The Research On The Relationship Between Characteristics Of Company Secretaries And Information Disclosure Quality

The secretary of the board of directors of the company is "spokesman", its on the corporate governance of the direct effect is information disclosure and to urge the listed company to meet the CSRC requirements. According to the information database Wind statistics, by the end of2006, a total of192listed companies (including already retreat city companies) for violating the punishment by exchange,265secretaries of the board of directors may be adjusted or replaced because the company was punished. With the supervision department of the regulation of listed companies intensified efforts to violations, fraud of the listed company of problems exposed by the secretary of the board of directors can’t escape the fact that they are investigated and questioned, also showing that the secretary of the board of directors plays an important role in the standardization of corporate governance. And the recent fraud scandal in recent years and the subprime crisis in United States led to the global capital market downturn in a long time, all these are related to not enough accounting information disclosure. In order to reverse this situation, countries have issued a series of laws and regulations to improve the quality of accounting information disclosure. And the secretary of the board of directors is responsible for disclose matters, and for the corporate governance, to company information communication and decision-making executive and also provides a link to improve the quality of information disclosure. Based on the background of new "law of corporation", I use panel data of Chinese listed companies to study the relationship between the characters of secretary of the board of directors of the relationship and quality of information disclosure, to improve the quality of information disclosure, to provide empirical evidence for the corporate governance and to provide suggestions and ideas for supervision of the listed companies.The new company law formally established a secretary of the board of directors standing in the company, listing mandatory provisions for the qualifications and appointment the secretary of the board of directors of the qualification, appointment, and take concrete measures to prevent a secretary of the board of directors of form professional ethics. This paper uses panel data analysis to study the relationship between the characteristics of secretary of the board of directors and the qualities of information disclosure. This paper is based on199sample Chinese listed companies from2006to2010of five years of data panel data analysis, demonstrating that although the listed companies in China information disclosure quality has improved, the effect of the same company in different years and different amplitude change the same year due to the policy laws and regulations change, and the independent directors of the listed company scale. The secretary of the board of directors can interpret the information disclosure quality. The empirical study of this paper also shows that the secretary of the board of directors can explain some aspect of the information disclosure quality. Of the proposed seven explain variables for time, whether has company stock, whether has relevant experience and the holding period can significantly influence the quality of the information disclosure, and the four other factors are not significant. It also shows that the role of secretary of the board of directors has not been revealed, still need to paid attention.Domestic related literatures study the relationship between the secretary of the board of directors and the quality of information disclosure in legislation and theory perspective. ZhouKaiGuo, LiTao and zhang yan (2008) is based on in the section analysis. The innovation points in this paper is to use panel data analysis method to quantify the relationship between the two, because the ways of increasing the size of the sample, this method enhances the accuracy of model. At the same time, the change of characteristics of secretary of the board has dynamic influence on the quality of information disclosure.