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论文编号：	8551
作者编号：	2120142522
上传时间：	2016/6/17 16:43:09
中文题目：	董事会秘书背景特征、投资者关系沟通与上市公司信息披露质量
英文题目：	The Secretary of the Board, Investors Relation Management and Information Disclosure of Listed Company
指导老师：	马连福
中文关键字：	董秘背景特征；信息披露质量；投资者关系沟通
英文关键字：	The secretary of the Board,IRM, Information Disclosure
中文摘要：	董事会秘书是上市公司的“信息披露官”，其最为核心的职能功用就是进行信息披露。资本市场运行的关键即在于市场透明，信息能否及时、有效、充分地得到披露，是对上市公司治理效果的直接考察，也是检验市场透明度高低的重要标准。上市公司信息披露质量的高低不仅影响着投资者决策，还影响着公司绩效和股价表现，更深层次地，影响着市场进行资源配置的效率。所以信息披露是上市公司经营管理和资本运作的重要环节，董事会秘书则肩负重任。 投资者关系管理在资本市场逐渐成熟的环境下应运而生，良好的投资者关系管理帮助上市公司降低融资成本，提升市场价值。投资者关系管理的核心则是投资者关系沟通，随着网络、电话、现场等多种沟通渠道的普及发展，上市公司信息披露可以不再局限于监管层所规定的形式。市场机制的逐渐完善带来投资者专业水准的进步与维权意识的提高，上市公司也逐步从满足监管层硬性披露要求转变为主动寻求与投资者进行积极有效的沟通。上市公司信息披露内在动能的提高，使得市场信息不对称程度在一定程度上得到缓解，公司在保障投资者知情权的同时还促进了公司市场价值与声誉水平的提高。 董秘作为上市公司“代言人”，其个人的能力水平在投资者关系沟通中得到极大发挥，投资者以董秘为“窗口”，获知公司信息，判断所关注公司的未来发展趋势，因此董秘的个人背景特征可通过投资者关系沟通渠道影响公司信息披露质量。本文以深圳证券交易所所有A股上市公司为对象，实证检验了2012-2014年公司董秘背景特征的部分维度和其公司信息披露质量之间的联系，发现上市公司董秘如果兼任公司其他高管职位或者本身具有经管法专业背景，可以促进公司信息披露质量水平的提高，而董秘是否获得过相关奖项对于信息披露质量的影响则不显著；进一步地，董秘突出的综合背景能够通过投资者关系管理的具体方式之一——现场沟通得到有效发挥，即现场沟通对于董秘背景促进信息披露质量的提高起到了显著的中介作用，但另两项常用的沟通方式如网络沟通和电话沟通，中介作用则不显著。
英文摘要：	The most important work for the secretary of the board is information disclosure, he or she must control the quality of the company’s information disclosure. The efficiency of the capital market is all about the information. How fast and sufficient the investors could get the information indicates transparency degree of the market. What’s more, the quality of information disclosure presents the quality of the corporate governance, and it would profoundly affect the financial performance and share price of the company, furthermore, the efficiency of the resources allocation of the market. So, information disclosure is a vital part for company management and capital operation, and the secretary of the board is the man who directly take charge for this. Investors Relation Management is essential for listed companies. They use IRM as an instrument to reduce the financing cost and to improve the market value. The core of IRM is communication with investors. As internet, telephone, roadshow and many other communication ways used by listed companies more than before, the information disclosure would never be confined to the way which was ordered by the securities regulatory institutions. Investors also get improved these years and they seek for good communication with their selected companies. Good quality of information disclosure is to some degree a kind of protection for investors and at the same time increase the market value of the company. The secretary of the board is the spokesperson of its company. His or her personality and talent could have significant impact on IRM. Investors get information they need from the secretary of the board to judge the future of the company. So it could be inferred that the background of the secretary of the board can have an effect on the quality of the information disclosure of the company. This paper test the correlation of these two variables using the sample of companies listed at Shenzhen Stock Exchange from 2012 to 2014. And it is proved that if the secretary has additional position of the company, or has learned finance/economics/laws before would give a positive impact on the quality of the company’s information disclosure, however, whether the secretary has got any prize has no significant impact on the quality of information disclosure in the situation of Chinese stock market. Furthermore, the on-the-spot communication as roadshows, press conferences etc. has a more significant mediate role than others.
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