article explores the path of improving accounting information transparency,and further verifies whether improving investors protection environment can have an impact on the relationship between the background characteristics of the top management team and the transparency of accounting information.The research of this paper has important theoretical and practical significance for accounting information governance of listed enterprises and investor protection in capital market.On the basis of summarizing and sorting out existing domestic and foreign studies,this paper clarifies the concepts of accounting information transparency,background characteristics of top management team and investor protection,puts forward corresponding research hypotheses based on theoretical basis,and selects A-share listed companies in Shanghai and Shenzhen from 2015 to 2019 as research samples for empirical regression test.This paper reaches the following conclusions:(1)The background characteristics of the top management team have a significant impact on the transparency of corporate accounting information.The higher the average age level of top management team,the higher the transparency of accounting information;The higher the average compensation level of top management team,the higher the transparency of accounting information;The longer the average tenure of top management team,the less transparent accounting information;The influence of male and female ratio on accounting information transparency is not obvious,and the increase of female ratio does not significantly improve accounting information transparency.(2)Investor protection can exert governance effect and improve the transparency of accounting information.(3)The improvement of investor protection can inhibit the relationship between the background characteristics of the top management team and the transparency of accounting information.Namely,raising the level of investor protection will weaken the positive effect of increasing average age and average salary,also will weaken the negative effect of tenure on transparency of accounting information.Finally,this paper puts forward corresponding policy suggestions based on the empirical results.It is suggested that the listed enterprises strengthen the construction of top management team,consider the age characteristics when selecting and appointing senior executives,increase the proportion of female senior executives,establish a long-term and reasonable compensation incentive system,and control the tenure period reasonably,so as to strengthen the dynamic supervision of senior executives and improve the internal governance environment.It is suggested that the securities regulatory department should improve the legal system of accounting information disclosure and investor protection,strengthen the supervision of enterprise information disclosure,and create a good investor protection environment.