An Empirical Study On The Impact Of The Board Of Directors Characteristics On The Violations Of Listed Companies

From 2005 to 2009,by the Securities and Futures Commission and other regulatory authorities,including warning,condemnation,criticism,fines or confiscation of illegal income and other public companies up to hundreds of listed companies,irregularities have become an important obstacle to the sustainable development of listed companies factor.The board of directors is an important criterion to measure the rationality of the board system.The board of directors is the core content of corporate governance,which is related to the level of corporate governance.Based on the purpose of reducing corporate irregularities and improving the corporate governance structure,it is of practical significance to study the relationship between board characteristics and corporate irregularities.Based on the theory of principal-agent theory and other relevant theories,this paper chooses the proportion of directors with financial background,the average age of directors,the proportion of female directors,the total remuneration of directors,the proportion of directors,the ratio of independent directors,Situation,the number of board meetings eight variables as the board of the characteristics of variables,respectively,to study these variables on the listed companies whether the violation and the severity of violations of the impact.And from the overall characteristics of the company,the size of the company,the characteristics of the financial characteristics of listed companies to conduct irregular analysis to understand the trends and related characteristics of irregularities.Based on the selection of 550 illegal behaviors,550 listed companies that have not been violated are selected as the matching samples.The matching group is similar to the sample group,the industry is the same and the company is close to the company.This paper firstly analyzes the irregularities of listed companies through descriptive statistics,and analyzes the relationship between the characteristics of the board and the company's irregularities through the correlation analysis.The results show that the smaller the proportion of the directors in the financial background,The lower the proportion of women,the lower the proportion of women,the lower the remuneration of directors,the less the proportion of directors,the lower the proportion of independent directors,the more the two positions,the board meeting too much,the higher the possibility of irregularities;The smaller the proportion of the directors with the financial background,the smaller the average age of the directors,the lower the proportion of women in the board,the lower the remuneration of the directors,the less the proportion of the directors,the more serious the situation.Finally,according to the empirical conclusions,this paper puts forward some reasonable suggestions for listed companies and supervisors according to the characteristics of the board of directors.The research of this paper can help the improvement of the governance function and supervision function of the board of directors,and can promote the healthy development of the securities market to a certain extent.