Using the setting of corporate site visits, this study examines the information interpretation role of board secretaries on market information efficiency. We find that the presence of the board secretary during corporate site visits can significantly improve the information content of such visits. From the perspective of information interpretation ability, when the board secretary has a dual role, receives high relative compensation, and has a high level of education, his or her participation in site visits has a greater effect on improving the informativeness of such visits. From the perspective of information asymmetry, the information interpretation role of the board secretary is more pronounced when the level of information asymmetry between the firm and its investors is high. Further analysis shows that when the board secretary attends more site visits, the level of analyst forecast error is lower. In summary, we confirm the information interpretation role of board secretaries, which is useful for opening the “black box” of their participation in the information assimilation process and for better understanding of how to improve market information efficiency.

本研究以企业实地考察为背景，考察董事会秘书对市场信息效率的信息解读作用。我们发现，董事会秘书在企业实地考察期间的在场可以显着提高此类考察的信息含量。从信息解读能力来看，当董事会秘书具有双重角色、相对薪酬较高、受教育程度高时，其参与实地走访对提高走访信息量的作用更大。从信息不对称的角度来看，当公司与投资者之间的信息不对称程度较高时，董事会秘书的信息解释作用更加明显。进一步分析表明，董事会秘书参加的现场访问越多，分析师预测误差的水平就越低。综上所述，我们确认董事会秘书的信息解读作用，有助于打开董事会秘书参与信息同化过程的“黑匣子”，更好地理解如何提高市场信息效率。