What is the help of the board secretary system for enterprise management? To what extent is carbon

Under the market economy system, enterprises, as the basic units and important subjects of the national economy, should take the lead in low-carbon emission reduction to help realize the dual carbon strategy.

After the first trial and continuous improvement in the pilot areas, the national unified carbon emission trading market covering more than 4 billion tons of emissions was finally officially launched in July 2021. As the largest carbon market in the world, China's carbon market is of profound significance, which not only reflects China's determination and confidence in promoting low-carbon energy conservation and emission reduction, but also is a major achievement of China's progress towards the strategic goal of carbon peaking and carbon neutrality, symbolizing the opening of the era of green management in China.

The board secretary system was introduced into China in the 90s of the last century, and the birth of this system in China has experienced a tortuous development process. Since its introduction, with the development and maturity of China's leading marketThis system is also gradually improving, and the status of the secretary of the board of directors is also gradually improving.

As early as 1993, the regulations on the issuance of shares clearly pointed out that in listed companies, a secretary should be set up to manage the daily work of the board of directors, and this position should be delegated by the board of directors and be responsible for it. In 2004, in the amendments to the Listing Rules, it was also emphasized that the secretary of the board of directors should assume the responsibility of internal oversight and external communications.

For example, internally, do a good job in the daily preparation of the board of directors and the general meeting of shareholders, manage the company's shareholder information and documents, supervise and promote the exercise of the power of the board of directors, and understand the relevant market demand and laws and regulations; Externally responsible for communicating and liaising with regulatory authorities, and coordinating the relationship between the company and investors and other stakeholdersand responsible for handling matters related to information disclosure.

The amendment to the Company Law clarifies for the first time the official status of the secretary of the board of directors as a senior manager of an enterprise, and makes clear provisions on the information disclosure responsibilities he bears. In 2015, the revised Measures for the Administration of Board Secretaries made further provisions on the performance of their duties.

That is, the secretary of the board of directors should assume the responsibilities of the company's information disclosure and investor relations management, and should strengthen communication, reception and service with investors. China's academic research on board secretaries can be traced back to the 80s of the 20th century.

In the initial stage, scholars basically studied from the perspective of the legislative improvement of the board secretary system, the survival state of the board secretary, interpreted the job responsibilities of the board secretary, and then gradually expanded to the field of corporate governance to study the role of the board secretary in corporate governance. It was the first to propose that the secretary of the board of directors can improve the quality of corporate accounting information disclosure through high quality, high supervision and strong communication, and alleviate the trust crisis encountered by listed companies in accounting information disclosure.

It is found that the shareholding of the board secretary will reduce the quality of information disclosure, while the age, tenure, education level, part-time position and relevant experience of the board secretary have no significant impact on the quality of information disclosureIt can be concluded that the personal characteristics of the board secretary have not yet fully played a role in corporate governance, and the board secretary system needs to be perfected and perfected.

The results show that the enterprises with the "abnormal resignation" of board secretaries of listed companies show worse performance in multiple dimensions such as financial performance and market performance, and have a higher probability of corporate violations.

Focusing on the banking industry, this paper studies the impact of the shareholding of bank board secretaries on the quality of information disclosure, and concludes that the shareholding of bank board secretaries does not follow the traditional view, which not only does not lead to the decline of the quality of information disclosureOn the contrary, the quality of information disclosure has been improved.

Starting from the social capital, on the basis of establishing a comprehensive evaluation system of social capital, the personal social capital of the board secretary is measured, and the empirical results show that the level of social capital of the board secretary has a significant positive impact on the quality of corporate information disclosure. From the perspective of stock price synchronization, this paper empirically analyzes the relationship between the empirical influence of board secretary on the efficiency of the capital market.

The results show that the gold medal board secretary can significantly improve the stock price synchronization of listed companies, and the attention of analysts and the shareholding of institutional investors can have a negative moderating effect on the two. This shows that the secretary of the board of directors can improve the information transparency of listed companies, thereby improving the efficiency of the capital market.

