The Effect Of Board Secretary Characteristic On IPO

As the director and curator of IPO,Board secretary has several responsibilities,which range from different fields,including planning and progressing IPO,allocating the work force internal and external of the company,switching to joint-stock company,preparing for the collecting documents of IPO,making the plan for future investment,and collaborating with brokers,auditors,lawyers,and the like,etc.In addition,he or she should scrutinize the process until IPO is finished.This requires the secretary to have a great capacity,which encompasses having the acquaintance of relative laws,familiar with the basic information of the firm,a decent ability of communicating,etc.Therefore,many companies that are going to IPO company employ this type of invaluable secretaries regardless of the high expenses.There are many professional secretaries in the market now,and they exert their power as well as their outer resources to assist the needing firms to accomplish IPO,and then resign their jobs aiming at making themselves more valuable.With the fast development of IPO,there are many examples of secretaries who receive unreasonably high salaries.Thus,is it worth to spending greatly in employing these secretaries simply to help the company to accelerate IPO? What type of features should the secretary to have so that he or she can push the progress of IPO? In addition to that,how many factors should we consider when considering the salaries of the secretary? These are the issues lacking academic research.Therefore,this essay tries to analyze the relationships between the secretaries' fundamental features and the process of IPO,in hope to make the right judgement of the influence to IPO from secretaries,and therefore offer the reasonable salary.This essay combines the theoretical and practical analysis to discuss the function of secretary's features that affect IPO,theoretically analyze from the perspective of the secretary who programs the IPO process,and elaborate the function of the secretary dealing with IPO with the help of the theories of principal agent theory and the difference between various types of secretaries.Furthermore,this essay will analyze the samples of many firms that were at their first time applying for IPO in recent five years,pick out the identical features,which includes sexes,work years,academic background,owned or not,possibility of occupying several jobs at the same time,and whether or not having professional background,finally give the conclusion in the end,and provide corresponding suggestion.The research shows that: 1.the number of applications of IPO and its speed is rising yearly,and there are variations among different fields.2.IPO is a fairly long-term and complex process,thus the secretary plays a significant role in directing and facilitating this process.3.Many secretaries in this market are men,constituting the proportion of two-third out of the whole.Only 35% of the male employees have Master's degrees.By and large,they have lower academic level and an average work experience of five years,yet the extreme data abound;the longest extends to 15 years,while the shortest is half a year.What is more,there is an upward trend in the secretaries ownership,and its proportion can reach to fifty percent.Many secretaries have several occupations at the same time,and not many of them have relative working background.4.The secretary who has relative working experience can contribute to a faster development of IPO.This sort of secretaries who have previous experience and are more familiar with IPO have accumulated years of human resource,which can somewhat explain the “professional secretary” phenomenon.5.Holding the board secretary is closely related to the benefit of secretaries.The success of the corporation can make the stock holding by secretaries have a higher value,which enhances their awareness of being the owner of the company and thus make them work with more effort to keep the process of IPO quicker.6.The insignificance of other factors shows the deficiency of the regulations,and therefore it needs to be completed.The author reckons,based on the suggestions supplied by the result of the research,that secretaries not only should be responsible for giving out the work information but also have an irreplaceable function of IPO process.To some extent,this explains why a number of secretaries resigned their job frequently in recent years,and why many firms are willing to pay them greatly or even give the shares of the company to secretaries.Considering the importance of the secretary to the corporations,we should give a reasonable judgement to the value of secretaries and offer them with a commensurate salary and vista of their career.In addition,with the fact that an experienced secretary can facilitate the process and receive high salaries,it is extrapolated that more experienced professionals will enter this market.Thus,both the market and government should enhance relative regulations to avoid the rent-seeking behavior and the like,hamper the secretaries that are only interested in improving their own fortunes from harming the benefits of the stakeholders or practicing regulation-violating activities.