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论文编号：	2443
作者编号：	2120082217
上传时间：	2010/6/10 14:15:51
中文题目：	董事资本与信息披露质量——来自中国证券市场的经验证据
英文题目：	Director Capital and the Quality of Information Disclosure —— Evidence from Stock Market of China
指导老师：	武立东
中文关键字：	董事资本、监督功能、战略参与、董事会效率、信息披露
英文关键字：	Director Capital; Monitor Function; Strategical Participatition; Board Efficiency; Information Disclosure
中文摘要：	进入21世纪以来，公司治理改革已经成为学术界和实业界关注的焦点。随着经济全球一体化的发展，董事会在公司治理改革与发展进程中发挥着越来越重要的作用。中国证监会于2010年发布了《关于在上市公司建立独立董事制度的指导意见》，要求上市公司聘任独立董事。证监会还发布了《上市公司治理准则》和《股东大会规范意见》等法律法规，旨在规范上市公司治理结构。这些措施的出台，主要是为了完善上市公司董事会的监督与战略参与功能，但在董事会的具体实施过程中，理论界和实务界主要聚焦于董事会的规模、独立性、董事会构成等特征，忽略了董事在履行其监督和战略参与功能中其背后的支撑因素，即董事能力。在董事履行监督与战略参与职能过程中，有着不同经历的（如企业家、政治家、大学教授等）董事个人特征发挥着什么样的作用？本文试图分析影响董事能力及其治理效应的人力资本和社会资本特征，以揭开董事能力与治理效率之间的“黑箱”，深化对董事会研究的积累。 本文通过人工收集2007年度深交所上市公司董事的教育背景、工作经历、社会网络关联等信息，从这些变量构建董事的人力资本和社会资本指数，并在此基础上构建董事资本的综合指数，考察董事资本与公司信息披露质量之间的关系。研究发现，在控制其他因素后，董事资本与公司信息披露显著正相关，这表明董事资本在影响公司信息披露水平方面发挥着重要作用。为了进一步考察董事的人力资本和社会资本是否具有不同的治理效果，董事资本划分为董事的人力资本和社会资本，发现董事的社会资本与公司的信息披露质量显著正相关，但董事的人力资本与公司信息披露质量不相关。在董事的人力资本中，我们又分别构建董事专业资本和教育资本，发现董事专业资本与公司信息披露质量正相关，但教育资本不显著。为了考察董事会中内部董事与外部董事资本在影响董事会效率方面是否存在着差异？本文还将董事资本分为内部董事资本和外部董事资本，研究发现公司信息披露质量是外部董事社会资本和内部董事人力资本的函数。这些研究结论说明，董事会效率是董事资本的函数，董事资本能够影响公司信息披露质量。尽管外部董事和内部董事都会影响董事会效率，但股东对他们能力可能存在着不同的需求，对内部董事，股东更需要他们的专业技能；对外部董事，股东更需要他们的社会资本。 随着中国经济改革的深入和现代企业制度的不断完善，董事资本为中国企业在转型经济环境下的公司治理效率的提高提供了更丰富的内涵，对挖掘企业在新制度体制和新环境下的公司治理问题具有十分深远的理论和现实意义。
英文摘要：	As the starting of the new millennium, corporate governance reform has become a global focus topic. With the development of world economy’s globalization and the changing economic environment, board of directors is playing an increasingly important role in the reform process of corporate governance. Recently，the CSRC issued the "Corporate Governance Guidelines" and the "normative views of shareholders" and other laws ,regulations, are designed to regulate the governance structure of listed companies. All these listed measures are mainly to improve the supervision and recommendation functions of the companies, the role of the board, However,in the process of the concrete implementation , the theoretical and practical area are mainly focused on board size, independence and other features, ignored the director capital which is the supportted factor behind the supervision and suggestion functions. In the process of carrying out the supervision and recommendations function, directors having different experiences (such as entrepreneurs, politicians, university professors, etc.) plays what role? This thesis attempts to analyze the impact the ability of directors, in order to reveal the "black box" between the ability of directors and governance efficiency, to deepen the research of the accumulation of the board of directors. In this paper, We collected the listed company directors of their educational background, work experience, social networks and other related information of Shenzhen Stock Exchange in 2007, using these variables to build the human capital index and social capital index, and on this basis, And on this basis builded the intergrated index of director capital, revealing the relationship between director capital and the quality of information disclosure in campany. The study found that after controlling other factors, the director capital and information disclosure was a significant positive correlation, suggestin g that the directors of capital plays an important role in influencing the level of corporate information disclosure.In order to further examine, whether the directors of human capital and social capital have different governance effect, director capital is divided into the director's human capital and social capital, social capital, the directors found that the quality of information with the company indicating a significant positive correlation, but the directors of human capital is not related to . In the directors of human capital, we also were used to construct capital and educational capital of professional directors ,found that directors of the professional quality of capital is positively related to corporate information disclosure, but the educational capital is not significant. This thesis will also divide directors of the capital into inside director capital and outside director capital. the study found quality of corporate information disclosure is a function of outside directors’ social capital and inside directors’ human capital. These studies concluded that the board of directors is a function of capital efficiency; the directors of capital can affect the quality of corporate information disclosure. Although the outside directors and inside directors will both affect the efficiency of the board of directors, but the shareholders have different requirement of the outside and inside directors, to an insider director,the shareholders need their professional skills;to an outside director,their social caipal is needed. With the deepening of China's economic reform and the constant improvement of modern enterprise system, director of capital provide a more rich meaning for improving the efficiency of corporate governance of chinese enterprises which are in the transition environment, having very far-reaching theoretical and practical significance for mining corporate governance issues of enterprises in the new system structure and the new environment.
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