Does The Social Capital Of Board Secretaries Affect The Investor Relations Management Of The Listed Company?

With the increasing of the position of the board secretary of directors in our country’s listed companies,the research on the role of board secretary in corporate governance has begun to pay more attention to scholars.Early 2006 revision of the"corporations law" explicitly stipulated in the "listed company board secretary,responsible for the shareholders’ meeting and the preparation of the meeting of the board,file storage,and with the shareholders of a company information management,deal with matters such as information disclosure error",established the board secretary for the first time and as a listed company executives,suggests that supervision institutions for secretary of the board secretary in the role of corporate governance.Traditional research on investor relations management tend to focus on the chairman of the board of directors,executives or the board of directors and formal institutional factors such as law,ignore the behavior main body of social embeddedness and informal institution such as governance environment impact on investor relations management of the internal.Based on the embedding theory of social capital,from three aspects:horizontal,vertical and social reputation builds comprehensive index system to measure the board secretary individual social capital,with the 2011-2016 listed companies as research samples,from the network of investor relations management perspective to explore on the relationship between social capital and the board secretaries of listed companies investor relations management.In addition,this paper studies its role in the relationship between the social capital of board secretaries and the relationship management of investors by adding property rights and environmental governance variables.After the empirical study,the following conclusions are obtained:(1)The better the social capital of board secretaries is,the better the investor relations management;(2)Compared to non-state owned enterprises,the greater the influence of the social capital of board secretaries in the state owned enterprises on the management of investor relations;(3)In areas where the external governance environment is weak,the influence of social capital of board secretaries on investor relations management is greater.The social capital of board secretaries helps it get more scarce resources and also restrains the abuse of these resources.This dual mechanism helps the board secretaries to perform the responsibility of investor relations management.This dual mechanism is more obvious in the state-owned enterprises.In areas where the external governance environment is weak,the imperfect formal system makes it more necessary for board secretaries to rely on social capital to perform well the management of investor relations.