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论文编号：	4242
作者编号：	1120080748
上传时间：	2012/6/6 8:48:00
中文题目：	自主性治理维度及其对公司绩效的影响研究——基于中国上市公司投资者关系的研究视角
英文题目：	Voluntary Governance Dimension and Its Relations with Corporate Performance——from the IR Perspective of Listed Corporates in China
指导老师：	马连福 教授
中文关键字：	投资者关系，自主性治理，维度，股票流动性，公司绩效
英文关键字：	Investor Relations, Voluntary Governance, Dimensions, Stock Liquidity, Corporate Performance
中文摘要：	近年来，经济的快速发展尤其是全球化的推动使得资本市场不断的完善，商业环境竞争加剧，公司对资本的竞争日益激烈。公司对资本的竞争最终将表现为对投资者的竞争，在高度竞争的投资环境中，如何与投资者构建的共同信任和理解的关系已经成为公司的重要战略之一。通过立法和司法体系的改革或法律法规所进行的强制性治理在新的经济环境下已经难以满足投资者日益变化的信息权需求，经济环境变化速度的加快和信息不对称问题的加剧使得公司管理者开始从公司层面进行治理创新，即自主性治理机制，以赢得资本竞争的胜利。作为上市公司在强制性治理基础上的开展一种治理创新活动，自主性治理可以优化信息权配置、提高公司透明度、改善股票流动性，同时提高公司声誉、降低公司融资成本、优化公司治理，并最终实现公司的价值创造。　　目前为止，多数国内相关研究发现自主性治理对公司绩效有显著的正向影响，但基于投资者关系管理层面的自主性治理对公司绩效的影响机制研究还较少，尤其是自主性治理不同层面对公司绩效影响的内在传导机制还值得进一步的研究与探索。为此，本研究从投资者关系层面的自主性治理理论出发，在对投资者关系管理层面的自主性治理的构成因子进行研究的基础上，探究自主性治理中各个维度与绩效关系间的关系。本研究整体的研究思路为：首先介绍了选题的背景，提出了研究的问题，研究方法以及主要创新点。其次，对基于投资者关系的自主性治理相关文献进行评述，并在此基础上对我国的制度背景进行了介绍。再次，针对中国上市公司自主性治理的特征，以中国上市公司的实践为基础，结合自主性治理的理论研究成果，探索了自主性治理的构成维度，并以此为基础分别考察了以股票流动性为中介变量的自主性治理各维度对公司绩效的影响，以及自主性治理各维度对公司绩效的直接影响。最后，得出了研究结论，并指出未来研究方向。　　本研究的主要结论如下：　　1、基于投资者关系的自主性治理主要由三个维度构成，即单向自愿性信息披露维度、双向互动沟通维度和自主性治理组织保障维度。单向自愿性信息披露维度是较为传统的自主性治理模式，以公司自主性的单向向投资界披露公司信息为主要特征，在自主性治理中占据着重要的位置；双向互动沟通维度以公司与投资界的互动沟通为主要特征，与前者相比，增加了及时准确获得投资界反馈的功能，对自主性治理有着重要的意义，将是上市公司投资者关系从业人员特别关注的重点；自主性治理组织保障维度是保证上述两个维度有效实施的关键。　　2、公司股票流动性是双向互动沟通维度作用于公司绩效的重要中介变量。在自主性治理中，双向互动沟通水平不但会直接的影响公司绩效，同时还会通过资本市场中的股票流动性间接影响公司绩效，即存在着不完全中介效应。而单向自愿性信息披露水平和自主性治理组织保障水平通过股票流动性影响公司绩效的效应并不明显，即对资本市场股票流动性的影响有限。当资本市场出现不利公司的影响时，积极主动的双向沟通是进行公司资本市场上危机管理的有效途径。　　3、自主性治理各维度对公司绩效的直接影响效果存在着差异。单向自愿性信息披露维度与公司绩效间存在着显著倒U型关系，双向互动沟通维度与公司绩效间存在着显著的正相关关系，自主性治理组织保障维度与公司绩效间存在着显著的U型关系。　　本研究基于中国上市公司投资者关系层面的自主性治理实践来探索自主性治理不同维度对公司绩效的影响机制。本研究试图进行如下创新：首先，从投资者关系层面构建了自主性治理维度，细化了自主性治理的研究；其次，以股票流动性为中介变量，考察了自主性治理各维度对公司绩效的影响，旨在探索自主性治理维度、股票流动性及公司绩效间的内在关系；第三，进一步考察自主性治理各维度对公司绩效的直接影响，并构建模型进行检验。
英文摘要：	In recent years, rapid economic development, especially globalization, is driving the improvement of capital markets, and increasing competition of the business environment, the company's capital competition will eventually embodied as its competition for investors. To build mutual trust and understanding with investors in a highly competitive investment environment has become one of the important strategy of the company. Mandatory governance system through legislative and judicial reform laws and regulations in the new economic environment has been difficult to meet the demand of investor’s right to information, the intensification of the economic environment changes accelerated and the problem of information asymmetry allows the company to initiate the governance of innovation from the company level, namely, voluntary governance mechanisms, in order to win the competition for capital. As governance innovation activities carried out by listed company on the basis of mandatory governance, voluntary governance can optimize the configuration of the right to information, and improve corporate transparency and stock liquidity. At same time, it can redouble the company's reputation, reduce corporate financing costs, optimize corporate governance and ultimately realize the company's value creation. 　　