信任与激励:上市公司高管的地缘关系与高质量信息披露

文章依据深交所发布的2005—2017年上市公司信息披露质量考核结果,以深交所上市的公司为样本分析地缘关系对信息披露质量的影响.在样本期内,董事长和总经理的地缘关系具有普遍性,省份地缘关系年均占比高达55.51％,并且逐年上升.Order Logit回归发现地缘关系对公司信息披露质量等级有着显著的提升作用,Logit回归表明地缘关系更有利于达到最高质量信息披露水平.进一步研究发现,地缘关系越密切,对信息披露的影响越显著;控制校友、亲属关系和内生性后,结论依然成立.基于故乡情的充分信任是地缘关系效应的基础,公司与家乡的距离越远,乡愁越浓,地缘关系效应越强;地缘关系结合股权激励会显著提高信息披露质量,地缘关系能够正向调节股权激励的效果.国有企业较高的信息披露质量与地缘关系无关,国有企业提高信息披露质量应另辟蹊径,如事后问责制,强化国有企业的内部治理.

Trust and incentives: The geographical relationship and high-quality information disclosure of listed company executives

This paper analyzes the impact of geographic relationship to the information disclosure quality by employing the example of Shenzhen Stock Exchange listed company and the information disclosure results between 2005-2017. In sample time, the geographic relationship between the chairman and the general manager is universal, and the provincial geographic relationship accounts for an average of 55.51% annually, and it is increasing year by year. It is shown in Order Logit regression that geographic relationship has significant boost on the quality level of company information disclosure. In addition, the Logit regression shows the geographic relationship is more conducive to achieving the highest quality information disclosure. The further analysis indicatesthat the closer the geographic relationship, the more significant the impact on information disclosure; after controlling the alumni, relatives and endogeneity, the conclusion still holds. Full trust based on hometown conditions is the foundation of the geo-relationship effect. The farther the company is from their hometown, the stronger the homesickness and the stronger the geo-relationship effect; the combination of geo-relationship and equity incentives will significantly improve the quality of information disclosure and can positively regulate equity incentives effect. The high quality of information disclosure of state-owned enterprises has nothing to do with geographic relations. State-owned enterprises should find other ways to improve the quality of information disclosure, such as post-event accountability and strengthening the internal governance of state-owned enterprises.