Influence Of The Characteristics Of Board Secretaries On The Quality Of Information Disclosure

Information disclosure is an important source of information for investors and other stakeholders to obtain the company's financial status,operating performance,and governance,and to a certain extent affects the efficiency of resource allocation in the capital market.However,in recent years,violations of information disclosure have occurred frequently.How to improve the disclosure quality of listed companies and protect the interests of investors has become the focus of attention of investors and regulators.The secretary of the board of directors is a position that came into being with the development of China's securities market.It is mainly responsible for information disclosure of listed companies.It is both an external spokesperson for the company and an internal coordinator.It is a bridge for information transmission between the company and investors.Governance plays a key role.Therefore,from the perspective of the secretary of the board of directors,this paper starts with the study of the influence of the background features of the director secret on the information disclosure of listed companies.This article refers to the domestic and foreign literature,based on the theory of high-level echelon,principal-agent theory and signal transmission theory,analyzes themechanism of the board secretary's background characteristics on the quality of information disclosure,selects the nine main background features of the board secretary,proposes corresponding hypotheses and constructs two models..In Model One,we explored the relationship between the six characteristics of the executive secretary's gender,whether it served as the other senior management of the company,the shareholding and educational background,and the quality of information disclosure.Taking into account the new requirements of the Shenzhen Stock Exchange's new regulations on the qualifications of the secretary of the board of directors,the secretary of the board of directors shall be the director of finance,the company's deputy general manager,and the director of the secretary's office.This article will further divide the director's secretaries into two categories: by the CFO concurrently,by the Deputy Director of the vice president and part-time director,to further explore the different positions of senior executives concurrently serving as secretary of the different disclosure quality of information disclosure.In the empirical part,this article selects the 2007-2014 A-share listed company of Shenzhen Stock Exchange,uses the information disclosure rating published by the official website of Shenzhen Stock Exchange to measure the information disclosure quality of listed companies,and sorts out the relevant data of the background characteristics of the directors of each company,and successively Descriptive analysis and correlation analysis were performed for each variable.Ordered Logistic regression was performed on the two models.In order to further test the robustness of the regression results,a Binary Logit regression was performed.Finally,analyze the empirical results and propose four policy recommendations based on the research results.The results of the research are as follows:(1)The personal background characteristics of the board secretary have a certain degree of explanation on the quality of information disclosed by listed companies;(2)The qualifications,duration and financial experience of the secretary of the board of directors are correlated with the company quality of the information disclosure;(3)The influence of seniorexecutives of different positions as director secretaries on the quality of information disclosure is not the same.Among them,the quality of the disclosure of information is closely related to the quality of the disclosure by the CFO and the quality of the information disclosure.There is no obvious quality of the disclosure of the quality of the secretaries of the directors and deputy directors.Relevance;(4)There was also no significant correlation between the sex and ownership of the board of directors and the disclosure quality of listed companies.The research in this article has enriched the research results of the background features of the director secrets and the quality of company information disclosure.The background characteristics of past research have included gender factors,and the part-time secretary secret has been subdivided into the company's financial director,deputy general manager and director.These three conditions are further studied.The research results can provide reference for the company board secretary's employment,government supervision and investor investment decisions.