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论文编号：	2542
作者编号：	2120082158
上传时间：	2010/6/12 13:17:18
中文题目：	上市银行投资者关系管理水平及其对业绩影响的实证研究
英文题目：	A empirical study on the investor relations management of listed banks and it’s effect on the performance
指导老师：	马连福
中文关键字：	上市银行;投资者关系管理;企业业绩;机构投资者
英文关键字：	listed banks; investor relations management; enterprise performance; institutional investor
中文摘要：	投资者关系管理已经被大多数上市公司提升到战略管理的高度，其管理水平己经成为一个资本市场开始走向成熟的主要指标。投资者关系管理最早出现于20世纪50年代的美国，随着人们投资理念的变化及经济全球化的实现，投资者关系管理内涵也逐渐发生变化，由最初的单一的危机处理或形象维护向强调双向沟通和建立投资者信任关系的方向发展。我国上市银行的投资者关系管理工作开始于1991年4月深圳发展银行在深圳证券交易所的上市，截止目前我国已经有14家银行成功上市，这些银行在上市后基本都成立了专门负责资本市场的运作与管理投资者关系工作的部门，逐步开始了一些日常性的投资者关系管理的工作。然而随着我国资本市场、证券市场的快速发展，投资者队伍持续壮大，投资者也变得日益成熟，主要表现在：广大投资者受教育的程度持续提高，专业技术水平也不断提升，投资理财理念更加理性化，因此，他们对广大上市公司的信息要求也越来越高。从而对包括上市银行在内上市公司的投资者关系管理提出了更具挑战性的要求，督促上市公司持续进行真实完善的信息披露和良性的互动沟通。 本文通过梳理讨论国内外上市公司投资者关系管理的相关研究文献，发现国内外上市公司投资者关系管理的研究还存在一定程度的不足，尤其是在国内上市银行领域的研究成果更是欠缺。因此，为了响应我国上市银行的投资者关系管理的实际需要，以及尽量丰富国内在上市公司投资者关系管理领域的研究成果，本文设计了一套上市公司投资者关系管理水平的评价指标体系，并以国内14家上市银行为研究样本，对目前我国上市银行的投资者关系水平进行了评价分析，并对上市银行投资者关系管理水平对其业绩的影响展开了研究，以期发现上市银行的投资者关系管理水平与上市银行业绩之间的作用机理。 通过分析，本文认为目前我国上市银行的投资者关系管理水平对其经营业绩、成长潜力以及市场价值存在一定的影响，但是尚未显现出明显的正相关关系。这个结果在很大程度上受到我国银行业的特殊性以及我国上市银行数量有限，上市时间较短，投资者关系管理的作用尚未完全显现的影响。同时，本研究也发现，上市银行的投资者关系管理水平能够对机构股东的数量及持股比例产生正向的影响。这说明了上市银行的投资者关系管理能够提升投资者的满意度与忠诚度,使公司的整体形象得到提高，能吸引更多投资者,增强他们长期持股的信心。机构投资者对上市公司更为高度、更为专业的关注，对上市公司的投资者关系管理工作提出了更具挑战性的要求。 本文主要有以下贡献：第一，本文聚焦于国内的上市银行，将14家上市银行作为研究样本，充分考虑到了上市银行的特殊性，打破了以往的研究中将银行等金融上市公司剔除的局面；第二，本文以互动沟通为核心设计了一套上市公司投资者关系管理水平评价指标体系，对我国上市银行的投资者关系管理水平进行了充分客观的评价；第三，本文不仅对上市银行的投资者关系管理具有实际的指导意义，并且能够在理论上丰富国内相应领域的研究成果。
英文摘要：	The investor relations management has been upgraded to the level of strategic management; the management level has become the key indicators of a mature capital market. The investor relations management first appeared in the United States in 1950s, after several decades’ development, national investor relations organizations have established in the UK, France and other developed countries. With the change in investment philosophy and the realization of economic globalization, the content of investor relations management is gradually changing. It’s content change from the initial image of a single crisis management or maintenance to emphasize two-way communication and build investor confidence in the direction of relations. China’s listed banks’ investors relationship management began in April 1991, Shenzhen Development Bank listing in Shenzhen Stock Exchange. Currently there are 14 listed banks, after the listing they all set up department specifically for investor relations management and capital markets, carried out daily management of investor relations. But with the development of China's securities market, investors have been steadily increased, investors have become more sophisticated: Higher level of education, Higher levels of professionalism, more rational investment philosophy; all these increase the demand for information. And these increase the demand for the investor relations management of the listed companies included the listed banks, supervision of listed companies to disclose the true sound and healthy interaction between information communications. The article, reviewing domestic and foreign listed companies investor relations management research literature and found foreign companies investor relations management study also lack some extent, especially in the field of domestic listed banks is a lack of research. Therefore, in order to respond to China's listed banks in the actual management of investor relations needs, and enrich the domestic listed companies, investor relations management in the field of research findings, the paper design of the listed companies investor relations management evaluation system and to the domestic 14 The sample listed banks, listed banks to evaluate the level of investor relations analysis, and management of listed banks investor relations impact of his performance began research to find a listed bank investor relations management and listed banks performance between the mechanism. Through analysis, we can see, China's listed banks’ investor relations management can impact its’ performance, growth potential and market value, but there is not an obvious positive correlation. That is because China's banking industry is particular and the number of listed banks in China is limited, the listed time is too short, the role of investor relations management has not yet fully apparent effect. At the same time, this study also found that listed banks investor relations management has positive effects to the number of institutional shareholders and shareholding ratio. This shows that the listed banks’ investor relations management can enhance investor satisfaction and loyalty, can improve the company's overall image, can attract more investors and increase their confidence in long-term holdings. The listed companies’ investor relations management work is facing more challenging requirements. This paper has the following contributions: First, this paper focuses on the domestic listed banks, the 14 listed banks as a sample, fully taking into account the particularity of listed banks, breaking the previous studies excluded banks and other financial situation; Second, make the interactive communication as the core of the Listed Investor Relationship Management Evaluation Index System, the investor relations management was fully objective evaluation; Third, this study not only can direct the practice of the listed bank's investor relations management, at the same moment, it can extensive research in academic.
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