论文部分内容阅读
董秘作为联结上市公司与外界利益相关者的桥梁,其最为重要的职能是负责上市公司的信息披露以及投资者关系管理。本文实证检验了董秘的财务经历是否可以降低企业内外部信息不对称,提升盈余的信息含量。我们发现,当董秘拥有财务经历时,企业的盈余信息含量更高;在控制内生性影响之后,我们的结论仍然成立;同时,当财务背景的董秘专业素质较高以及学历更高时,其发挥的作用更大。在此基础上,本文检验了其中的作用机制,实证结果表明,财务背景的董秘吸引了较多的分析师跟踪,增加了分析师预测的准确性,降低了分析师预测分歧度,以及提升了信息披露质量。最后,本文还发现财务经历的董秘有助于降低企业的融资成本,从而为董秘财务经历影响盈余信息含量这一研究结论提供进一步的证据支持。本文的研究发现丰富了高层梯队理论和资本市场效率理论。
As the bridge connecting the listed company with the outside stakeholders, the most important function of the deputy secretary is to take charge of the information disclosure of listed companies and the management of investor relations. This paper empirically tests whether the financial experience of the directors and secretaries can reduce the information asymmetry inside and outside the enterprise and enhance the information content of the earnings. We found that when the secretaries have financial experience, the company’s earnings information content is higher; after the endogenous control of the control, our conclusion still holds; at the same time, when the financial background of the professional quality of secretaries and higher education, It plays a bigger role. On this basis, this paper tests the mechanism of action, the empirical results show that the financial background of the secretaries attracted more analysts to track, increasing the accuracy of the analyst forecast, reducing the analysts forecast the divergence, and enhance The quality of information disclosure. Finally, the paper also finds that the secretaries who have financial experience help to reduce the financing costs of the enterprises, and provide further evidence support for the conclusion that the financial experience of the directors and secretaries affect the earnings information content. The research found in this paper enriches the theory of high-level echelon and capital market efficiency.