投资者关注对信息披露质量的影响及机制基于董秘履职视角

    Investors’ Attention and Information Disclosure QualityFrom the Perspective of Board Secretary’s Duty

    • 摘要: 中小投资者通过交易所互动平台发声,有助于向公司传递投资者的信息需求,探究投资者关注能否促进上市公司信息披露质量是有科学意义的。以2010—2020年沪深A股上市公司为研究对象,利用Python编程爬取交易所互动平台中投资者提问的文本信息,设置投资者关注变量,探究投资者关注对上市公司信息披露质量的影响,以及董秘履职在投资者关注与信息披露质量之间发挥的机制作用。研究发现:(1)投资者关注能够提高信息披露质量,进而产生降低股价崩盘风险、提高投资者保护水平的经济效应。(2)董秘履职的机制作用会受到董秘兼任情况和专业背景的影响,董秘兼任实权高管以及董秘具有专业背景均强化了投资者关注对信息披露质量的影响,特别是兼任副总和具有财金、技术背景。(3)进一步研究发现,良好的信息环境和治理机制增强了投资者关注对信息披露质量的提高;兼任在信息环境较差、公司治理较好的公司更能促进董秘履职,相反,具有专业背景的董秘在信息环境较好、公司治理较差的公司能更好地履职。研究结果表明,董秘尽职促进了上市公司和投资者之间的信息传递,有助于提高对中小投资者的保护。

       

      Abstract: The voice of minority investors through the exchange’s interaction platform helps to convey investors’ information needs to companies. Therefore, it is meaningful to explore whether investors’ attention can improve information disclosure quality of listed firms. Taking the listed A-share firms from 2010 to 2020 as an example, this paper crawled the text information of investors’ questions from the exchange’s interaction platform using Python and set the variable “investors’ attention”. Then, the research explored the impact of investors’ attention on the quality of information disclosure, as well as the mechanism role of board secretary between investors’ attention and the quality of information disclosure. The results showed that: (1) Investors’ attention improved the quality of information disclosure of listed firms. Further, this improvement could reduce the risk of stock price crash, and improve the protection of minority investors. (2) Duality positions and professional background of board secretary play a moderating role between investors’ attention and the quality of information disclosure, especially the position of vice president and the financial or technical background. (3) Further research found that good information environment and good governance environment can significantly enhance the impact of investors’ attention on the quality of information disclosure. The moderating effect of board secretary’s duality positions is more significant in firms with poor information environment and good governance environment, while the moderating effect of board secretary’s background is just the opposite. The findings of this study suggest that board secretary’s duty facilitates the transfer of information between firms and investors, which helps to improve the protection of minority investors.

       

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