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论文编号：	2636
作者编号：	2120082215
上传时间：	2010/6/17 17:36:18
中文题目：	投资者关系管理对公开市场股票回购效应的影响研究——来自香港上市的内地公司公开市场回购的证据
英文题目：	The study of how IRM will influence the firm value via stock repurchase—evidence from the Chinese enterprises carry on the open market repurchase which listed in Hongkong
指导老师：	马连福
中文关键字：	投资者关系管理、公开市场股票回购、信号理论、公司营销
英文关键字：	Investor Relations Management; open-market share repurchase ; signal theory; company-level marketing
中文摘要：	投资者关系管理萌芽于投资者的基本信息权诉求。随着公司维持核心竞争力的资金短缺压力的日益膨胀，以及现代证券市场便利、低成本融资技术的发展成熟，如何获取资本市场融资竞争优势，从而实现维持产品服务市场上的核心竞争优势，成为现代公司战略发展的重要课题。投资者关系管理的内涵由最初的单向的投资者基本权益保护强制性治理手段，逐渐上升为通过互动沟通和自愿性信息披露，建立良好的投资者关系，实现投资者关系价值，进而又上升成为公司层价值营销的战略管理手段。越来越多的公司关注公司进行投资者关系管理的手段和途径的建立，以及这些手段途径对公司层价值的作用机理。如何进行投资者关系管理，建立相互信赖的关系，降低信息不对称，传递公司层价值，吸引投资者关注度，维护投资者投资信心，成为了投资者关系管理工作的核心。 2008年的金融危机在造成投资者投资信心危机，市场上悲观的情绪不断蔓延，投资者纷纷抛售股票出逃，公司股价大幅缩水。在这样的背景下，有一部分公司通过采取公开市场股票回购的方式，试图挽救公司股价暴跌不止的趋势。本文以2008年度在香港上市且进行公开市场股票回购的47家内地公司为研究对象，考察在金融危机背景下，公开市场股票回购举措对公司股票价值产生的影响效应。本文从信号理论和资本市场公司层价值营销动机出发，论证公开市场股票回购能够降低公司内外部信息不对称性，传递公司价值，增强投资者信心的作用，能够实现投资者关系价值，是投资者关系管理重要的手段之一。 本文利用事件研究法，研究短期内公开市场股票回购对公司股票市场价值的影响。研究发现，在股票回购前后各5天窗口期内，公司股票价格存在显著的超额回报，但这种超额回报在较短的时间内就会消失，存在超额回报的平均天数仅为4天。本文进一步利用南开大学公司治理中心投资者关系管理研究室设计的投资者关系管理水平评价体系，研究公司其他的投资者关系管理手段与公开市场股票回购造成的公司股票市场价值影响效应的遏制作用。在控制公司规模，销售增长率，财务杠杆和回购比例的前提下，分别从历史性非财务信息、前瞻性信息、沟通渠道和组织设置四个方面进行分析，并验证了公司其他的投资者关系管理手段和公开市场股票回购手段在公司层价值传递方面有替代的作用。投资者关系管理水平越高的公司，公开股票回购的价值效应越低，回购事件窗口期的累积超额回报越小，股价的波动性越小。本文又进一步利用非参数T检验，研究公开市场股票回购对公司层价值较长期的影响效应。本文对公司进行公开市场股票回购之后的三个月内公司股票市场价值的变化情况进行分析。研究发现，在金融危机的背景下，一次性的股票回购并不能使公司的股价止跌反超，逆势而上。但是，公司进行公开市场股票回购在一定程度上遏制了股价下跌的趋势，在一定程度上稳定了股价。 本文主要有以下贡献：第一，本文从投资者关系管理的角度出发，拓展公开市场股票回购的动机假说，为公司将公开市场股票回购纳入公司长期的投资者关系管理工作提供理论支持；第二，本文验证了其他投资者关系管理手段与公开市场股票回购手段对公司层价值认知引导作用之间的替代作用，为公司如何进行投资者关系管理决策提供了参考；第三，本文以香港证券市场为研究对象，成熟市场的经验对正在发育成熟的国内证券市场运行有实际的指导意义，对国内上市公司进行规范化运作和科学投资者关系管理决策具有实际的借鉴意义。
英文摘要：	Investor relation management emerges from investors’ cry for the basic right of information. As the competitive pressure increases, more and more company realize that if they want to keep a long-term core competitiveness, which is constrained by the shortage of funds, they have to some some way to do capital raising. Modern finacial market provide companies with many convinence and low-cost methods to raise a large of fund in short time. How to make the best use of the raise methods of finacial market, become the important issue of strategy management. Since then, the concept of investor relation management expand from the initial one-way to protect the basic rights of investors in the mandatory control measures, gradually to interactive communication method. By voluntary disclosing information, a good investor relations can realize the value of investor relations, inverstor relation management become a company's strategic marketing management tool. More and more companies concern about the company investor relations management tools and means of establishment, and the way how these means the value of the company's level mechanism work. How to conduct a company’s investors relationship management, how to establish relations of mutual trust, how to reduce information asymmetry, how to pass the reasonable value singals of a whole company level, how to attract investors’ attention, and then maintain the confidence of investors, ect. These issues have become the core of investor relations management. The financial crisis in 2008 caused a crisis of confidence in the market . pessimism has spread through the market as investors fled the stock sold, and the company stock price plummeted. Under such circumstances, some companies adopt open-market share buy-back method, trying to stop the plunge trend of the company's share price. In this paper, I use 47 mainland companies as study samples, which were listed in Hong Kong, as well as conducted open market share repurchase method. I tried to examine the open market share repurchase initiatives on the impact of company stock value. From the signal theory and capital markets value the company level marketing motivation, I consider open market stock repurchase as a method of investor relation management, which can reduce information asymmetric between insideer and outsider, which can transfer signal of company value, which can enhance the role of investor confidence. In this paper, I use the event study method to study the short-term impact of open market stock repurchase on market value of the company. Study found that 5 days after the stock repurchase window period, the company's stock price significantly experience excess returns, but the excess returns remained for a short period of time, they disappeared in 4 days. And then, I use investor relation management index designed by Investor Relations Management Research Department, Center for Corporate Governance of Nankai University, to study the company's other investor relations management tools and open market stock repurchase stock market value of the company resulting from the containment role effects. Aftr controlling company size, sales growth, financial leverage and the proportion of the subject repurchase, I examined the historical non-financial information, forward-looking information, communication channels and organizational structure of inverstor relation manangment deparment. The higher level of investor relations management company, the lower cumulative abnormal returns caused by stock repurchase open repurchase. Further, I usede a non-parametric T test to examin long-term effects impact of share buybacks over the company. This article examin three months’ change of the value figures. Found that, one-time stock repurchase will not make the company's stock price stabilized overtake, but the contrarian. However, the company's open market stock repurchase to a certain extent, curbed the downward trend of stock prices, realize the stability of the stock price. This paper has the following contributions: Firstly, this article expand the open market stock repurchase motivation hypothesis, and provide theoretical support ; Secondly, this validation of other investor relations management tools and means of open market stock repurchase value of the company's level of cognitive substitution effect between the guide for the company's investor relations management decisions on how to provide a reference; thirdly, the mature experience of Hong Kong stock market can run a practical guide for the domestic securities market. Key words: Investor Relations Management; open-market share repurchase ; signal theory; company-level marketing
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