董秘背景与投资者情绪——来自风险投资的证据  

Backgrounds of the Board Secretaries and Investor Sentiment——Evidence from Venture Capital

作　　者：张鹤馨 刘俊萍[1] 杨少明 Zhang Hexin;Liu Junping;Yang Shaoming(Guizhou University of Finance and Economics,Guiyang 550025)

机构地区：[1]贵州财经大学,贵阳550025

出　　处：《西部学刊》2025年第3期54-60,共7页Journal of Western

摘　　要：近年来随着董秘制度的逐步完善,董秘参与公司治理的经济效应逐渐得到重视,风险投资机构参与公司治理程度不断加深。因此,基于现实问题提出假设:风险投资背景的董秘对提高投资者情绪有积极作用,并基于2010—2022年A股上市公司的数据,通过实证分析的方法做OLS回归,用以检验风险投资背景董秘与投资者情绪的关系及其作用机制和情境。研究发现:(1)风险投资背景董秘能够提高投资者情绪;(2)提高社会责任披露和信息披露质量是风险投资董秘提高投资者情绪的机理途径,与媒体形成双向沟通机制是风险投资背景董秘提高投资者情绪的机制途径。In recent years,with the gradual improvement of the board secretary system,the economic effects of board secretaries’participation in corporate governance have gradually received more attention,and the participation of venture capital institutions in corporate governance has been deepening.Therefore,based on practical problems,a hypothesis is proposed:board secretaries with a venture capital background have a positive effect on improving investor sentiment.Based on data of A-share listed companies from 2010 to 2022,this paper conducts OLS regression through empirical analysis to test the relationship between secretaries with a venture capital background and investor sentiment,as well as its mechanism and context.The research findings are as follows:(1)Secretaries with a venture capital background can enhance investor sentiment.(2)Improving the quality of social-responsibility disclosure and information disclosure is the mechanism path for secretaries with a venture capital background to enhance investor sentiment,and forming a two-way communication mechanism with the media is another mechanism path for them to do so.

关 键 词：董事会秘书 风险投资 投资者情绪 信息披露 

分 类 号：F832.5[经济管理—金融学]