CAJ | 학술논문

关于资本市场效率的现有研究主要集中在对信息披露数量和质量、证券分析师、信息媒介的作用以及投资者对信息的解读等方面，却忽略了信息发布者自身对市场效率的改善作用。本文以我国上市公司财务总监（CFO）兼任董事会秘书（董秘）这一独特视角为切入点，考察了公司信息发布者对资本市场效率的影响。研究发现：CFO兼任董秘的公司，其盈余的价值相关性更高，盈余公告后的漂移现象更低，且投资者不存在对盈余组成信息的错误定价。这表明由CFO兼任董秘，能够更有效地传递信息，从而提高资本市场效率。本文首次证实了公司信息发布者对资本市场效率的影响，同时也为我国上市公司CFO兼任董秘这一自发的制度安排提供了理论证据。
관우자본시장효솔적현유연구주요집중재대신식피로수량화질량、증권분석사、신식매개적작용이급투자자대신식적해독등방면，각홀략료신식발포자자신대시장효솔적개선작용。본문이아국상시공사재무총감（CFO）겸임동사회비서（동비）저일독특시각위절입점，고찰료공사신식발포자대자본시장효솔적영향。연구발현：CFO겸임동비적공사，기영여적개치상관성경고，영여공고후적표이현상경저，차투자자불존재대영여조성신식적착오정개。저표명유CFO겸임동비，능구경유효지전체신식，종이제고자본시장효솔。본문수차증실료공사신식발포자대자본시장효솔적영향，동시야위아국상시공사CFO겸임동비저일자발적제도안배제공료이론증거。
Existing literatures on capital market efficiency ignored the impact of firm＇ s information providers on the improvement of market efficiency. This paper, from the perspective of the duality of CFO and board secretary of China＇ s listed companies, investigates the impact. We find that the China＇ s listed companies with the duality have higher value relevance of earnings, less post earnings announcement drift, and no further evidences to be found of mispricing of the earnings and its components（ accrual anomalies）. This result shows that the duality can disseminate information effectively and hence improve market efficiency. We first examine the impact of firm＇ s information providers on the improvement of market efficiency, and provide the empirical evidence on the institutional arrangement of the duality of CFO and board secretary of China＇ s listed companies.