投资者关系管理对上市公司价值影响的实证研究

发布时间：2018-06-06 18:19

本文选题：投资者关系管理 + 公司价值　；参考：《东北财经大学》2012年硕士论文

【摘要】：七十多年前,美国在经历经济大萧条后,资本市场呈现一片混乱。各公司为了争夺发展机会,使用各种手段来吸引投资者的关注。因此,当时美国资本市场信息发布缺乏规范、虚假信息到处泛滥,人们开始认识到投资者关系管理的必要性。到了20世纪50年代,投资者关系管理才正式起步。1956年,美国管理协会发布了第一份关于股东关系的研究报告。1969年,美国率先成立了全美投资者关系协会,拥有了第一家全国性的投资者关系协会。20世纪90年代,国际投资者关系联合会成立,它把各个国家的投资者关系协会联合起来,成为了全球投资者关系管理发展的一个里程碑。目前,世界上已有20多个国家拥有了自己国家的投资者关系协会,投资者关系管理越来越得到人们的认可。在我国,投资者关系管理是一个新生的事物,还不是很成熟。投资者关系管理在中国短短的十几年的发展可以分为两个部分,2005年的股权分置改革是分界点。2005年以前,投资者关系管理发展比较缓慢,主要是投资者关系管理概念的引入、理念的提倡以及实践的探索。2005年的股权分置改革促使投资者关系管理由“要我做”进入了“我要做”的新阶段,因此这一年被成为中国资本市场投资者关系管理元年。中国证监会于2005年9月正式发布了《上市公司股权分置改革管理办法》,该管理办法的目标是保护投资者特别是中小投资者的权益,不但赋予了投资者修改具体改革方案的权利,还将决定方案是否通过的流通股股东的支持率提高到一个空前的高度。这就使流通股股东无形中提高了话语权,投资者关系管理得到空前的重视,成为各公司的主动行为。股权分置改革无疑促进了我国投资者关系管理的快速发展,并开启了投资者关系管理服务于公司价值和股东价值最大化的新使命。良好的投资者关系管理能够促进投资者对上市公司形成正面积极的印象,进而提高投资者对公司的认同感,能够有效的解决公司与投资者之间的矛盾问题,吸引潜在投资者的注意,有利于公司的长远发展。但是虽然经过股权分置改革,我国的投资者关系管理有了一定的发展,但相对于成熟资本市场还存在许多问题,如相关法律法规不健全、管理层意识薄弱等,而且对投资者关系管理对公司价值的重要性也认识不足。因此,探讨投资者关系管理对公司价值的影响结果对于提升我国上市公司投资者关系管理水平具有重要的现实意义。本文通过介绍投资者关系管理的含义、影响因素以及作用渠道,让读者加深对投资者关系管理的理解。并在对投资者关系管理理解的基础上进一步探讨了投资者关系管理对公司价值的影响,阐述了投资者关系管理对公司价值实现的重要性。为了理论联系实践,本文通过对上市公司投资者关系管理的分析,对投资者关系管理和公司价值之间的关系进行了论证,结论证明投资者关系管理对公司价值有积极的影响。并在此基础上,本文提出了对于提高我国投资者关系管理的几点建议。本文共包括以下六个部分：第一部分是绪论,对投资者关系管理在国内外的发展背景及其现实意义进行了阐述,并且对国内外相关文献进行了回顾,最后还介绍了文章的研究结构、研究方法和创新点。第二部分是投资者关系管理与公司价值概述。本文在这部分首先介绍了投资者关系管理的含义、影响因素,然后分析了实施投资者关系管理的渠道,加深读者对投资者关系管理的理解,最后介绍了投资者关系管理对公司价值影响的相关理论,并具体探讨了影响的具体方面,在理论基础上提出来本文的研究假设。第三部分主要进行了研究设计,包括研究样本的选择、变量的选取以及模型的构建。第四部分是投资者关系管理对公司价值影响的实证研究,得出结果并进行了一定的分析。第五部分阐述了本文的研究结论,并分析了研究的局限性,最后针对研究得出的结论对开展我国投资者关系管理提出了相关建议。本文采用了规范研究与实证研究相结合的方法,并且涉及了会计学、管理学、市场营销学、心理学等多学科的知识,使研究结论更加丰富。
[Abstract]:More than 70 years ago, after the great depression in the United States, the capital market was in chaos. In order to compete for development opportunities, companies used various means to attract investors' attention. Therefore, the information release of the American capital market was lack of standard, false information was spread everywhere, and people began to realize the necessity of investor relations management. By 1950s, investor relations management started in.1956 years. The United States Management Association issued the first research report on shareholder relations in.1969, the United States took the lead in establishing the national Investor Relations Association, the first National Association of investors relations in 90s.20 century, the International Federation of investor relations. It has become a milestone in the development of global investor relations management. At present, more than 20 countries in the world have the Investor Relations Association of their own countries, and the management of investor relations has become more and more recognized.
In China, investor relations management is a new thing, and it is not very mature. The development of investor relations management in China can be divided into two parts in a short period of more than ten years. In 2005, the split share reform was.2005 years ago, and the development of investor relations management was slow, mainly the introduction of the concept of investor relations management. The advocacy of concept and the exploration of practice in.2005, the equity division reform in the year has prompted the investor relations management to enter the new stage of "I want to do", so this year has become the first year of the Chinese capital market investor relations management. In September 2005, the China Securities Regulatory Commission formally issued the management of the split share reform management of the listed companies. The objective of this management method is to protect the rights and interests of investors, especially small and medium investors, not only gives investors the right to modify the specific reform scheme, but also decides whether the support rate of the shareholders of the circulating shares will be raised to an unprecedented height. The system management has been paid unprecedented attention and has become the initiative of the companies. The split share reform has undoubtedly promoted the rapid development of the investor relations management in China, and opened the new mission of the investor relationship management to serve the value of the company and the maximization of the shareholder value.
