负面事件中投资者关系管理的价值效应考察

发布时间：2018-03-25 01:00

本文选题：投资者关系管理　切入点：保险效应　出处：《财贸经济》2017年06期

【摘要】：资本市场上的关系构建和维护是否对上市公司股东利益产生真实效应?这是近年来财务学和管理学交叉研究的热点问题。本文切入危机管理的创新视角,利用中国资本市场上市A股公司的投资者关系管理调查数据,探讨投资者关系管理活动在负面事件中的价值作用及其形成机理。研究结果显示:(1)通过负面事件的市场效应考察,发现企业前期的投资者关系管理质量越高,则企业负面事件下的市场效应越高。这表明高质量的投资者关系管理确实能够抑制股东财富的损失和保护股东利益,起到类"保险效应"的作用。(2)通过对公司特性和事件特性的考察,发现投资者关系管理的保险效应仅在大规模公司、公司违规事件中存在,而在小规模公司、高管违规事件中并不存在,并且相比远期违规,即期违规事件下投资者关系管理的保险效应更加强烈和显著。(3)通过对负面事件后公司可视性的变化程度分析,发现在负面事件当年高质量的投资者关系管理活动能够显著增强危机后机构投资者的持股比例。这表明在中国资本市场,投资者关系管理具有一定的"危机公关效应"。总之,在负面事件发生时,高质量的投资者关系管理能够产生保护股东利益的作用。
[Abstract]:Does the relationship construction and maintenance in the capital market have a real effect on the shareholders' interests of listed companies? This is a hot issue in recent years in the cross-study of financial science and management. This paper makes use of the investor relationship management survey data of listed A-share companies in China's capital market from the innovative perspective of crisis management. This paper discusses the value function and formation mechanism of investor relationship management activities in negative events. The research results show that the higher the quality of investor relationship management in the early stage of enterprises is, the higher the quality of investor relationship management is. The higher the market effect under negative events, the higher the market effect. This shows that high quality investor relationship management can really restrain the loss of shareholders' wealth and protect the interests of shareholders. By investigating the characteristics of companies and events, it is found that the insurance effect of investor relationship management exists only in large scale companies, companies break regulations, but in small scale companies. The insurance effect of investor relationship management under spot violation is stronger and more significant than that of forward violation) through the analysis of the change degree of company visibility after negative events. It is found that the high quality investor relationship management activities in the year of negative events can significantly increase the shareholding ratio of institutional investors after the crisis. This indicates that investor relationship management has a certain "crisis public relations effect" in China's capital market. In the event of negative events, high-quality investor relationship management can protect the interests of shareholders.
【作者单位】：苏州大学东吴商学院;四川师范大学数学与软件科学学院;
【基金】：国家自然科学基金青年项目“风险投资、财务信息质量与股票崩盘风险”(71302121);国家自然科学基金青年项目“口口相授对股票市场参与问题的研究”(71401119) 江苏省社会科学基金项目(14EYC007)
【分类号】：F832.51

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