董事会秘书与信息披露质量  

Board Secretary and the Quality of Information Disclosure

作　　者：周开国[1] 李涛[2] 张燕 

机构地区：[1]中山大学岭南学院,广东广州510275 [2]中央财经大学经济学院,北京100081 [3]招商银行总行,广东深圳518040

出　　处：《金融研究》2011年第7期167-181,共15页Journal of Financial Research

基　　金：国家自然科学基金项目(70803054;70973141);国家杰出青年科学基金项目(70825002);教育部人文社会科学重点研究基地重大项目(2009JJD790051);广东省普通高校人文社会科学重点研究基地创新团队项目(08JDTDXM79001);广东省科技厅政府特定任务项目;中山大学经济研究所基地建设经费;中央财经大学"211工程"三期建设项目的资助

摘　　要：2006年实施的新《公司法》从法律意义上第一次确认了董事会秘书的高管地位,董秘能否提高上市公司的信息披露质量值得深入研究。本文运用Kim和Verrecchia(2001)度量信息披露质量的方法,通过对沪深300指数成份股公司进行实证分析发现:新《公司法》实施后我国上市公司的信息披露质量得到了显著提高;董秘持股会降低信息披露质量,而董秘的年龄、任职时间、教育水平、兼任情况和相关经验等对信息披露质量没有显著影响,这说明董秘的个人特征还没有很好地发挥作用,董秘制度的实施还有待进一步完善。The amended Company Law mandated in 2006 approved the managerial position of the board secretary legally for the first time, which will probably improve the quality of information disclosure of listed companies. This paper adopts the measurement method proposed by Kim and Verrecchia （2001） to measure the quality of information disclosure. Through empirically investigating the constituent companies of Shanghai-Shenzhen 300 stock index, it is found that after the enforcement of the amended Company Law, the quality of information disclosure of the listed companies has been improved largely. Besides, the secretary＇s shareholding reduces the quality of information disclosure. However, other characteristics of secretary, including age, tenure, education level, dual positions, and related work experience have insignificant impact on the quality of information disclosure. This implies that the personal characteristics of board secretary have not played significant roles in information disclosure and the board secretary system needs further improvement.

关 键 词：董事会秘书 信息披露质量 新《公司法》 事件研究法 

分 类 号：F276.6[经济管理—企业管理]