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论文编号：	1725
作者编号：	1120060721
上传时间：	2009/6/17 20:45:17
中文题目：	基于投资者关系管理的机构股东积
英文题目：	Study on Institutional Shareho
指导老师：	马连福
中文关键字：	投资者关系管理;股东积极治理;公
英文关键字：	Investor Relations Management
中文摘要：	在过去的几十年中，全球金融市场发展的一个突出表现就是机构投资者的迅速崛起。无论是发展中国家还是发达国家，机构投资者在金融市场和金融体系中的作用越来越重要，对公司治理结构和机制的影响越来越大，其监督经理层和制衡大股东的功能逐渐凸显，因而备受理论界和实务界关注。我国政府和学术界也对机构股东积极治理寄予厚望，但其表现却不尽如人意。在现有的市场条件下，如何促进机构股东积极治理的发展成为关键问题，我们认为，投资者关系管理的发展是我国机构股东积极治理走出困境的路径之一。 在此背景下，研究基于投资者关系管理的机构股东积极治理具有一定的理论和现实意义。在理论研究方面，从公司营销视角探讨投资者关系管理理论，加深了对投资者关系管理本质的认识，拓宽了投资者关系管理的研究视角。其次，研究投资者关系管理作用于机构股东积极治理的机理，厘清了机构股东积极治理的约束条件和投资者关系管理的作用路径，丰富了机构股东积极治理的研究成果。同时，基于投资者关系管理视角的研究有助于促使机构股东监督作用的发挥，实现中小投资者利益的保护和上市公司质量的提升，并为政策制定者提供经验借鉴；从机构投资者角度可以清晰地描绘出投资者关系管理的作用路径和作用效果，有助于上市公司针对性地开展投资者关系管理活动，深层次推进投资者关系管理的实践应用。 本文总体的研究思路为：从公司治理和公司营销视角分别阐释了机构股东积极治理与投资者关系管理的理论基础；从投资者关系管理的融资和价值创造动机出发，构建了投资者关系管理作用于机构股东积极治理的理论分析框架，分析了投资者关系管理作用于机构股东积极治理的机理，并建立了融资驱动和价值创造驱动的机构股东积极治理模型；结合中国上市公司的实践背景，设计了投资者关系管理水平评价体系，最后对投资者关系管理作用于机构股东积极治理的路径和效果加以检验，得出的主要研究结论如下： 1．投资者关系管理是基于资本市场的公司营销战略，公司营销视角成为投资者关系管理理论研究的演进方向。投资者关系管理是运用营销工具，在竞争性市场上传递前瞻性信息，引导利益相关者的未来预期，促进与关键利益相关者的互动沟通，从而降低信息不对称，减少市场不确定性和风险，提升公司价值的战略行为。从公司营销视角研究投资者关系管理能够突出体现投资者关系管理的价值创造功能。 2．提高投资者关系管理水平是促进机构股东积极参与公司治理的最佳途径。信息披露与沟通功能的融合是投资者关系管理的优势所在。上市公司主动传递前瞻性信息使机构股东获取的信息更加全面、准确和及时；互动沟通渠道的建立使机构股东积极治理有了低成本的通道，投反对票、征集投票权以及媒体公开批评等方式将成为次优选择，从而降低了机构股东积极治理的外在约束，为机构股东积极参与公司治理创造了条件。 3．投资者关系管理作用于机构股东积极治理的路径为：从公司融资和价值创造动机出发，选择符合公司战略目标的机构投资者，调整公司的投资者结构；向机构股东传递前瞻性信息，促使其积极参与公司治理，并对市场中的投资者作出“承诺”，鼓励投资者进行投资，实现融资目的；通过互动沟通渠道得到市场对公司的评价和反馈以及投资者的相关建议，及时调整公司策略，提高公司决策的科学性和效率，实现公司价值的提升。 4．在我国上市公司中，机构股东偏好公司规模大、第一类代理成本高和投资者关系管理水平高的上市公司，投资者关系管理作用于机构股东积极治理的价值效应显著。上市公司开展投资者关系管理的重点应放在机构股东积极治理的引入。 本文是基于中国上市公司机构股东积极治理的现实需要而进行的理论探索，其创新在于揭示了公司营销视角的投资者关系管理对于机构股东积极治理的作用。首先，从公司营销视角构建了投资者关系管理的理论框架，拓展了投资者关系管理的研究领域；其次，基于公司营销框架下的投资者关系管理理论，提出投资者关系管理是影响机构股东积极治理的有效途径，客观上为引入机构股东积极治理创造了条件；第三，从投资者关系管理的融资动机和价值创造动机出发，构建了融资驱动和价值创造驱动的机构股东积极治理模型，并通过数理模型和实证研究加以检验。
英文摘要：	In the past few decades, institutional investors rise abruptly in the global financial market. Both in developing and developed countries, the role of institutional investors in financial markets and financial systems is increasingly important, and have more and more effect on corporate governance structures and mechanisms. Its function of the supervision of managers and check and balance with major shareholders is highlighted gradually, resulted in theoretical and practical concerns. China’s government and academic institutions also have great expectations of institutional shareholder activism, but it falls short of its performance. In the current market conditions, how to promote institutional shareholder activism becomes a key issue, and we believe that the development of investor relations management can promote the institutional shareholder activism. In this context, there are certain theoretical and practical significance researching the institutional shareholder activism based on investor relations management. Theoreticaly, we can have a better understanding of the nature of investor relations management from the perspective of corporate marketing, and broaden the investor relations management research perspective. Secondly, by revealing the micro-mechanism of investor relations management to the institutional shareholders activism, we can clarify the effect path of investor relations management and enriching the research of institutional shareholder activism. At the same time, from the perspective of investor relations management, the study will help enable the supervisory role of institutional shareholders to realize the protection of small and medium investors interests, enhance the quality of listed companies and provid policy-makers learning experience; and from the perspective of institutional investors, we can have a clear and comprehensive picture of the effect path of investor relations management, which can contribute to listed companies to carry out investor relations management targetedly, and deeply promote the applications of investor relations management. The overall framework of this dissertation as follows: from the corporate governance and corporate marketing perspective to explain the theoretical basis of institutional shareholder activism