The Characteristics Of Independent Directors, The Nature Of The Controller And Financial Restatement

Financial report is an important carrier for investors to obtain information of listed companies.It is the basis for investors to make scientific decisions,which requires that the financial information disclosed by listed companies must be complete and reliable.But the current financial restatement is getting worse.Financial restatements mean to early to disclose financial reports for correction or supplement,the existence of accounting errors and restatement of hysteresis,often misleading investors decision,causing many negative market reaction.This not only reflects the distortion of financial information disclosure,but also exposes the problems existing in the governance of listed companies,more importantly,damages the healthy and smooth operation of the capital market.One of the independent director system is the core of corporate governance mechanism,its main function is to perfect the corporate governance,its importance is that it can supervise the information disclosure of listed companies,and suggestions for the decision of the board of directors.Its existence can reduce financial fraud to a certain extent,improve the quality of information disclosure,and then reduce the financial restatement.Independent director characteristics including content is varied,this article selects the proportion of independent directors,for example,average age,the gender,the average degree and part-time situation,and introduces control person nature of this variable,research on the mechanism of action of financial restatements.First of all,this thesis reviews the related literature at home and abroad,mainly including the classification and characteristics of independent directors,controlling character and the motivation of financial restatement,influencing factors,and economic consequences,then make a brief review about existing research;Second,this thesis defines the concept of independent director,controller and financial restatement,then introduces and analyzes the theoretical basis of the characteristics of independent directors and the mechanism of financial restatement,mainly including the principal-agent theory,asymmetric information theory and reputation theory,and put forward the basis of assumptions of thesis,and build a multiple regression model.Then,this thesis from 2013 to 2015,the Shanghai a-share listed company financial restatements descriptive statistics,according to industry point of view of other variables for the samples,as well as a descriptive statistics in accordance with the state-owned and non-state-owned listed companies,and the influence of the board of directors of the research characteristics of financial.restatement,put the controlling character adjustment variables,using the Logstic model research characteristics of independent directors and the relationship between financial restatements;Finally,based on the empirical results,the conclusions are drawn,and the countermeasures and suggestions are put forward,which indicates the direction of the follow-up study.The main research conclusions of this thesisr are as follows:(1)the overall proportion of the restatement of the company is low,but the industry concentrated;(2)the proportion of independent directors,average age,average degree,and part-time job are significantly negatively correlated with financial restatement;The proportion of female independent directors is not related to financial restatement;(3)In the case of non-state-owned companies,the proportion of independent directors,age,education degree and part-time jobs of state-owned listed companies are more significant for the adjustment of financial restatement.