Board Secretary and the Quality of Information Disclosure
研究发现2006年《公司法》修订强制设立董事会秘书后，上市公司信息披露质量显著提升，但秘书持股会降低质量，而年龄、任期等个人特征影响不显著。
The amended Company Law mandated in 2006 approved the managerial position of the board secretary legally for the first time,which will probably improve the quality of information disclosure of listed companies. This paper adopts the measurement method proposed by Kim and Verrecchia(2001) to measure the quality of information disclosure.Through empirically investigating the constituent companies of Shanghai-Shenzhen 300 stock index,it is found that after the enforcement of the amended Company Law,the quality of information disclosure of the listed companies has been improved largely.Besides,the secretary's shareholding reduces the quality of information disclosure.However,other characteristics of secretary,including age,tenure,education level,dual positions,and related work experience have insignificant impact on the quality of information disclosure. This implies that the personal characteristics of board secretary have not played significant roles in information disclosure and the board secretary system needs further improvement