董秘努力工作重要吗?——基于深市公司投资者关系互动的证据  

Does Board Secretaries’Effort Make Sense?Evidence from Investor Relations Management of Companies Listed on the Shenzhen Stock Exchange

作　　者：徐泽林 林雨晨 高岭[4] Xu Zenlin;Lin Yuchen;Gao Ling

机构地区：[1]中国人民大学财政金融学院,北京100872 [2]深圳证券交易所上市公司管理一部,广东深圳518038 [3]中山大学现代会计与财务研究中心,广东广州510275 [4]厦门大学经济学院/王亚南经济研究院,福建厦门361005

出　　处：《证券市场导报》2021年第6期34-42,78,共10页Securities Market Herald

基　　金：国家社会科学基金项目“R&D核算理论、方法与实务衔接的体系化研究”(批准号:19BTJ001)

摘　　要：董事会秘书作为上市公司与投资者交流互动的高级管理人员,是传递上市公司信息、维系投资者关系的重要环节,直接影响到上市公司的信息不对称和市场估值水平。本文以投资者调研接待情况和投资者关系互动平台沟通情况为研究对象,采用实证分析和事件研究的方法来考察董秘努力工作的效用。研究发现,董秘努力工作有利于降低上市公司信息不对称水平,进而提高分析师预测精度、增加公司股价信息含量。进一步研究显示,机构持股和职业声誉能较好解释董秘努力工作的动机。本文发现努力工作是衡量董秘价值的重要因素,这一结论丰富了董秘、乃至高管对上市公司影响的相关研究,对经理人市场及相关监管制度的改进亦有一定的启示意义。As a senior manager for the interaction and communication between listed companies and investors,the board secretary is an important link in transmitting listed company information and maintaining investor relations,which directly affects the information asymmetry and the level of market valuation.This article takes the reception of investor site visits and the responses on the investor relations interactive platform as the research object,and uses the methods of empirical analysis and event study to investigate the effectiveness of the hard work of board secretaries.We found that the hard work of board secretaries is conducive to reducing the level of information asymmetry of listed companies,thereby improving the accuracy of analysts’forecasts and increasing the information content of stock prices.Further analysis shows that institutional shareholdings and professional reputation can better explain the motives of the secretary of the board of directors for hard work.This article finds that hard work is an important factor in measuring the value of the board secretaries.This article enriches the relevant research on the influence of the board secretaries on listed companies,and also has certain enlightenment for the improvement of the manager market and related regulatory systems.

关 键 词：董事会秘书 投资者关系 分析师预测 信息效率 

分 类 号：F830.91[经济管理—金融学]