基于股票流动性和资本成本的上市公司投资者关系管理研究

发布时间：2018-06-25 00:14

本文选题：投资者关系管理 + 股票流动性　；参考：《对外经济贸易大学》2014年硕士论文

【摘要】：研究资料显示，投资者关系管理理论最早起源于欧美发达国家，在西方，投资者关系管理俨然是一种内容丰富、实例较多的研究科目。相比之下，中国对投资者关系管理的研究较晚，2005年，中国的“股改”（股权分置改革）加速了投资者关系管理的兴荣，中国投资者关系取得了标志性的进步。同时，伴随近几年资本市场对题材股、概念股等热点股票的追逐，中国上市公司在逐渐意识到投资者关系管理工作的重要性，上市公司投资者关系管理部门在资本市场中愈来愈发挥其重要的桥梁作用。虽然如此，仍有部分上市公司的投资者关系管理工作并未到位，并未深刻认识到投资者关系管理的重要性。因此，结合作者在财经公关公司从事投资者关系管理工作的经验，本文将股票流动性、资本成本和投资者关系管理联系起来，同时列举案例对我国上市公司投资者关系管理对股票流动性、资本成本的影响进行研究。本文首先从投资者关系管理的基本理论开始进行阐述，通过借鉴国内外学者、机构对投资者关系管理的研究，概括总结了投资者关系管理的涵义、主要要素、目标及相关理论，并对中国上市公司投资者关系建设情况进行阐述。之后针对作者亲身参与的上市公司投资者关系相关事项为案例进行研究分析，论证我国上市公司投资者关系管理同股票流动性、资本成本是否存在相关关系,同时对上市公司财务数据进行实证检验。实例研究结果表明，投资者关系管理同股票流动性、资本成本分别存在正、负相关关系，在此结论的基础上得出了对我国投资者关系管理的几点建议，监管层、上市公司及外部力量三个层面都应该共同努力促进投资者关系管理的开展。
[Abstract]:The research data show that the theory of investor relationship management originated from developed countries in Europe and America. In the west, investor relationship management is a kind of research subject with rich contents and many examples. In contrast, the research on investor relationship management in China is relatively late. In 2005, China's "share reform" (split share structure reform) accelerated the prosperity of investor relationship management, and the Chinese investor relationship made symbolic progress. At the same time, with the pursuit of hot stocks such as subject stocks and concept stocks in the capital market in recent years, Chinese listed companies are gradually realizing the importance of investor relationship management. The investor relationship management department of listed companies is playing an important role in the capital market. However, there are still some listed companies in the investor relationship management work has not been put in place, did not deeply understand the importance of investor relationship management. Therefore, combined with the author's experience in investor relationship management in financial and public relations companies, this paper links stock liquidity, capital costs and investor relationship management. At the same time, it enumerates cases to study the influence of investor relationship management on stock liquidity and capital cost. This paper begins with the basic theory of investor relationship management, and summarizes the meaning, main elements, objectives and related theories of investor relationship management by referring to the research of domestic and foreign scholars and institutions on investor relationship management. And the construction of investor relations of listed companies in China is expounded. After that, the author studies and analyzes the related issues of investor relationship of listed companies, and proves whether there is a correlation between investor relationship management and stock liquidity and capital cost of listed companies in China. At the same time, the financial data of listed companies are tested empirically. The results of the case study show that there are positive and negative relations between investor relationship management and stock liquidity and capital cost respectively. Listed companies and external forces should work together to promote the development of investor relationship management.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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