| The secretary of the board is the ”spokesman” of the company.His most direct role in corporate governance is to disclose information and urge listed companies to meet the requirements of the CSRC.With the increasing supervision of listed companies by regulatory authorities,the fact that the secretary of the board cannot escape being investigated and questioned when the problem of violation and fraud of listed companies is exposed,that shows the secretary of the board plays an important role in regulating corporate governance from another aspect.The most powerful measure is the ”company law of the People's Republic of China” promulgated and implemented on January 1,2006,namely the new ”company law”,which points out that the secretary of the board is the senior manager of the company,and for the first time clearly defines the position of the secretary of the board from the legal sense.Article 124 stipulates that ”a listed company shall have a secretary of the board of directors,who shall be responsible for the preparation of the general meeting of shareholders and the general meeting of the board of directors,the storage of documents,the management of the information of shareholders of the company,and the handling of information disclosure matters”.Real,complete and timely disclosed information can help investors understand the real situation of enterprises and make reasonable investment decisions.Under the background of the promulgation of the new company law,this paper use the panel data to study the relationship between the characteristics of Chinese listed companies and secretaries of the board of directors,information is a broad concept,Firstly,the paper theoretically analyzes the influencing factors of the secretary of the board and the information disclosure quality of listed companies,and summarizes the influencing mechanism on the information disclosure quality of listed companies.Then,relevant data of a-share listed companies on the main board of the shenzhen stock exchange from 2015 to 2018 were selected,and the assessment results of ” integrity files ” issued by the shenzhen stock exchange were used as the measurement standard for information disclosure quality of listed companies,and the model was constructed for regression analysis.The results show that the personal characteristics have a certain degree of explanatory power to the informationdisclosure quality of listed companies.The salary,education level,financial background,stock holding at the end of the year,overseas background and native place of the secretary of the board of directors all have a certain degree of influence on the level of information disclosure.Age difference had no significant effect on the quality of disclosure.The results are as follows :Personal characteristics have an impact on the quality of disclosure;education level,salary,financial background,stock holding and overseas background are significantly positively correlated with the quality of information disclosure;regional character will effect quality,school located southeast coast has better quality than Midwest;Age difference had no significant effect on the quality. |
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