Professional Board Secretary, Quality Of Information Disclosure And Investor Protection

As the board secretary of directors of the listing corporation growing status, the research about the board secretary on corporate governance began to be attended. In recent years, the plate of small and medium-sized enterprises and the start of the plate in the capital market appeared the climax of IPO, in this context, many listing Corporation board secretary, securities affairs representative,. brokerage firms, accounting firms, law firms practitioners have switched to a quasi listing corporation served as board secretary, the phenomenon of the birth of a new group of companies executive:professional board secretary.However, for the professional board secretary, its role is not only reflected in the aspects of promoting the company’s IPO, because once the company completed the listing, as long as the professional board secretary has not yet been left, they must bear the company law, the CSRC and bourses stipulated corresponding responsibilities--perfect the internal corporate governance, information disclosure and the compliance investor relations management. The role of professional board secretary lies not only in helping the company completed the listing, more important is to give full play to their duties in corporate governance, efforts to improve the quality of information disclosure, improving investor protection level.In the theoretical research, based on carding the related fields home and abroad literatures, interprets the definition and measurement method of professional board secretary, quality of information disclosure and investor protection, summarizes the relevant research of domestic,and foreign scholars, and points out the shortcomings of the existing research; then from the theory, analysis the. relationship among professional board secretary, quality of information disclosure and investor protection systematically, puts forward the corresponding research hypothesis and. explains the inherent logic. In empirical study, the writer uses listed companies in China’s SME board in2008-2012as the research object, carries on the observation of a total of1969data samples, designs the variables of professional board secretary, quality of information disclosure, investor protection and another control variables, constructs the corresponding regression analysis model, and conducts related variables descriptive analysis, correlation analysis, multiple regression, and robust test, finally explores the relationship among professional board secretary, quality of information disclosure and investor protection. The main research results show that:(1)Compared with the non-professional board secretary, professional board secretary can really improve the level of investor protection.(2)The quality of information disclosure is mediating variable between professional board secretary and investor protection, which plays an intermediary role in part.,(3)The professional board secretaries with financial, legal knowledge background have more positive influences on investor protection.Based on the theory analysis and empirical study, the author thinks that Chinese listing Corporation should pay more attention to the role of professional board secretary, whose functions should not be confined to the company IPO, and attention should be paid to the important role of listed company to complete the internal corporate governance, information disclosure and the compliance of investor protection, guarantee the independent and effective exercise, pay attention to the cultivation of quality and ability of the board secretary. At the same time, it needs to accelerate the professionalization process of Chinese board secretary, get on a more standardized management, make the professional board secretary of the newborn population in China’s capital market conditions "grow up" better, relying up relying on the knowledge, experience and capacity advantages, to try to improve the company’s quality of information disclosure, improve the level of protection of investors. Finally, it also hopes that management can pay attention to the information disclosure system; strengthen the information disclosure regulation, pay attention to the relevant education work of investor protection, take measures from many aspects to improve the quality of information disclosure, to protect the interests of investors better.