公司治理、股权性质与食品安全信息披露.docx

公司治理、股权性质与食品安全信息披 露 河南农业大学经济与管理学院 厦门大学管理学院 摘要： 食品安全信息披露是近年來国内外食品安全监管部门、实务界和学术界关注的热 点问题。本文深圳证券交易所和上海证券交易所137家食甜类上 市公司为研究对象，利用食品安全信息披露水平作为食品安全信息披露的衡量 指标，研究了中国上市公司内部治理对食品安全信息披露的影响。实证研究发现, 公司治理越完善，食品安全信息披露水平越高;独立董事比例、高管持股比例、 高管薪酬比例、股权集中度对食品安全信息披露水平有显著的正向影响。进一步 研究发现，不同股权性质下，公司治理对食品安全信息披露的影响有差异。在国 有控股企业中，董事长与总经理二职合一正向影响食品安全信息披露水平，而 在非国有控股企业中为负向影响；国有控股企业高管薪酬比例对食品安全信息披 露的影响显著，而非国有控股企业高管持股比例的影响显著。 关键词： 公司治理;股权性质;食品安全;信息披露; 基金：国家自然科学基金项目“风险抑制与信息甄别：内部控制对食品质量安全 影响研究”（项目编号 Corporate Governance, Ownership Property and Food Safety Informstion Disclosure Chen Suyun Abstract： Food safety information disclosure has become the focus of regulators, practitioners and researchers recently. Based on the data of 137 food listed corporations at the Shenzhen and Shanghai Stock Exchanges in 2011-2015, this article examines the effect of corporate governance on food safety information disclosure, taking the food safety disclosure level as mcasurement indcx. It finds that the better the corporate governance practices, the higher the level of food safety information disclosure. Factors such as the proportion of independent directors, executive shareholding ratio, executive pay ratio and ownership concentration, have a signifiednt positive effect on food safety infonnation disclosure. Furthcr analysis shows that diffcrcnt ownership property also has different effects of corporate governance on food safety information disclosure. In state-owned enterprises CEO-Chairman Duality has a significant positive effect on food safety information disclosure, but thi s effect displays in a negative way in non-state-owned enterprises. Furthcrmorc， executivc pay ratio in statc-owned enterpriscs is found to play more effect on food safety information disclosure than in non-state-owned enterprises, while executive shareholding ratio in non-state-owned enterprises is found to play more effect on food safety infonnation disclosure than in state-owned enterprises. Keyword： Corporate Govcrnemcc;