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论文编号：	6132
作者编号：	2120122640
上传时间：	2014/5/31 11:55:46
中文题目：	投资者关系管理对于大股东增持价值效应的影响研究
英文题目：	Large Shareholders Holdings and Companies Performance: Based on the Adjustment of Investor Relations Management
指导老师：	马连福
中文关键字：	大股东增持，公司价值，投资者关系
英文关键字：	Large Shareholders holdings, Companies’ Value, Investor Relations Management
中文摘要：	A股上市公司特殊的背景以及我国大股东主导的股权结构，大股东们无疑是资本市场中的绝对主角。鉴于我国金融体系不完善，法律法规不健全，导致大股东做出很多损害外部中小投资者利益的行为，例如：粉饰报表，内幕交易，掏空公司等。这些行为严重影响了我国金融市场的健康发展，也使得投资者特别关注大股东的行为。2008年和2011年两年，中国股票市场大幅下跌，进入大熊市调整期，伴着股价的进一步下跌，很多上市公司大股东出现大幅度增持本公司股票现象。这两次大股东增持行为时间发生的特殊性，大股东身份的敏感性，以及它对金融市场造成的影响，使得其备受市场关注。大股东增持行为的动机何在？对公司价值造成什么样的影响？深入了解和研究大股东增持的行为，对管理层、大股东、投资者，以及对证券市场的发展，都是一种有意义的参考。 本文梳理了三次大股东增持潮的背景及相关政策。在文献综述中，介绍了国内外关于大股东增持股份行为的文献以及投资者关系管理的相关研究。在实证研究中，我们以2011年至2012年大股东第三次增持浪潮为时间背景，选取254家存在大股东增持行为的上市公司进行研究。我们先以配对样本T检验的方法，对大股东增持行为发生前后的绩效进行配对分析，来对比公司绩效发生的变化，同时分别就投资者关系高低进行分组，再进行配对检验，衡量投资者关系管理水平的差异是否会对该效果产生影响。研究发现，大股东增持后，公司绩效未有提升，反而显著下降，持有公司股票的投资者收益也未有显著增加。但对于IRII指标高的上市公司，大股东增持有利于公司绩效的提升。然后我们运用线性回归方法具体检验投资者关系管理对于大股东增持长期效应的影响，研究结果进一步验证了上市公司进行大股东增持降低了公司价值，但通过投资者关系管理的调节作用，扭转了大股东增持对公司价值产生的负向影响。 大股东增持的相关研究给像我国这样处于新兴市场中国家的相关研究引入了新的证据。并且，对投资者、控股股东和公司自身也提供一种有价值的参考。
英文摘要：	Special background of listed companies as well as shareholding structure dominated by a large shareholder, large shareholders in the capital market is undoubtedly the absolute protagonist. Because of the stock market system is imperfect, the regulatory system is not clear, there are many negative behavior by large shareholders is not conducive to outside investors: cooking the books to cosmetic results, emptied of listed companies, jointly doing Bureau has been plagued by the normal development of the market,which caused investors to pay attention to a major shareholder-related behavior. In 2008 and 2011,China's stock market into a prolonged bear market adjustment, many companies shares fell more than half, as the market continued down dip unilateral, a number of major shareholders of listed companies increase its stake in short time. Specificity, sensitivity status of the two major shareholders holdings of major shareholders shares in the incident, together with its confidence in the market may have a positive meaning, which appeared from the outset to become a hot market and controversy. What motivates is the holdings behavior of major shareholders, What kind of impact caused by the company's value? In-depth understanding and study of the behavior of major shareholders, on the development of securities markets, investors, management and major shareholders own operations is a useful reference. This paper reviews the three major shareholders and related policies and background. In the literature review, it describes the relevant research literature and investor relations management holdings of major shareholders about the conduct of domestic and foreign shares. In the empirical study, we take 2011-2012 for the third wave background as the time, selecte 254 listed companies holdings of major shareholders behaviors. We first apply to paired samples T-test method, paired test analysis the relative performance indicators before and after the holdings to measure changes in corporate performance. Meanwhile, paired test respectively on the level of investor relations group, and then measure whether different investor relations management level has an impact on the results. The study found that the holdings of major shareholders, corporate performance has not improved, but decreased significantly, and no significant increase in the company's shares held by investors in income. But for high IRII index of listed companies,the holdings of major shareholders on the results has an upward pull force. Then we use linear regression test of investor relations management for specific holdings of major shareholders affect long-term effects, the results further validate the holdings of major shareholders of listed companies to reduce the value of the company.But through regulation of investor relations management, reversing the holdings of major shareholders negative impact on the value of the company. Study of the behavior of the controlling shareholder holdings in emerging markets provides new evidence. Meanwhile, for investors, the controlling shareholder and the company's own operations, is also a useful reference.
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