中美投资者关系管理比较：信息披露视角

发布时间：2018-04-08 12:49

本文选题：投资者关系　切入点：信息披露　出处：《首都经济贸易大学》2017年硕士论文

【摘要】：随着中国证券市场规模日益壮大,投资者关系管理的重要性逐渐凸显,信息披露作为其重要部分之一,对证券市场的发展影响深远。上市公司的信息披露可以提高投资者满意度以及忠诚度,实现股价提高,降低资本成本;投资者可以避免信息不对称,获取公允真实信息,进行理性投资;证券监管机构,可以促进市场良性互动,提升信息到资本的流动质量,带动证券市场快速,高效,有序发展。在信息披露和投资者关系管理理论基础上,结合实践,论文构建信息披露效果评价指标,并对中国上市公司信息披露现状进行描述性统计分析,总结出目前中国信息披露以及投资者关系管理的真实水平。从信息披露视角出发,比较了中国与美国的投资者关系管理,探究并构建出两国信息披露机制模型。从环境,制度,监管主体以及法律制度比较了两国投资者关系管理的差异,认为中国的信息披露体系并不完善但内容上全面普适,美国的信息披露体系成熟规范但内容上缺乏普适性。更重要的是,中国的信息披露缺失行业协会自发形成的监管体系,缺乏由内而外的自主监管意识,缺乏投资者关系管理的长期战略性思想以及自愿性信息披露意识。从上市公司、投资者、监管部门三方面着手,借鉴美国成熟投资者关系管理体系,寻求中国信息披露非对称性的解决方案,提出具有实践价值的建设性意见。例如,鼓励上市公司建立以股东为中心的股权文化,关注维护投资者权益;投资者则不仅要树立自我保护意识,更要提升市场监督意识;监管部门更加任重道远,借鉴美国经验,完善预测性信息披露制度,引进免责机制,即“安全港规则”,完善环境信息披露制度,践行可持续发展等。希望这些建议能够为上市公司进一步开展和完善投资者关系管理活动提供方向;为促使股价更加合理,反映其真实价值,保护投资者权益提供有效途径;为监管部门完善信息披露机制,制定出上市公司能够接受和自愿遵守的、符合市场需求,并具有可操作性的相关法律、法规提供依据。
[Abstract]:With the growing scale of China's securities market, the importance of investor relationship management is gradually highlighted. As one of its important parts, information disclosure has a far-reaching impact on the development of the securities market.The disclosure of information of listed companies can improve the satisfaction and loyalty of investors, realize the increase of stock price and reduce the cost of capital; investors can avoid information asymmetry, obtain fair and true information, and make rational investment;It can promote the positive interaction of the market, improve the quality of the flow of information to capital, and promote the rapid, efficient and orderly development of the securities market.On the basis of information disclosure and investor relationship management theory, combining with practice, the paper constructs the evaluation index of information disclosure effect, and carries on descriptive statistical analysis to the current situation of information disclosure of listed companies in China.Summarize the true level of information disclosure and investor relationship management in China.From the perspective of information disclosure, this paper compares the investor relationship management between China and the United States, and explores and constructs the model of information disclosure mechanism between China and the United States.This paper compares the differences of investor relationship management between the two countries in terms of environment, institution, regulatory body and legal system, and concludes that China's information disclosure system is not perfect but its content is comprehensive and universal.The information disclosure system in the United States is mature and standard, but it lacks universality in content.More importantly, the information disclosure in China lacks the self-formed regulatory system of industry associations, the consciousness of independent supervision from inside to outside, the long-term strategic thinking of investor relationship management and the awareness of voluntary information disclosure.From three aspects of listed company, investor and regulatory department, this paper draws lessons from the mature American investor relationship management system, seeks the solution of asymmetric information disclosure in China, and puts forward constructive suggestions with practical value.For example, to encourage listed companies to establish a shareholder-centered equity culture and pay attention to safeguarding the rights and interests of investors; investors should not only establish a sense of self-protection, but also raise the awareness of market supervision; regulators have a long way to go.Using American experience for reference, perfecting the system of predictive information disclosure, introducing exemption mechanism, that is, "safe harbour rules", perfecting the system of environmental information disclosure, practicing sustainable development, etc.It is hoped that these suggestions can provide a direction for the listed companies to further develop and improve the activities of investor relationship management, and provide an effective way to promote the stock price to be more reasonable, to reflect its real value and to protect the rights and interests of investors.For the regulatory authorities to improve the mechanism of information disclosure, to formulate listed companies can accept and voluntary compliance, in line with market demand, and have operability of the relevant laws and regulations to provide the basis.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F831.51

【相似文献】