Research On The Influence Of Board Secretary's Salary Incentive On Investor Protection

The protection of investors is the top priority of China's capital market management.How to protect the healthy development of the securities market and the interests of investors has become one of the focuses of the community.In order to improve the efficiency of information communication and the level of investor protection,the secretary system has been more improved since its introduction into China.The role of the secretary in improving the level of investor protection has also received increasing attention from the practical and academic circles.However,the cases of violations have emerged in an endless stream in recent years.The reason is that the system of the Secretary-General is still not perfect,and has not yet reached the unity of"rights,responsibilities and interests".Therefore,this article starts from the"interests"of the the secretary system,discusses how the compensation will affect the role of them in investor protection.Based on this,this paper takes the data of China's Shanghai and Shenzhen A-share listed companies in 2012-2017 as a sample.Firstly,it is tested whether the Secretary-General has a higher salary level can encourage him to diligently improve the level of investor protection.When pay gap with other executives is large,whether this internal environmental factors will affect the incentives of the secretaries.Finally,When the external governance factors such as analyst attention and Institutional investor holdings are different,whether the role of compensation will change the level of investor protection.The research has the following contributions:First,it expands the research fields related to the Secretary-General;Second,it provides theoretical guidance for the design of the incentive system of the Secretary.At the end of the paper,several suggestions are provided.I hope that we can play a positive role in the compensation of the Board of Secretary,perfect the internal salary structure and governance mechanism,and at the same time,there are deficiencies in this research,and hope to provide ideas for future research.