The Study Of The Factors Of Secretaries’ Irregular Departure

China began to introduce the board secretary system into the listed companies gradually in the late 1990s, Shanghai Stock Exchange and Shenzhen Stock Exchange’s Stock Listing Rules clearly defined that listed companies should establish company secretaries. Besides, the newly revised Company Law also cleared the company secretary’s status as a senior management. Compared with other executives, the company secretary is mainly responsible for the communication of board inside information, the external information disclosure and the coordination of exchanges and securities regulators. The company secretary plays an important role in corporate governance as a member of senior managements. However, according to the statistics, there are 227 company secretaries resigned from the listed company in 2015, and the resignation number in 2014 is 135, besides, there are 92 company secretaries resigned respectively in 2013 and 2012. The proportion of resignation number in the total number of listed companies respectively are 8.11%,5.17%,3.62%,3.69% in 2015, 2014,2013,2012. Through careful study we found that although the number of the turnover secretaries is more and more, some secretaries resigned from all his positions is to leave the company, and some secretaries resigned secretaries duties turn to other duties in the company. At the same time, the reasons of resignation include retirement, death, personal reasons, job transfers and so on. We can see that personal reasons and job mobility are ambiguous reasons. There is a lot of secretaries’work time even less than one year. We cannot help but ponder the motives that the secretary leaves the company and what factors exactly affect the secretaries’decision to leave.In the background of the secretaries’irregular departure, this paper will define the secretaries’abnormal turnover and study the factors of secretaries’irregular departure. This article will collect the data of China A-share listed company secretaries’abnormal separation in 2012-2014 manually, and analyze the factors exactly affect the secretaries’ decision to leave. The results verify the theoretical analysis of the conclusions of this article in a certain extent. Through study in both features of the company and secretary’s personal characteristics, using the proceeds of descriptive analysis and binary Logistic regression test, we find that the secretary’s age, education, salary, shares, other part-time executive positions, professional background and part-time chairman and general manager of the case are the main factors. By contrast, the weighted average return on net assets, annual revenue growth rate and the proportion of the largest shareholder are not the main factors. This shows the sensitivity of secretaries’ abnormal turnover to financial indicators of corporate governance structure is weak, but on the characteristics of their own is strong.Previous studies of board secretary mainly focus on the function of secretaries in corporate governance and the effect on information disclosure quality. The innovation of this paper is that it firstly studies the factors of secretaries’irregular departure, using the method of binary logistic regression. This paper not only enriches the research on secretaries, but also conduces to the further refinement of the secretaries system.