| As an important part of the governance of listed companies,independent directors play an important role in strengthening company operation professionally,improving reasonable of the board’s decision and balancing the power of big shareholders and management.The listed companies which set independent directors can enhance the transparency of information disclosure,supervise and urge its professional operation.Therefore,under the background that independent directors become a hot topic,the research about the resignation of independent directors can perfect the information disclosure system,improve the efficiency of corporate governance and reduce the small and medium-sized shareholders’ investment risks.In order to explore the resignation of independent directors,the relationship between corporate governance defects and the financial reporting quality,this article uses literature research,empirical analysis and comparative analysis as the main research methods.On the basis of existing research at home and abroad,this paper selects the data of companies during2014-2022,collects the cause of independent directors to resign one by one,combines with the principal-agent theory,the asymmetric information theory and the signaling theory,puts forward the hypothesis of research and establishes the model for empirical analysis.To research the correlation about the resignation of independent directors,the corporate governance defects and the financial reporting quality,and check whether corporate governance defects plays an intermediary role between the resignation of independent directors and the financial reporting quality,this paper sample grouped regression about no independent directors to resign,normal resignation and advanced resignation.Then,this paper analysis the relationship further to the heterogeneity of property right,internal oversight role differences.The results show that:(1)The independent directors of listed company resign in advance when they realize the financial reporting quality is lower than the listed company that independent directors resign normally;(2)The independent directors of listed company resign in advance when the possibility of the defects in corporate governance is more than the listed company that independent directors resign normally;(3)Corporate governance defects plays a part of the intermediary role on the relationship between the advanced resignation of independent directors and the quality of financial reporting;(4)In non-state-owned and weak internal supervision listed companies,the signal transmission function is more significant.This paper studies if the listed company expose the quality of financial reporting and corporate governance problems after the incident of independent directors resign advanced and jump out of the previous scholars framework based on cause analysis "advance".In addition,this paper also examines that the corporate governance defects plays a part of the intermediary role on the relationship between the advanced resignation of independent directors and the quality of financial reporting and confirms that if the listed company independent directors resign advanced,the management level is low relatively and have a significant impact on the quality of the financial report. |
