The Research On The Relationship Between Characteristics Of The Board Secretary And Market Value Management Performance

In 2015, our country’s capital market is intense fluctuations. Bull markets are too short. After a short bull market, share prices began to drop substantially. It created a mass panic. The government introduced a large number of rescue policy, but there is little effect. Market value management has drawn great attention of the government departments. On the other hand, the listed company value management is more and more important. Market value management is divided into three aspects: market value,value creation, value realization and value management. In practice, it is widely believed that Market value Management is duty of the board secretary. The board secretary can create value as one of the senior management, realize and manage the firm value thought information disclosure and investor relations management. In this paper, I study relationship between the board secretary characteristics and performance of the market value management based on Upper Echelon theory.Characteristics of secretary of the board of directors include gender, age, educational background and office term, part-time, shareholdings and salary seven aspects during the reporting period. The studies we have performed showed:(1)education, office term,and external part-time situation are negatively related with performance of market value management.(2) salary during the reporting period, shareholdings and performance management of value are positively related.(3) age, and internal part-time and the market value management performance are not related.(4) using the same data to analyze relationship between the board secretary characteristics and information disclosure quality, We have different findings. Education, office term, and salary is positively related with information disclosure quality. Internal part-time is are negatively related with information disclosure quality. Age, external part-time,shareholdings and the market value management performance are not related. Finally,on the basis of empirical research, we give article to the government and listed companies. The government can use these to make policy and listed companies can use these results to help select board secretary.