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本文手工搜集了2006-2010年期间中国资本市场IPO公司董事会秘书非正常离职的经验数据,实证研究了董秘非正常离职对上市公司的会计业绩、市场业绩和违规概率的影响。研究表明,董秘非正常离职的上市公司的会计业绩、市场业绩更低,违规概率更高。进一步研究发现,董秘的年龄越大、受教育程度越高、具有会计或投行背景,非正常离职的概率更高,而董秘持有公司股份越多,或董秘同时兼任公司高管,则非正常离职概率更低。
This paper collects the empirical data about the abnormal turnover of IPO secretary of IPO in Chinese capital market from 2006 to 2010, and empirically studies the influence of the abnormal turnover on the accounting performance, market performance and non-compliance probability of listed companies. The research shows that the accounting performance of the listed companies that the directors secretly quit is lower, the performance of the market is lower and the probability of non-compliance is higher. Further study found that the older the secretary, the higher the level of education, accounting or investment banking background, the probability of abnormal turnover is higher, while the Deputy General Manager holds more shares of the company, or secretaries at the same time as part-time executives, Then the probability of abnormal turnover is lower.