| Chairman secretary system is a system of our country which is learnt from British and American national secretary.Since 1993,listed companies in our country are required to set up chairman secretary system step by step.In terms of legal documents,the Shanghai stock exchange,Shenzhen stock exchange issued a "stock listing rules",which explicitly pointed out that the listed company shall set up the position of chairman secretary.The modified company law in 2006 made it clear that board secretary belongs to the company’s top management at the legal level for the first time.Compared with other executives,chairman secretary is mainly responsible for internal information communication of the board of directors,external information disclosure and the coordination communication of the security regulation.As senior executive,the board secretary in company operation plays a considerable role.But according to statistics,227 listed companies’ board secretary resigned in 2015.The number was 135 in 2014,while the average number was 92 in 2012 and 2013.Board secretary resignation proportion of the total number of listed companies were8.11%,5.17%,3.62%,3.69% namely.The phenomenon of board secretary resignation has become more and more common in the listed company.Relevant domestic scholars research has confirmed that board secretary frequent job-hopping does have certain economic consequences for the listed company.Combined with the board secretary frequent job-hopping,this paper studies the following problems through analyzing the current situation of board secretary and its multiple functions:(1)Will the listed companies’ market performance be influenced when the board secretary resigned?(2)Will the board secretary resignation exert an influence to the companies’ information disclosure quality?(3)What’s the relation among board secretary resignation,information disclosure quality and market performance?This paper manually collected empirical data about board secretary resignation during 2006-2013 in the Shenzhen stock exchange in China,made an empirical research about the influence of board secretary resignation on information disclosure quality and market performance.Studies have shown that board secretary resignation has significantly reduced information disclosure quality of listed company and market performance.This paper further confirmed the high correlation between information disclosure quality and market performance.Using the Baron & Kenny traditional testing method,we find that information disclosure quality play a fully mediation role in the relation between board secretary resignation and market performance,information disclosure quality can well explain the mechanism behind the relation between board secretary resignation and market performance.Specifically,we select market performance as dependent variable,information disclosure quality as intervening variable and board secretary resignation as independent variable.The theoretical basis of this paper is based on the fact that board secretary resignation can exert an influence on the perform of board secretary’s duty(compliance of information disclosure and investor relations management),and thus affect information disclosure quality and market performance.To test board secretary resignation’s influence on information disclosure quality and market performance,we build two multivariate regression model,control some related variables including SIZE,LEV,ROA,INDEP,FIRST,STATE,BIG and PLU combined with the the previous scholars research.For checking the mediation role that information disclosure quality plays in the relation between board secretary resignation and market performance,we adopt the Baron and Kenny traditional inspection method for inspection.Finally,this paper adopts the instrumental variable PLU and use the Hausman test methods to test endogenous problems.The results show that board secretary resignation is not endogenous variables and our conclusions are reliable.This article is divided into six parts.The first part is the introduction.This part mainly introduces the paper’s research background and significance,research ideals and methodology,research content and framework and innovations and deficiencies.The second part is the literature review.Through reviewing the study related to board secretary,the research on the relation between board secretary and information disclosure quality and the research between information disclosure quality and corporate performance,this part makes a introduction about research results,points out the existing research’s direction and focus,and thus finds new space and field that can be studied.The third part is the basic theories of board secretary resignation,information disclosure quality and market performance.First of all,this part explains the concept of board secretary resignation,then discusses the definition and evaluation method of accounting information disclosure quality,and states the basic theories of this paper.The fourth part is the empirical study design of board secretary resignation,information disclosure quality and market performance.This part first reviews related literature and puts forward hypotheses,chooses reasonable samplebased on hypotheses and makes an explanation about data sources,and then discusses research variables of this paper,and at last tries to bring these variables into related model and thus builds empirical model.The fifth part is the empirical result analysis of board secretary resignation,information disclosure quality and market performance,including descriptive statistics,correlation coefficient matrix analysis,univariate analysis,multivariate regression analysis and endogenous inspection.The sixth part is the research conclusions and policy recommendations.Through summarizing the previous five parts,this part states the conclusions of this paper in detail,and puts forward some suggestions about how to alleviate the phenomenon of board secretary resignation from many aspects,and explains the paper’s limitations and gives prospect to further study at last. |
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