职业董秘与投资者保护的关系研究——信息披露质量的中介作用
Research on the Relationship between Professional Secretaries and Investor Protection—The Intermediary Role of Information Disclosure Quality

针对我国上市公司信息披露质量不高，投资者利益不断受到侵害的现状，本文通过分析职业董秘与投资者保护的关系以及信息披露质量的中介作用，揭示了职业董秘对投资者保护的影响机制，并利用我国中小板上市公司样本验证了这一机制的存在。结果表明：职业董秘有利于上市公司的投资者保护；不同专业背景职业董秘的投资者保护存在差异；信息披露质量是职业董秘影响投资者保护的部分中介变量。本文结论既可以为上市公司合理选择和聘用董秘提供建议，又可以为监管机构引导和规范董秘行为提供决策依据，还能够为研究投资者保护提供一些可借鉴的思路和经验证据。
In view of the current situation that the quality of information disclosure of listed companies in China is not high and the interests of investors are constantly infringed, by analyzing the relationship between professional board secretaries and investor protection and the mediating role of information disclosure quality, this paper reveals the impact mechanism of professional board secretaries on investor protection and verifies the existence of this mechanism by using a sample of China’s small and medium-sized board listed companies. The results show that: professional board secretaries are beneficial to the investor protection of listed companies; there are differences in investor protection of professional board secretaries with different professional backgrounds; the quality of information disclosure is part of the mediating variable that professional board secretaries affect investor protection. The conclusions of this paper can not only provide suggestions for listed companies to reasonably select and employ board secretaries but also provide a decision-making basis for regulatory agencies to guide and regulate board secretaries’ behavior and can also provide some ideas and empirical evidence for the study of investor protection.