信息透明度与公司治理效率——来自中国上市公司总经理变更的经验证据

本文以中国上市公司为研究对象,从会计信息系统和组织结构复杂性两个维度,建立了一套客观反映上市公司信息透明度水平的评价指标体系,并以此考察信息透明度对总经理变更与公司业绩之间敏感程度的影响.实证结果表明,公司信息透明度越高,总经理因业绩下降而被更换的可能性越大.这表明,公司信息透明度的提高不仅有助于投资者甄别管理者经营水平的高低,而且可以强化董事会对总经理的监管机制,从而增进了公司治理制度安排的效率.

Information Transparency and the Efficiency of Corporate Governance——Evidence from CEO Turnover in China's Listed Companies

Based on the Chinese stock market,this paper analyzes the effect of information transparency on the sensitivity of CEO turnover to firm performance.The paper firstly develops a set of information transparency index from two dimensions,namely,ac-counting information system and organizational structure complex-ity.And based on the above-mentioned two dimentions,the paper examines the impacts the information transparency imposes on the sensitivity of top management turnover to firm performance.The empirical result shows that information transparency signifi-cantly enhances the association between CEO turnover and poor performance,which suggests that the improvement in information transparency will help investors distinguish between good and bad managers,strengthen the boards'control mechanism over CEO,and thus improve the effectiveness of the governance mechanism of cor-porations.This research not only develops the corporate transpar-ency research,but also presents the direct evidence which supports the argument that better information transparency helps promote the efficient governance of corporations.