Board Secretary Dismission And Information Disclosure Quality On The Impact Of Company Value

The most direct role of the board secretary in corporate governance is information disclosure. Early in2006revision of the company law specific written "listed company board secretary is responsible for the company’s shareholders’ meeting and the preparation of the meeting of the board, file storage, with the shareholders of company information management, information disclosure affairs issues", establishing the executive position of board secretary and making it into the legal system for the first time. In recent years, the phenomenon of frequent job-hopping among the board secretary of the listed companies in our country is causing the extensive concern of social media. At present, the most of study on the board secretary system research in the domestic system research is in the field of law, while in the direction of corporate governance research is still in its infancy. Since2006, the new company law established the status and the importance of the board secretary, domestic scholars gradually pay attention into the relationship between the board secretary and the information disclosure quality. But so far, there has been no scholar take empirical research on the relationship between the board secretary and the information disclosure quality and. At the same time, the frequent job-hopping of the board secretary brought the negative impact on listed companies, capital market and investors. Thus, for the study on the practical significance of the board secretary departure is also necessary.This article selected data of Shenzhen A-share listed company from2006to2011, and descriptive statistics and regression analysis was carried out on the variables. This article selects the board secretary departure as the explanatory variables, information disclosure quality as the intervening variable, the value of the company as the explained variable, researching the relationship among the board secretary departure, the quality of information disclosure and the value of the company. The data used in this article mainly comes from the Shenzhen stock exchange website, RESSET financial research database and CCER financial research database. Statistical tool selected Stata and Excel. In this paper, through empirical research found that:(1) the board secretary departure of the listed company and company value has significant negative correlation, showing that the higher the board secretary departure, the lower the value of the company.(2) the board secretary departure of the listed company and between information disclosure quality has significant negative correlation, showing that the board secretary departure will affect the quality of information disclosure of listed companies, and this effect is negative.(3) Information disclosure quality and corporate value has significant positive correlation, that the higher the quality of information disclosure, the greater the value of the company.(4) Information disclosure quality in relationship between the board secret departure and the value of the company had played an important role fully mediation, may well explaining the mechanism behind the relationship with the board secretary and the value of the company.In this paper, the main innovations include:(1) the board secretary departure exploratory research on the relationship between the value of the company and, at the same time checking intermediary role of the quality of information disclosure in the board secretary and the value of the company.(2) taking the board secretary departure as the form of virtual variables into the regression model, providing a reference the measure of the chairman secretary departure method.In this paper may be lack of the following:(1) at present the research domestic and abroad on the board secretary departure in the early stages, the specific research method is not enough mature, in the variable relationship is still in the exploration on the establishment of the research. Therefore, in this paper, the study of the board secretary departure belongs to the exploratory research, and the model is not perfect enough.(2) due to the lack of part of the listed company board secretary departure data it will also affect the results of the study.