IPO公司“董秘”非正常离职的经济后果:基于中国资本市场的经验证据  

Economic Consequence of Abnormal Leave of IPO Firms’ Board Secretaries:Evidence from the Chinese Capital Market

作　　者：杜兴强[1] 冯文滔[1] 裴红梅[1] 

机构地区：[1]厦门大学管理学院

出　　处：《投资研究》2013年第8期47-64,共18页Review of Investment Studies

基　　金：国家自然科学基金项目"制度环境;政治联系;会计信息质量与审计行为"(批准号71072053);福建省社会科学重点项目"政治联系;过度投资与公司价值"(批准号2010A012);中央高校基本科研业务费专项资金"政治联系;透明度与公司治理"(批准号2010221021)

摘　　要：本文手工搜集了2006-2010年期间中国资本市场IPO公司董事会秘书非正常离职的经验数据,实证研究了董秘非正常离职对上市公司的会计业绩、市场业绩和违规概率的影响。研究表明,董秘非正常离职的上市公司的会计业绩、市场业绩更低,违规概率更高。进一步研究发现,董秘的年龄越大、受教育程度越高、具有会计或投行背景,非正常离职的概率更高,而董秘持有公司股份越多,或董秘同时兼任公司高管,则非正常离职概率更低。Based on hand-collected data of abnormal leave of IPO firms＇ board secretaries in Chinese capital market during 2006-2010, this paper empirically examines the influence of abnormal leave of board secretaries on accounting performance, market performance and violation probability. The findings indicate that firms with abnormal leave of board secretaries have a significantly worse accounting performance and market performance, and a significantly higher likelihood of violation. More- over, board secretaries with elder age, higher education background, accounting experience and investment bank experience have a significantly higher likelihood of abnormal leave. However, board secretaries have a significantly lower likelihood when they own higher percentage of shares or hold a concurrent position of top manager.

关 键 词：董秘 非正常离职 经济后果 影响因素 

分 类 号：F832.51[经济管理—金融学] F272.91F224