投资者关系管理对上市公司绩效影响的实证研究

发布时间：2018-04-19 21:09

本文选题：投资者关系管理 + 公司绩效　；参考：《东北财经大学》2013年硕士论文

【摘要】：在过去的几年中,中国乃至全球股市均经历了大起大落的不寻常阶段,全球资本市场的发展趋于规范化、市场化、机构化,证券市场受到了前所未有的关注,其中公司的投资者获得了人们更多的目光。目前中国的证券市场还处于新兴阶段,想要通过发展逐渐壮大,需要各参与者的共同努力。上市公司作为证券市场的核心参与者,想要在证券市场中获得一席之地并得到长远发展,吸引投资者的关注并与投资者保持稳定良好的关系,是必不可少的。鉴于投资者关系管理的重要性,上市公司要着眼于发现并解决目前投资者关系管理存在的问题从而改善与投资者间的关系。但我国目前整体投资者关系管理水平还较低,还有很大的提升空间。在实际工作的开展中仍存在着很多问题,具体表现为一些上市公司对投资者关系管理工作的开展不重视,理解不够深入,只是被动遵守监管部门出台的法律法规,缺乏主动性与积极性,多是对短期利益的追逐,缺乏战略性的规划。在理论上,对于投资者关系管理的研究相对于其他课题来说也缺乏深入的理论研究和数据实证分析方面的文献。本文选择我国上市公司投资者关系管理与公司绩效关系的实证研究这一课题,是想通过继承发展现有的研究成果,运用实证方法来分析投资者关系管理对公司绩效的影响。本文将规范研究与实证研究相结合,并以实证研究为主。从考察投资者关系管理与公司绩效的一般理论入手,分析投资者关系提升企业绩效的实现机制,然后搜集相关数据,运用统计检验以及回归分析等计量经济学方法对该问题进行实证研究。在进行实证研究时,本文选取信息披露与沟通两方面共28个指标来构建投资者关系管理指数,从而对样本公司进行评价与比较分析,然后根据选择的公司绩效指标,通过多元回归分析考察投资者关系管理对企业绩效的影响,最后提出结论与建议。本文主要包括五部分内容。第一部分是引言,主要介绍本文的研究背景、选题动机、投资者关系管理在国内外的研究现状及发展趋势、研究目的及意义、论文架构及创新点。第二部分是投资者关系管理的理论框架,从内涵、基本属性、目标及手段、内容等几方面对其进行详细叙述。第三部分是对公司绩效的界定,并以公司治理理论、委托代理理论、非对称信息理论、资本营销理论及关系价值理论为依据探讨了投资者关系管理对公司绩效的影响。同时,提出了本文的研究假设。第四部分是本文的实证研究部分,包括研究设计与实证分析两部分。研究设计中包括变量提出、模型设计与样本选择及数据来源。实证分析中通过多元回归与描述性统计探讨了投资者关系管理对公司绩效的影响。第五部分是本文通过研究所得出的结论与建议,主要包括研究结论、研究的局限与不足、未来的研究方向以及对我国开展投资者关系管理的建议。
[Abstract]:In the past few years, Chinese and even global stock markets have experienced an unusual period of ups and downs. The development of the global capital market tends to be standardized, market-oriented, institutionalized, and the securities market has received unprecedented attention. Among them, the investors of the company got more attention. At present, China's securities market is still in a new stage. As the core participants of the securities market, it is necessary for listed companies to gain a place in the securities market and obtain long-term development, attract the attention of investors and maintain a stable and good relationship with investors. In view of the importance of investor relationship management, listed companies should focus on finding and solving the existing problems in investor relationship management, so as to improve the relationship with investors. However, the overall level of investor relationship management in China is still low, there is still a lot of room for improvement. There are still many problems in the development of practical work, which are manifested in the fact that some listed companies do not attach importance to the development of investor relations management, do not understand deeply enough, but only passively abide by the laws and regulations issued by the regulatory authorities. Lack of initiative and enthusiasm, is the pursuit of short-term interests, lack of strategic planning. In theory, the research on investor relationship management is also lack of in-depth theoretical research and empirical analysis of data compared with other topics. This paper chooses the empirical research on the relationship between investor relationship management and corporate performance of listed companies in China. It is intended to analyze the impact of investor relationship management on corporate performance by inheriting and developing existing research results and using empirical methods. This paper combines normative research with empirical research, and focuses on empirical research. Starting with the general theory of investor relationship management and corporate performance, this paper analyzes the realization mechanism of investor relationship to enhance enterprise performance, and then collects relevant data. An empirical study on the problem is carried out by means of econometrics, such as statistical test and regression analysis. In the empirical study, this paper selects 28 indicators of information disclosure and communication to construct investor relationship management index, and then evaluates and compares the sample companies, and then according to the selected corporate performance indicators. The influence of investor relationship management on enterprise performance is investigated by multiple regression analysis. Finally, conclusions and suggestions are put forward. This paper mainly includes five parts. The first part is the introduction, mainly introduces the research background of this paper, the motive of selecting the topic, the present situation and development trend of investor relationship management at home and abroad, the purpose and significance of the research, the structure of the paper and the innovation point. The second part is the theoretical framework of investor relationship management, from the connotation, basic attributes, objectives and means, content and other aspects of the detailed description. The third part is the definition of corporate performance, and discusses the impact of investor relationship management on corporate performance based on corporate governance theory, principal-agent theory, asymmetric information theory, capital marketing theory and relationship value theory. At the same time, the research hypothesis of this paper is put forward. The fourth part is the empirical part of this paper, including research design and empirical analysis. The research design includes variable presentation, model design, sample selection and data source. In the empirical analysis, the influence of investor relationship management on corporate performance is discussed through multiple regression and descriptive statistics. The fifth part is the conclusions and suggestions of this paper, including the research conclusions, limitations and shortcomings of the study, the future research direction and the suggestions for the implementation of investor relationship management in China.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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