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论文编号：	5434
作者编号：	2120112490
上传时间：	2013/6/7 22:30:39
中文题目：	现金分红与公司价值-基于投资者关系管理的调节作用
英文题目：	Cash Dividends and Company’s Value:Based on the Adjustment of Investor Relations Management
指导老师：	马连福
中文关键字：	现金分红，公司价值，投资者关系管理
英文关键字：	Cash dividend, Companies’ Value, Investor Relations Management
中文摘要：	现金分红作为上市公司回报投资者的重要手段，近年来越来越受到相关部门及理论界的重视。股权分置改革完成之前，我国上市公司并不重视现金分红政策，以致出现了很多“铁公鸡”上市公司。随着证监会《关于修改上市公司现金分红若干规定的决定》、《关于进一步落实上市公司现金分红有关事项的通知》等法律法规建设的完善以及上市公司现金分红意识的增强，进行现金分红的上市公司比例越来越大，但理论界对现金分红的价值效应研究结果不一。 随着证监会《上市公司与投资者关系指引》等一系列政策的出台，投资者关系管理建设成为上市公司重点工作之一。先前的研究认为，上市公司通过进行投资者关系管理能够提高公司信息披露质量，增加信息透明度，增强与投资者之间的相互信任，从而降低融资成本，提高市场价值。但现有的文献只是单独研究投资者关系管理或现金分红对公司价值的影响，并没有试图探讨两者影响公司价值的内在机理。 研究表明，稳定的现金红利能够向投资者传递公司经营状况的相关信息，从而使投资者形成对公司经营前景的理性预期，反映了上市公司真实的市场价值。投资者关系管理作为上市公司的一项自主性治理机制，通过与投资者和潜在投资者之间的沟通，合理配置上市公司与投资者之间的信息，能够增加公司透明度，建立资本市场投资者的长期信任，实现公司价值最大化。本研究从调节效应方面考察投资者关系管理对现金分红与公司价值之间关系的影响作用，以挖掘现金分红价值效应产生的路径。本文使用南开大学投资者关系互动指数衡量上市公司投资者关系管理水平，并选取2011年相关数据进行回归分析。研究发现，上市公司现金分红有利于增加公司价值，上市公司进行现金分红可以向资本市场投资者传递公司运营正常、现金流量充足、公司对未来运营前景看好的信号，从而增强投资者的信心，增加公司价值。良好的上市公司投资者关系管理具有较强的价值效应并对上市公司现金分红的价值效应具有正向调节作用。投资者关系管理的主要目的是保护投资者的信息知情权等合法权益，上市公司进行现金分红保证了投资者从资本市场获取合理收益的权益，两者都是投资者保护的重要方面。本研究认为上市公司应当持续进行现金分红并继续加强投资者关系管理建设，从而进一步增强投资者信心，提升公司价值。
英文摘要：	In recent years, cash dividends as an important mean of investors protection in listed companies, received more and more attention from the relevant departments and the theoretical circle. Before the reform of non-tradable shares is completely finished, the listed companies in our country do not realized the importance of cash dividend policy, so that there are many "over-savers" listed companies. As the SFC in China modified “the decision about modifying the listed company cash dividend rules”、“the notification on further implementation of the listed company cash dividend announcement” and the perfection such as related laws and the growth of awareness of the listed company about cash dividend, the proportion of cash dividends in listed companies is increasing, but the theoretical circle have different results in the cash dividend’ value effect. As “the listed company and investor relations guidelines” of SEC and a series of policies coming out, the development of investor relations management of listed companies is becoming one of the most important works. Previous studies suggest that the listed companies could improve the quality of corporate disclosure through the investor relations management, increase the transparency of information, enhance mutual confidence between investors and companies, thereby it could reduce the financing costs, improve the market value. But the existing literature is confined to discuss how investor relations management or cash dividends influences the company value, but do not attempt to study the inner mechanism of how the both impact the value of company. Researches has shown that stable cash dividend can deliver company’s related information to investors, allowing investors to form rational expectations of company's business prospects, reflects the true market value of listed companies. Investor relations management as an autonomous governance mechanism of listed companies, through the communication with investors and potential investors, the rational allocation of information between listed companies and investors, to increase transparency, set up long-term capital market investors trust, and maximize the value of the company. This paper research how investor relations management influence the relationship between cash dividends and the value of the company from modifying effect aspect, to dig the path of cash dividends’ valuation effect. This article uses the Nankai University Investor Interactive Relations Index to measure the listed companies’ investor relations management level, and we do regression analysis on related data in 2011. The studies have found that listed companies cash dividend is beneficial to increase the value of the company, listed companies cash dividend to capital market investors transfer company can normal operation, adequate cash flow, companies operating in the future promising signals to capital market, thereby enhancing the confidence of investors, increase the value of the company. The main purpose of investor relations management is to protect the legitimating information right of investors, the listed company cash dividends’ to guarantee the rights and interests of the investors to make reasonable money from capital markets, both of which are important aspects of investor protection. good listed companies investor relations management has strong value effect and has a positive modified role in the listed companies’ cash dividend valuation effect. Our point is that the listed company should continue distributing cash dividends and continue to strengthen the construction of investor relations management, so as to enhance investors’ confidence and the value of company in the long run.
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