董事会秘书能够提高资本市场效率吗——基于股价同步性的经验证据

Can Board Secretaries Improve the Capital Market Efficiency——Evidence from the Perspective of Stock Price Synchronicity

利用2005~2011年中国A股上市公司8430个年度观察样本数据,从股价同步性视角实证分析了董事会秘书对资本市场效率的经验影响关系。结果发现：（1）与非金牌董秘相比,更加勤勉尽职的金牌董秘显著提高了上市公司的股价同步性;（2）随着证券分析师关注度的提高以及机构投资者持股比例的增加,金牌董秘对股价同步性的正向影响关系逐渐减弱。这些结果表明,董秘能够提升上市公司的信息透明度,进而提升资本市场效率。

Using a sample of 8430 firm-year observations on Chinese A-share listed companies during the period of 2005-2011, we have empirically investigated how board secretary impact market efficiency from the perspective of stock price synchronicity. We find that compared with non-top secretaries, the top board secretaries that are more diligent and competent significantly increase listed companies＇ stock price synchronicity. However, this positive correlation gradually weakens as the analyst coverage and institutional ownership increases.These findings indicate that board secretary can improve listed companies＇ information transparency, thereby enhancing the market efficiency.