Research On The Influence Of Board Secretary's Characteristics On The Quality Of Information Disclosure

China's new "company law" in 2006 for the first time clearly defined the role of our secretaries in the information disclosure of Listed Companies on the laws and regulations.The 124th stipulates that the listed company has the board secretary,is responsible for preparing the general meeting of shareholders and the board of directors,filing document and managing the company's shareholders information,handling information disclosure affairs and so on.With this landmark event,the research on the relationship between the board secretary and the disclosure of information has increased obviously.The purpose of this paper is to study the effect of board secretary characteristics on the quality of information disclosure of listed companies.After reviewing the related research at home and abroad,this paper puts forward some hypotheses and research models,and then takes the data of A Listed Companies in Shanghai and Shenzhen Stock Exchange from 2011 to 2015 as a sample,and applies descriptive statistics and regression analysis to study the sample.This paper selects the secretary' s shareholdings,part-time situations,salary level,titles and education,tenure,financial experience,legal experience,awareness,gender and constellation characteristics as the the characteristic variables of board secretary,and market,financial and non-financial information disclosure quality and the Shenzhen stock exchange information disclosure evaluation results to measure the quality of information disclosure,then analyze the relationship between information disclosure and characteristics of board secretary.The main data sources are CSMAR database,CSR rating database and information disclosure evaluation database of Shenzhen Stock Exchange.Stata and Excel are selected as statistical tools.The empirical results show that:(1)the quality of information disclosure of Listed Companies in China is at a high level.The board secretary serving as other executive positions,high salary,high education,high professional title and high turnover rate,and having accounting,auditing,investment or securities related working experience is a common phenomenon in the listed companies in China,and the male secretaries are more common,and the constellation is more evenly distributed,relatively speaking,Aquarius and Scorpio are more numerous.(2)the board secretary holding shares of the company,serving as the other executives,paid more,the higher the level of education,higher visibility,more can improve the quality of information disclosure;in addition,in terms of the constellation,the board secretary of Capricorn,Leo,Scorpio and Sagittarius lower the company's information disclosure quality.However,secretary's tenure,professional title level,financial experience,legal experience and gender don't pass the test,which reflects that there is much room for improvement of our board secretary system.