摘要
富于中国特色高管制度特征的董事会秘书,主要负责信息披露与投资者关系。本文探究了上市公司聘任具有券商经历的董事会秘书对企业内部人减持的影响。研究结果表明,聘任有券商经历的董秘会增加企业内部人减持。机制检验显示,董秘券商经历可能会降低企业的信息披露质量,增加分析师的乐观偏差,从而为企业内部人减持创造了空间。同时,本文发现有券商经历的董秘对董事会规模较小、CEO兼任董事长、董监高持股规模较大以及非国有企业的内部人减持影响更为显著。本文从企业内部治理角度研究并丰富了内部人减持的影响因素,为监管机构完善董秘聘任制度、加强董秘行为监管提供了借鉴。
Board secretaries,as a unique feature of the top management team(TMT)in China,is mainly responsible for information disclosure and investor relations.This paper studies the impact of appointing of board secretaries with broker experience on insider sales.It is found that the appointment of board secretaries with broker experience increases the reduction of insider holdings.The mechanism test shows that the broker experience of board secretaries may reduce the quality of information disclosure and increase analysts’optimism bias.Meanwhile,we find the impact is more significant for companies with a smaller board size,CEO duality,larger shares held by directors and officers,and for non-SOEs.The findings enrich the influencing factors of insider reduction from the perspective of corporate internal governance,and provide a reference for the regulatory authorities to improve the appointment system and strengthen the supervision of board secretaries.
作者
代昀昊
安铮
王砾
Dai Yunhao;An Zheng;Wang Li
出处
《证券市场导报》
CSSCI
北大核心
2021年第11期48-59,共12页
Securities Market Herald
基金
国家自然科学基金项目“高管海外经历与企业投资决策:影响机制与经济后果”(批准号:71702061)
国家自然科学基金项目“企业违规行为的制度约束因素及其资本市场溢出效应研究”(批准号:71902185)。
关键词
董事会秘书
内部人减持
信息不对称
券商经历
board secretaries
insider sales
information asymmetry
broker experience
