职业董秘、信息披露质量与投资者保护

发布时间：2018-04-01 01:12

本文选题：职业董秘　切入点：信息披露质量　出处：《东北财经大学》2014年硕士论文

【摘要】：随着董事会秘书(以下简称“董秘”)在我国上市公司地位的日益提升,有关董秘在公司治理领域作用的研究开始逐渐为学者所重视。最近几年,我国资本市场上的中小企业板块和创业板块出现了公司IPO的高潮,在这一背景下,不少已上市公司的董秘、证券事务代表,来自于券商投行、会计师事务所、律师事务所的从业人员纷纷“转战”拟上市公司担任董事会秘书,这一现象催生了一群新的公司高管——职业董秘。然而,对于职业董秘来说,其作用的发挥并不仅仅体现在推动公司IPO方面,因为一旦公司完成上市,只要职业董秘尚未离职,他们就必须要承担公司法及证监会、证交所所规定的相应职责——完善公司内部治理、信息合规披露和投资者关系管理。即职业董秘的作用不仅仅在于帮助公司完成上市,更为重要的意义在于要充分发挥自身在公司治理层面的职责,努力改善信息披露质量,提高投资者保护的水准。本文从理论和实证两个角度来分析与论证以下问题：职业董秘是否会对投资者保护产生影响,产生怎样的影响,以及是否通过信息披露质量这一变量来传递这种影响。在理论研究当中,文章在梳理国内外相关领域已有文献的基础上,对职业董秘、信息披露质量、投资者保护的界定和度量方法进行了阐释,对国内外学者的相关研究进行了归纳介绍,同时指出了现有研究的不足；然后从理论出发,系统分析了职业董秘、信息披露质量以及投资者保护之间的相关关系,提出相应的研究假设,阐述了三者之间的内在逻辑。实证研究当中,将2008-2012年我国中小企业板的上市公司作为研究对象,对共计1969个的数据样本进行观测,对职业董秘、信息披露质量、投资者保护及其他控制变量进行了设计,构建出相应的回归模型,并对相关变量分别做了描述性统计分析、Person相关性分析、多元回归分析,同时还从两个方面出发进行了稳健性测试,最终探究了职业董秘、信息披露质量以及投资者保护之间的关系及作用路径。主要研究结果表明： (1)与非职业董秘相比,职业董秘确实能够提高上市公司的投资者保护水平。 (2)信息披露质量是职业董秘影响投资者保护的中介变量,在其中起到了部分的中介作用。 (3)具有财会、法律知识背景的职业董秘对投资者保护水平的正向影响更为显著。基于理论分析与实证研究,笔者认为我国的上市公司应当更加重视职业董秘的作用,不应将其作用仅仅局限在公司IPO方面,而要重视公司完成上市后职业董秘在公司内部治理、信息合规披露和投资者保护方面的重要作用,保障其独立和有效行权,注重董秘素质及能力的培养。同时,要加快推进中国董秘职业化的进程,进行更加规范化的管理,使职业董秘这一新生群体在我国的资本市场条件下更好地“成长”起来,依托其知识、经验和能力的优势,来努力提升公司的信息披露质量,进而提高投资者的保护水平。最后,还希望管理当局能够注意信息披露制度的完善,切实加强对信息披露事务的监管,注重有关投资者保护的教育工作,从多个方面采取措施来改善信息、披露质量,更好地保护投资者的利益。
[Abstract]:As the Secretary of the board of directors (hereinafter referred to as "secretaries") increasing in the status of the listed companies in our country, the related research in the field of corporate governance Peru Dong began gradually scholars. In recent years, the SME and GEM board on the capital market of our country appeared in the IPO run in the a background, many listed company secretaries, securities affairs representative, from investment banking firms, accounting firms, law firms have fought employees of listed companies served as secretary of the board, this phenomenon has spawned a new group of executives - occupation secretaries.
However, for the occupation secretaries, its role is not only reflected in the promotion of company IPO, because once the company completed the listing, as long as the occupation secretaries has yet to leave, they have to bear the company law and the Securities Regulatory Commission, stock exchange under the corresponding responsibilities: internal governance and good company, information disclosure and compliance investor relations management. The role of the secretaries of the occupation is not only help the company to complete the listing, more important is to give full play to their corporate governance responsibilities, efforts to improve the quality of information disclosure, improve investor protection level.
This paper from two aspects of theory and empirical analysis and argumentation of the following questions: whether occupation secretaries will have an impact on investor protection, what kind of impact, and whether the quality of information disclosure of this variable to pass this effect. In the theoretical research, based on carding domestic and foreign related literatures. The occupation secretaries, the quality of information disclosure, the definition and measurement of investor protection are expounded, the related research at home and abroad were summarized, and pointed out the deficiencies of existing research; then from theory, system analysis of occupation secretaries, the relationship between the quality of information disclosure and investor protection. The corresponding research hypothesis, expounds the inherent logic between the three. The empirical study, the small and medium-sized enterprises in China in 2008-2012 years of listed companies as the research object, the A total of 1969 data samples were observed, the occupation secretaries, the quality of information disclosure, investor protection and other control variables for the design, construct the corresponding regression model, and the related variables respectively do descriptive statistical analysis, Person correlation analysis, multiple regression analysis, also from the two aspects of robustness the test, finally explores the occupation secretaries, the relationship and interaction path between the quality of information disclosure and investor protection. The main research results are as follows:
(1) compared with non professional secretaries, professional secretaries can indeed improve the level of investor protection of listed companies.
(2) the quality of information disclosure is the intermediary variable that the Professional Secretaries affect the protection of investors, which has played a part of the intermediary role.
(3) the professional secretaries with the background of legal knowledge have a more significant positive impact on the level of investor protection.
Based on theoretical analysis and empirical study, the author thinks that China's listed companies should pay more attention to the role of the occupation secretaries, whose functions should not be confined to the IPO company, and should pay attention to the company after the completion of the listing of occupation secretaries in the internal governance, information disclosure compliance and investor protection of the important role to guarantee the independent and effective exercise, cultivate secretaries quality and ability. At the same time, to accelerate the process of China dongmi occupation, more standardized management, so that the occupation secretaries of the new group in the capital market of our country better under the condition of "growth", relying on its knowledge and experience and capacity advantages, efforts to enhance the quality of information disclosure of the company, and to improve the level of investor protection. Finally, perfecting the management authorities to pay attention to the information disclosure system, strengthen the disclosure of information services Supervision, pay attention to the educational work on investor protection, take measures to improve information, disclose quality, and protect the interests of investors.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F271;F224;F832.51

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