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论文编号：	4278
作者编号：	2120102320
上传时间：	2012/6/6 15:46:08
中文题目：	公司营销水平及其对IPO效果影响的实证研究
英文题目：	A empirical study on the level of Corporate Marketing
指导老师：	马连福
中文关键字：	资本市场，公司营销，IPO效果，创业板
英文关键字：	capital market,Corporate Marketing,the quality of IPO,GEM(growth enterprise market)
中文摘要：	经济全球化趋势下，投资性资本对上市公司在资本市场上占据有利地位有着越来越重要的意义。一方面，经济全球化为资本任意流动实现收益最大化提供了平台，使得投资者进行投资决策的自由度提高；另一方面，为实现突破性发展，大量公司迫切需要融资。资本供求关系的不平衡就使得资本市场上的竞争更为严峻。为了在资本市场竞争中赢得胜利，公司越来越重视在资本市场上营销自己。因此，一种以资本市场的利益相关者为营销对象的新营销理念出现并引起学界关注。公司营销是利用各种工具和沟通手段向利益相关者传递公司层价值的有关信息从而吸引利益相关者的一种新营销模式。 IPO是公司上市进行资本运作的第一道门槛，是公司第一次与投资者等利益相关者进行接触、沟通。对于已经上市的公司，利益相关者可以比较容易地从公司以往较长一段时间的市场表现中对公司价值有一个较为客观、准确的判断，但是对于一家新上市公司，利益相关者只能借助公司披露的有关公司层价值的信息进行判断，信息的有限性使得这些利益相关者较难对新上市公司的价值做出准确估计。因此，IPO过程中的公司营销对于新上市公司显得尤为重要。目前我国大多数上市公司在其实践过程中已经认识到在资本市场进行公司营销对吸引和稳定投资者等利益相关者群体、维持市值稳定、促进公司业绩增长的重要意义。现有公司营销的相关研究虽然说明公司营销有利于公司层价值信息的传递，有利于提高投资者对公司的认可程度，却鲜有研究涉及IPO过程中公司营销的操作层面，难以对新上市公司进行公司营销提供实质和可操作的建议。因此，本文在结合以往公司营销文献研究的基础上，运用规范研究方法对IPO中可能影响投资者等利益相关者对公司价值判断的影响因素进行研究，构建IPO过程中的公司营销水平评价指标体系，在此基础上对创业板上市公司的公司营销水平进行评价、描述和实证分析，并尝试探索IPO过程中的公司营销水平对IPO效果的哪些方面造成影响。评价结果显示，目前大多数创业板上市公司对IPO过程中的公司营销的重视程度不足，公司营销的总体水平处于中等，不少公司的公司营销水平处于中下等。对IPO中的公司营销水平与IPO效果影响之间的实证研究结果显示，IPO中的公司营销水平越高，越受机构投资者的青睐，投资者对公司预期收益的期望越高，同时上市初期股价的市场表现越稳定。
英文摘要：	With the trend of economic globalization, the capital market is developing to be more mature, which makes the investment capital become a key to obtain competitive advantage for public companies.On one hand, economic globalization provides a good platform for capital flowing easily to achieve maximize returns. On the other hand, to get unprecedented development, a lot of companies have strong need of financing. Capital supply and demand imbalances will make capital market competition more severe. Therefore, a kind of new marketing concept --Coporate Marketing appears and draw much attention, which look capital stakeholder as their target customer.Corporate Marketing make use of all kinds of tools and communication methods to transfer information about the real value of the company to stakeholder, so as to draw stakeholders' attention as much as possible. IPO is the first step for company to list in capital market, during which the company make communication with the stakeholders for the first time.Contracting with the companies listed for a period, it's more difficult for investors to realize the information about the company preparing to list, and to make a good judgment ,an accurate estimate and a investment choice. Therefore, Corporate Marketing is particularly important for companies in the process of IPO. Now most companies listed in the capital market have realized the importance of Corporate Marketing from their practice.Corporate Marketing could help them to attract new investors and maintain old investors,then improve the companies' performance significantly.Although existing research about Corporate Marketing have prove that Corporate Marketing is useful to improve the level of agreement of investors through transferring information about the company as much as possible,few research involves Corporate Marketing in the process of IPO.So few operational suggestions are provided to the companies preparing for IPO. Therefore, this article makes a research to analyze the factor which may affect the investors' attitude on the company in the process of IPO in combination with previous researches about Corporate Marketing.Then make an evaluation index system to exam companies' Corporate Marketing level in the process of IPO.On the basis of evaluation, I tried to explore how Corporate Marketing in the process of IPO influences the result of IPO. Results show that most companies preparing for listing put insufficient attention on Corporate Marketing in the process of IPO.The general level of Corporate Marketing is in the medium range, while the situation in many companies are worse.Study on Corporate Marketing during IPO and the influence on IPO effect shows that, in the process of IPO, the Corporate Marketing level is higher,institutional investors show more interest and favor, and the expectations of expected earnings hold by the investors is higher, and the early market performance of the shares is more stable.
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