The results show that the gender of board secretaries can affect the quality of information disclosure, and the appointment of female board secretaries will reduce the quality of corporate information disclosure, and this effect is more obvious in large enterprises. Examining the impact of the CEO concurrently serving as the secretary of the board of directors on the violations of listed companies, it is found that the concurrent appointment of the CEO as the secretary of the board of directors significantly increases the possibility of violations in the information disclosure of listed companies.

Examining the influence of different identities of board secretaries of listed companies on the performance of their duties, it is found that board secretaries with multiple identities can significantly improve the quality of information disclosure of the company, and the performance of information disclosure duties of board secretaries with both managers or executive directors is better than that of board secretaries who only have the status of directorsThis result is more pronounced in companies with poor governance or information environments.

The results show that the appointment of a board secretary with brokerage experience will reduce the quality of information disclosure and increase the optimism bias of analysts, thereby creating space for insiders. The study found that the change of board secretary will lead to a decline in the quality of corporate information disclosure; For companies with less professional improvement and higher complexity of business after the change, the quality of information disclosure is significantly affected by the change of board secretary.

Compared to domestic,Foreign research on board secretaries started earlier, but most of them are legal norms and related reports, and there are relatively few achievements in the field of corporate managementIt mainly focuses on the role, responsibilities and functions of the secretary of the board of directors. Combining the socio-spatial perspective of the organization with the theory of board behavior, the study finds that the company secretary may act as a pedestrian between executive and non-executive directors to develop governance space in a way that improves the effectiveness of the board.

Pay attention to how the secretary of the board of directors operates, and propose that a good secretary of the board of directors can improve the quality of the work of the board of directors, and the secretary of the board of directors should ensure that the board of directors meetings are held and organized as required, and accurately record and archive the meeting minutes, and lead the members to take the initiative to improve the performance of the board of directors.

It can be seen that the development of the board secretary system in China is becoming more and more mature, the company's status has also been significantly improved, and the research of domestic and foreign scholars on the field of board secretary system has also made phased research progress. However, on the whole, the current research mostly starts from the personal characteristics of the secretary of the board of directors or the experience of a special industryIndependently examine the impact on micro information disclosure or macro capital market performance.

Starting from the social network, integrate the personal characteristics and background experience of the board secretary, such as age, education, professional title, power, etc. In addition, the research on social capital that has not yet reached a consensus still needs to be deepened, and the research results need to be enriched. In foreign countries, many scholars have studied the social capital effect of corporate managers.

Network relationships based on social capital can provide value to individuals, organizations and other market entities so that they can better play their roles. The social capital of enterprise managers is measured by starting from the relationship between enterprise managers and other managers in the past study, work or other social activities. think,The two parties can exchange information between companies through the internal relationship of the board of directors and reduce the company's acquisition premium.

Corporate executives often use their social networks to gain valuable experience and obtain important market information through social networks, so as to realize the sharing of resources and the mining of business opportunities. An empirical study of firms in 45 countries shows that the social capital of CEOs (CEOs) is significantly positively correlated with corporate risk, and CEOs with high social capital are more likely to engage in high-risk investments and make active financing decisions.

It is found that social capital can alleviate the problem of corporate entrustment by inhibiting the withdrawal of management rent in CEO compensation. An empirical study of SMEs using AMOS structural equation model shows that social capital can improve corporate performanceMoreover, emotional intelligence significantly enhances the facilitative relationship between social capital and SME performance. Through the questionnaire data collection, it was found that social capital and relationship quality can effectively promote the effectiveness of key account management.

Similarly, some scholars have found the negative effects of social capital. It is believed that with the further improvement of China's marketization, the role of personal relationship capital has gradually begun to weaken. It is proposed that social capital will lead to the loss of organizational efficiency and hinder organizational innovation.

