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论文编号：	598
作者编号：	2120061998
上传时间：	2008/6/20 0:11:59
中文题目：	股权全流通对我国上市公司投资者
英文题目：	Research on the Influences tha
指导老师：	马连福
中文关键字：	股权全流通;投资者关系管理;上市
英文关键字：	Share Rights Entire Circulatio
中文摘要：	上市公司投资者关系管理（IRM）是公司通过充分的自愿性信息披露，综合运用金融和市场营销的原理和方法加强与投资界（Investor communities）的沟通，向公司现有投资者以及潜在投资者详尽地展示公司的经营状况和发展前景，促进投资界对公司的了解和认同，实现公司价值最大化的战略管理行为。有效运用投资者关系，可以对减少公司融资成本和增加公司的市场价值有一个正面的影响。 股权分置改革是中国证券市场一件具有里程碑意义的大事，它将给历时十多年之久的股权分置制度划上一个句号，并翻开中国资本市场发展史上全新的一页。在全流通下，监管层对信息披露质量要求更高，市场监管和公众监管逐渐发挥作用，大股东利益获取方式发生变化、投资渠道不断增加，投资理念逐渐转变，控制权市场争夺日益加剧，这都给投资者关系管理带来新的挑战，也对构建适应我国国情的投资者关系管理体系提出迫切要求。而作为企业资本营销和资本运作的重要手段，投资者关系管理与操作的专业化程度将直接影响其企业价值及资本营销目标效果。 全流通下的投资者关系管理因其不同于股权分置状态下IRM的特征，需要上市公司的再解读，而这种不同之处源于股权全流通这一新的市场环境对上市公司投资者关系管理产生的影响，因此，本研究运用定性分析的方法深入探讨了股权全流通对我国上市公司投资者关系管理的影响。首先界定了全流通下IRM有效性，即全流通下开展有效的投资者关系管理能产生的两个效果：治理效应和价值效应，既要保护投资者的权益，又要创造并实现公司价值。然后，深入分析了全流通对IRM的影响路径，从股票、投资者及上市自身角度等多个方面展开研究，说明了股权全流通通过这些路径影响着IRM。最后，提出全流通下提高上市公司IRM有效性的参考性建议。 上市公司只有从自身做起，通过积累和学习不断地适应环境变化、满足市场需求，才能圆满完成企业的IR使命。在市值管理的目标驱动下，将投资者关系管理工作、不断提高公司治理水平视作一项长期的、动态的系统工程和战略管理工作，牢固把握有效沟通这一核心，通过自愿性信息披露，提高披露信息的透明度、及时性和可靠性，优化融资环境，降低融资成本，积累公司的声誉资本。
英文摘要：	Investor Relations Management (IRM) is a strategic administration behavior of maximizing the enterprise value, by using the knowledge of finance, communication and marketing methods to show the company’s business condition and development prospects in detail to existing investors and potential investors. Making effective use of Investor Relations may have a positive impact on increasing the market value and reducing the financing costs. Non-tradable Shares Reform is significant in China’s security market and will conclude the era when the share and its right split. Accordingly, many factors pose challenges to the investor relations management, such as Share Rights Entire Circulation requiring higher quality of information disclosure from the top supervision level, an active role from market and public supervision, changes in the method of big shareholders’ interest acquisition, increase of investing channels, innovation of investing strategy, and competition over the market controlling power. As the import method of capital marketing and operating, IRM directly influences the result of the capital marketing and the enterprise value. However, IRM in Share Rights Entire Circulation era is different from that before the Non-tradable Shares Reform. These differences exactly root from the impact that the Share Rights Entire Circulation play on IRM. So this paper deeply analyzes the impact which need draw attention from the listed company. Firstly, IRM effects in Share Rights Entire Circulation era is defined which include governance effect and value effect. And then analyzes how Share Rights Entire Circulation influences IRM from the perspectives of stock, investors and listed companies themselves, which shows that these aspects can produce IRM effects. Last but not least, suggestion on how to improve IRM effects is put forward. In Share Rights Entire Circulation era, China’s listed company should regard IRM as long-term, strategic task which can enhance the level of corporate governance, firmly grasp the core of effective communication, improve transparency, timeliness and reliability of the disclosure of information through voluntary disclosing, optimize financing environment, reduce financing costs and build the company’s good reputation in the capital market.
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