Good investor relationship management can promote a positive impression on the listed companies, and then improve the identity of the investor to the company. It can effectively solve the problem of the contradiction between the company and the investor, attract the attention of the potential investors and benefit the long-term development of the company. There has been a certain development in the management of investor relations in China, but there are still many problems relative to the mature capital market, such as unsound laws and regulations, weak management consciousness and so on, and the importance of investor relations management to the value of the company is insufficient. It has important practical significance for improving the level of investor relations management of Listed Companies in China.
By introducing the meaning, factors and channels of investor relations management, this paper makes readers understand the relationship management of investors, and further discusses the influence of investor relationship management on the value of the company on the basis of understanding the relationship management of investors, and expounds the importance of investor relationship management to the value of the company. By analyzing the relationship management of the investors in the listed companies, this paper demonstrates the relationship between investor relationship management and the value of the company. The conclusion is that the relationship management of investors has a positive impact on the value of the company. On this basis, this paper proposes to improve the relationship management of the investor in China. Some suggestions.
This article includes the following six parts:
The first part is the introduction, which expounds the background and practical significance of the development of investor relations management at home and abroad, and reviews the relevant literature at home and abroad, and finally introduces the research structure, research methods and innovation points of the article.
The second part is an overview of investor relationship management and corporate value. This article first introduces the meaning and influencing factors of investor relations management, then analyzes the channels for the implementation of investor relations management to deepen the reader's understanding of investor relations management, and finally introduces the relationship between investor relations management and the value of the company. Theory, and specifically discussed the specific aspects of the impact, and put forward the hypothesis of this study on the basis of theory.
The third part mainly carries on the research design, including the research sample selection, the variable selection and the model construction.
The fourth part is the empirical study of the impact of investor relations management on company value, and the results are analyzed.
The fifth part expounds the conclusions of this study, and analyzes the limitations of the study. Finally, it puts forward some suggestions on the development of investor relations management in China according to the conclusions of the study.
This paper adopts the method of combining normative research and empirical research, and involves the knowledge of accounting, management, marketing, psychology and so on, which makes the research conclusion more abundant.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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