So far, many domestic researchers hold voluntary governance has a positive significant influence on corporate performance, but voluntary governance’s influence on corporate performance mechanism has been less researched, especially how different dimensions of voluntary governance affect corporate performance, such intrinsic mechanism, is worth further research and exploration. Therefore, this dissertation, from the perspective of voluntary governance theory of investor relations, aims to construct the dimension factors of voluntary governance, and to explore intermediary and mesomeric effects of voluntary governance factors to corporate performance. The dissertation frame is as follows: it first introduces the research background, and proposes the research question and its methods and innovation. Secondly, in a point of view of the investor relations, voluntary governance literature is to be reviewed, and so is the institutional background in China. Thirdly, according to the characteristics of voluntary governance of listed companies and the practice of listed companies in China, combining results of theoretical studies of voluntary governance, the dissertation is to explore the dimension of voluntary governance structure, and investigates the impact on corporate performance with stock liquidity as the mediating variables, as well as the influence of various dimensions of voluntary governance on corporate performance. Finally, the conclusions are drawn, the further direction of research is recommended. 　　The dissertation concludes as follows: 　　From respective of the investor relations, voluntary governance consists of three main dimensions, namely, one-way voluntary information disclosure factor, bilateral interactive communication factor and voluntary governance organization factor. One-way voluntary information disclosure is the traditional fashion, which still plays an important role in investor relations management. Bilateral interactive communication is characterized as direct information exhange between the company and investor, which shall be one of research focuses in future due to it has an important significant impact on investor relations practice, and it should call more attension from investor relations practitioners in listed company.As for voluntary governance organization factor, it is considered as the effective implementation key to the above two factors. 　　The stock liquidity is found to play an important intermediary role for the two-way interactive communication factor to affect the corporate performance. In voluntary governance, bilateral interactive communication factor will not only directly affect the company's performance, but also indirectly affect corporate performance through the stock liquidity in capital markets, namely the existence of incomplete intermediary effect. It is also found that stock liquidity does not significantly mediate relationship between one-way voluntary information disclosure factor, voluntary governance organization factor and corporate performance. 　　Three factors of voluntary governance are significantly related with corporate performance even though their relation is different. One-way voluntary information disclosure factor and corporate performance is found to exist inverted U-shaped relationship. Bilateral interactive communication factor has a significant positive correlation with corporate performance. The protection factor has a significant U-shaped relationship with corporate performance. 　　Based on the investor relations practice of voluntary governance in listed companies of China, this article tries to reveal the intrinsic role of different factors of voluntary governance on corporate performance in term of theory.Its possible breakthroughs can be summarized as follows, 　　First of all, from the prospective of investor relations, the framework of voluntary governance has been constructed; 　　Secondly, stock liquidity has been introduced as mediating variables to study the influence of the factors of voluntary governance on corporate performance, exploring the intrinsic relationship among voluntary governance factors, stock liquidity and corporate performance; 　　Thirdly, it explored the direct impact of voluntary governance factors on corporate performance, and the models were built and tested.
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