Taking listed companies in the manufacturing industry as the research sample, it is found that the social capital of entrepreneurs is comprehensively investigated from the perspectives of relationship network characteristics and network resource mobilization abilityThe results show that the social relationship between entrepreneurs and the outside world has a significant negative impact on the short-term performance of enterprises.

It is proposed that entrepreneurs' social capital will lead to problems such as restricting enterprises' innovative ideas and restricting innovation decisions, and at the same time, in order to maintain strong relationships, it may also cause negative effects such as overinvestment. As "human capital" and "cultural capital" have been introduced into the category of "capital" beyond "material capital", sociologists have included "social relations" and proposed a new concept of "social capital" on this basis.

The first to introduce the concept of social capital into the field of sociology and systematically analyze it was a sociologist who characterized it as "a resource", that is, "the sum total of an entity or a virtual resource, for individuals and groups, due to the fact that the persistent network to be possessed is a more or less institutionalized relationship of mutual acquiescence and recognition."Therefore, it is a natural accumulation. ”

As soon as this concept was proposed, it caused extensive discussion in the academic community, and many scholars put forward their own opinions. From the perspective of function, it is defined that "the definition of social capital is derived from its function, and the difference from other capital is that social capital exists in the structure of interpersonal relationships, and it is neither dependent on independent individuals nor in the material production process".

Formally, social capital is a network of social relationships, a more general connection with friends and colleagues, through which opportunities can be made to use other forms of capital. Social capital refers to the ability of individuals in a social network or social structure to mobilize scarce resources.

Although different scholars have different descriptions of social capital, its basic meaning and orientation are the same, and they all define social capital as a kind of resource that exists in the social structure that is different from physical capital and human capital, and is a resource that provides convenience for the actors in the structure, including norms, trust, and networks. As for the definition of the connotation of social capital, the academic community has divided it into macro and micro levels.

From the perspective of micro individuals, social capital can be defined as the resources embedded in social networks. From the perspective of macro-collectives, social capital is defined as trust, network, and norms。The focus is on the social capital held by the board secretaries, and how the social capital of board secretaries in China's low-carbon transition period affects the decision-making and behavior of corporate carbon information disclosure quality.

Therefore, from the perspective of micro individuals, social capital is defined as the ability of individuals to obtain additional benefits through their specific position in the social network or their relationship with the external society. On this basis, the social capital of the secretary of the board of directors refers to the ability of the secretary of the board of directors of the company to control and obtain scarce resources, such as resources and information, by using the company's position within the organization and the interpersonal network outside the organization.

The carbon market, the full name of the carbon emission trading market. Due to the relatively late completion and short development history of China's carbon market, the research objects of the early carbon market were mainly international carbon markets, such as the EU carbon market. Research related to the carbon market can be divided into macro and micro perspectives, and macro-level studies show:The implementation of the carbon market can significantly curb corporate carbon emissions and carbon intensity, and promote regional green development.

At present, there are few studies at the micro level, and relevant studies have confirmed that the carbon market effectively improves the value and financial performance of enterprises, and promotes low-carbon innovation of enterprises. High-quality carbon information disclosure is the cornerstone of the effective operation of the national carbon trading market。Traditional research on carbon information disclosure focuses on capital structure, management characteristics, firm size, and formal systems such as law and creditors.

However, it ignores the impact of social capital on carbon information disclosure based on social embeddedness. Enterprises are the actors who directly determine the situation of carbon information disclosure, and the cooperation of enterprises is inseparable from improving the quality of carbon information disclosure. Enterprises as the main body of the marketIt should change its development concept and realize the important role of low-carbon emission reduction in its long-term development.

In this way, we can actively participate in low-carbon emission reduction activities, start from the establishment of carbon emission reduction targets, build enterprise carbon management systems, etc., comprehensively promote high-quality carbon information disclosure, improve the awareness of social responsibility from the root, and actively carry out low-carbon emission reduction actions.