This paper takes 2007-2013 penalized for financial fraud of listed real estate companies as research samples. We use the empirical research to investigate respectively the characteristics of four kinds of the board of directors, the board size, the proportion of independent directors, independent directors' remuneration, number of board meetings on the impact of financial fraud. In the meantime, we select a corresponding control sample for each of the fraud company. The results show that the board size and the proportion of independent directors are both negatively correlated with financial fraud but not significant. While independent directors' remuneration, number of board meetings have significant negative correlation relationships with financial fraud. At last, we put forward policy recommendations accordingly.
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