and investor relations management; from the motivation of finance and value creation of investor relations management to build the theoretical analysis framework, and an analysis of the micro-mechanism of investor relations management to institutional shareholder activism, and the establishment of models of finance-driven and value-driven institutional shareholder activism; combining the practice of China's listed companies background, designed the evaluation system of investor relations management, and examine the path and effect of investor relations management to institutional shareholder activism. The main conclusion of the study are as follows: 1. Investor relations management is corporate marketing strategy based on the capital market, and its future perspective of theoretical study is the corporate marketing. Investor relations management is the company’s strategic behavior that using of marketing tools, transmissing of forward-looking information in competitive markets, guiding the future expectations of stakeholder, promoting the interactive communication of key stakeholders, and thereby reducing the information asymmetry, reduce market uncertainty and risk to enhance the value of companies. From the research perspective of marketing, we can highlighted the value create functions of investor relations management. 2. The best way to promote institutional shareholder activism is raising the level of investor relations management. It integrate the functions of information disclosure and communication. A listed company take the initiative to transmit forward-looking information so that institutional shareholders can obtain information more comprehensive, accurate and timely; the establishment of interactive communication channels can enable institutional shareholder avtivism with lowly cost, so that the voting and media channel become the second best option, which reduces the external constraints of institutional shareholder activism, which creating conditions for institutional investors to participate actively in corporate governance. 3. The path of investor relations management to institutional shareholder activism as follows: from the motivation of corporate finance and value creation, companies choose institutional investors in line with strategic objectives, adjust the structure of company’s investors; transmit forward-looking information to institutional shareholders, promote their active participation in corporate governance, and make “commitment” to investors in market, reveal the existence of mechanism of keeping away moral hazard behaviors by insider persons to achieve the purpose of financing; through interactive communication channels have the evaluation and feedback of market, as well as the relevant recommendations of investors, timely adjust company's strategies to improve the company's decision-making scientificly and efficiency, then enhance corporate value. 4. In Chinese listed companies, institutional shareholders prefer companies of large scales, have higher first type agent cost and higher level of investor relations management. The value effect of investor relations management are significantly positive. Companies should focus on the introduction of institutional shareholder activism in carrying out investor relations management. This dissertation is based on the reality needs of shareholder activism in Chinese listed companies, and the innovation is that it reveals the role of investor relations management to invstitutional sharesholder activism from the perspective of corporate marketing. First of all, establishling investor relations management framework from the perspective of corpoate marketing to expand the research area of investor relations management; Second, based on the theory of investor relations management under perspective of corporate marketing, analysing the impact to constraints of institutional investor activims by investor relations management; Third, from the motivation financing and value creation of investor relations management, building finance-driven and value-driven institutional shareholders activism models, and testing by mathematical and empirical research.
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