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董事会秘书对上市公司信息披露质量的作用研究

—— 以深证主板上市公司为例
An Empirical Research on the Effect of the Board Secretary’s Characteristics on Information Disclosure Quality

作者: 专业:金融(专业学位) 导师:刘黄金 年度:2015 学位:硕士  院校: 南京理工大学

Keywords

board secretary, corporate governance, infomation disclosure quality, repuctation

        董事会秘书对外负责公司信息披露事宜,对内负责公司股东大会和董事会会议的筹备、文件保管以及公司股东资料的管理,对董事会负责。董事会秘书对公司治理最直接的作用是信息披露。董事会秘书作为公司与外界交流的“窗口”,其重要性已引起社会的广泛重视。2006年我国新《公司法》的实行,第一次从法律层面确立了董事会秘书的高管地位,至此之后,我国学者对董事会秘书与信息披露的问题越来越重视,相关研究也日益增加。本文旨在研究董事会秘书对上市公司信息披露质量的作用。在对国内外相关研究成果进行综述以后,本文提出了若干假设和研究模型,然后基于深圳证券交易所主板2009-2013年间的上市公司数据,应用描述性统计和回归分析的统计学方法进行研究分析。本文选取董事会秘书的任职时间、学历水平、知名度、薪酬状况、持股情况和兼任情况作为解释变量,信息披露质量作为被解释变量,对董秘个人特征与信息披露质量之间的关系进行分析研究。本文数据主要来源于深圳证券交易所网站和国泰安数据服务中心的CSMAR数据库。统计工具选取Stata、Excel。主要使用的回归方法是多元有序Logit回归。本文经过实证研究结果发现:(1)在2009年至2013年间,我国上市公司信息披露质量不断提高。(2)我国上市公司董事会秘书职群特征是:高学历、高薪酬、兼任现象普遍存在、离职率高。(3)董事会秘书的薪酬水平、持股情况和知名度与上市公司信息披露质量显著正相关。而任职时间、学历水平和兼任情况对信息披露质量没有显著影响,反映了我国董事会秘书制度还不够完善。
    Secretary of the board of directors responsible for the company’s information disclosure of foreign matters,as well as responsible for the preparation of the general meeting of shareholders and the board of directors meeting, and preservation of documents,management shareholders of the company’s information,and should be responsible for the board of directors.For the secretary of the board of directors,the most direct effect on the corporate governance is information disclosure.As a "window" to communicate with the outside world,its importance has been widely valued by society.The implementation of China’s new "company law"in 2006,the first time, we established the executive position of secretary of the board of directors from the legal level,since then,scholars pay more and more attention to problems of secretary and information disclosure,and related researches are increasing.The purpose of this paper is to study the role of the board secretary of the listing Corporation information disclosure quality.After the review on the domestic and foreign related research results,this paper puts forward some assumptions and the research model. In this paper,based on the listed company data of Shenzhen Stock Exchange from 2009 to 2013 on the main board,and using the methods of descriptive statistics and regression analysis for this paper. This article chooses the board secretary’s tenure,education level,awareness,salary conditions, shareholdings and part-time situations as explanatory variables,information disclosure quality as explained variables,and make research on relation between personality of secretary of the board and information disclosure quality.This article are based on data from Shenzhen Stock Exchange website and the CSMAR database of Guotaian service center.Statistical tool selected Stata and Excel.Regression method mainly used is the multivariate ordinal Logit regression.In this paper,through the empirical research results showed that:(1)From 2009 to 2013,China’s listing Corporation have been improving information disclosure quality continuously.(2)The characteristics of the board secretary group in China are high educations.high salaries,part-time phenomenons exist generally and high turnover rate.(3)The compensation,sharehold and reputation are significantly positivly related to the information disclosure quality.While the working time,education level and part-time job have no significant effect on the quality of information disclosure.
        

董事会秘书对上市公司信息披露质量的作用研究

摘要5-6
Abstract6
1 绪论9-13
    1.1 研究背景及意义9-11
        1.1.1 研究背景9-10
        1.1.2 研究的理论意义10
        1.1.3 研究的现实意义10-11
    1.2 论文框架11-12
    1.3 研究目的与方法12
        1.3.1 研究目的12
        1.3.2 研究方法12
    1.4 研究的创新点12-13
2 文献回顾13-25
    2.1 董事会秘书研究13-14
    2.2 信息披露质量研究14-23
        2.2.1 信息披露的理论解释与理论基础14-19
        2.2.2 信息披露的实证研究19-22
        2.2.3 信息披露质量的度量22-23
    2.3 董事会秘书与信息披露研究23-25
3 变量的选取与介绍25-33
    3.1 研究假设25-27
    3.2 解释变量定义与计量27-28
    3.3 自变量定义与计量28-29
    3.4 控制变量定义与计量29-33
4 数据的收集与模型设计33-36
    4.1 样本选取与数据来源33
    4.2 研究模型33-36
5 实证结果与分析36-52
    5.1 描述性统计分析36-41
        5.1.1 信息披露考评结果描述性统计分析36-37
        5.1.2 变量的描述性统计分析37-41
    5.2 变量的相关性分析41-42
    5.3 回归分析42-47
    5.4 稳健性检验47-52
        5.4.1 替换回归方法48
        5.4.2 变量替换48-52
6 研究结论与建议52-55
    6.1 主要研究结论52
    6.2 建议52-53
    6.3 研究可能存在的不足与展望53-55
致谢55-56
参考文献56-60
        


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