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论文编号：	625
作者编号：	20050768
上传时间：	2008/6/20 16:30:27
中文题目：	中国上市公司投资者关系水平影响
英文题目：	An empirical research on the l
指导老师：	马连福
中文关键字：	上市公司 投资者关系 影响因素
英文关键字：	Listed companies Investor rel
中文摘要：	作为资本市场走向成熟的标志，投资者关系实践和理论研究在海外成熟资本市场国家具有几十年的发展历史。随着全球资本市场不断向规范化、市场化、机构化和买方市场发展，尊重投资者权力、保护投资者利益已经成为整个证券市场良性发展的关键。我国证券市场经过20多年的发展，已经取得了一定的进步，自从2000年以来投资者关系实践和理论研究也逐步开展起来。根据全美投资者关系协会(National Investor Relations Institute, NIRI)对投资者关系的定义，投资者关系是在企业的财务功能和沟通功能相结合的基础上进行的企业整体战略市场营销活动，它是公司与财经团体之间的一种有效地双向沟通行为，通过对投资者提供有关企业的业绩和未来的正确信息，最终达到降低企业融资成本和股票被公平定价的效果。 本文通过对国内外投资者关系研究文献的梳理，发现国内外投资者关系研究还存在一定的不足，尤其是国内该领域研究成果更是相对比较欠缺。鉴于此，为了回应我国上市公司投资者关系管理的现实需要和丰富我国投资者关系领域的研究成果，本论文以2006年上海证券交易所上市的826家公司为研究样本，较全面地利用上市公司年度报告和网站两个有效的投资者关系信息平台，采用规范分析、实证分析、统计描述、内容分析等多种研究方法，对我国上市公司的投资者关系水平的影响因素从董事会特征、公司价值和股权结构特征三个方面开展了系统的分析和实证检验，以期发现投资者关系水平的影响因素及影响因素与投资者关系水平之间的真正作用机理。 为了衡量投资者关系水平，本研究在前人研究成果及自身研究成果积累的基础上，构建了一套投资者关系评价体系，该评价体系侧重投资者关系的非财务信息披露和互动沟通本质，并通过构建投资者关系指数模型将我国上市公司开展的投资者关系活动水平加以量化。通过稳健性检验，本文验证了投资者关系指数具有较高的可靠性。 在上市公司投资者关系水平影响因素分析中，本研究得到如下实证研究结论：第一，独立董事比例和设置审计委员会两个董事会特征变量会对投资者关系水平产生显著的正向影响。这表明我国上市公司的独立董事制度和审计委员会制度都会对投资者关系水平的提升具有积极的促进作用。然而，本论文研究并未发现董事长与总经理二职合一和薪酬委员会制度对上市公司开展投资者关系活动的任何显著影响作用。在控制变量中，公司规模、负债程度、公司价值和管理层持股比例对投资者关系水平有显著的影响作用。第二，同期公司价值与投资者关系水平二者之间呈倒U字型曲线关系。该结论表明，只有当公司价值处于一定水平时，上市公司才会有更完善的投资者关系计划和政策，才会开展更多的投资者关系活动，因此，此时的投资者关系水平才会达到较高水平。而公司价值对投资者关系水平不具有滞后影响作用；投资者关系水平对同期公司价值也没有显著影响。第三，股权集中度对上市公司的投资者关系水平具有显著影响，并且这种影响作用也呈倒U字型曲线关系。这表明，适当的股权集中度对提高我国上市公司投资者关系水平来说是一项有效的制度安排，而股权过于集中和股权过于分散对投资者关系水平都不会产生显著的积极影响。股权性质对上市公司的投资者关系水平没有显著影响，内部人持股对上市公司投资者关系水平的影响很有限，并且只有管理层持股比例对投资者关系水平具有显著的线性影响作用。
英文摘要：	The practices and theoretical research on investor relations that is a symbol of a mature capital market has a decade’s history in foreign developed countries. With the development of global market, the protection of rights and interests of investors has become a key to the sound development of the securities of market. After 20 year’s development, china’s securities market has made some progress and investor relations practice and theoretical studies has gradually carried out since 2000. Investor relations(National Investor Relations Institute, NIRI) is defined as a strategic management responsibility that integrates finance, communication, marketing and securities law compliance to enable the most effective two-way communication between a company and the financial community and other constituencies, which ultimately contributes to a company’s securities achieving fair valuation. The research on investor relations (IR) and the practices is still at the initial stage in China. After reviewing the literatures on IR, I find that academic research on IR is limited, especially in China. Under this background, this dissertation chooses 826 Chinese listed companies which listed in Shanghai Stock Exchange as a sample and comprehensively utilize both the annual reports and Web site information platform to gather data to develop an empirical research on the determinants of the level of IR. This research employs standardized analysis, descriptive statistics and content analysis methods. There are two aims in the research: one is to enrich our research in the field of IR, the other is to find out the variables that affect the level of IR and the real relationship between the variables and the level of IR. In order to evaluate the level of listed companies’ investor relations, the dissertation constructs a set of IR evaluation system which emphasis nonfinancial disclosure and interactive communication based on the previous studies and my own academic achievements. The dissertation use investor relations index (IRI) to measure the level of investor relations and IRI is also proved to be effective by robustness check. This dissertation finds out the following conclusions after empirical researches in the regression analysis on the determinants of the level of IR: Firstly, the proportion of non-executive directors in Chinese listed companies and having an audit committee have significantly positive relationship with IRI, this means the policy of non-executive directors in Chinese listed companies and having an audit committee are two effective ways to promote the level of investor relations. However, this research does not find out any significant relationship between the remuneration committee, the single leadership structure and IRI. In the controllable variables, size, company value and the percentage of shares held by managers have significantly positive relationship with IRI. Leverage is another significant determinant of IRI which shows a negative effect on the level of investor relations. Secondly, the relationship between company value and IRI in the same period is like an inverted U-shaped curve. This show the listed companies will have a perfect investor relations plans and policies, and take an active part in investor relations activities so that IRI will reach a higher level only when company value is at a certain level. The value of the company does not have a lag effect on the level of investor relations and the level of investor relations does not have any significant effect on the value of the company in the same period. Thirdly, ownership concentration can significantly impact the level of IR and the relationship between ownership concentration and IRI is also in inverted U shape. This indicates that the appropriate concentration of shares of listed companies is an effective system to raise the level of investor relations and both of excessively concentrated equity and excessively scattered equity will not have a significant positive impact on the level of investor relations. Ownership attributes are not significant factors that affect the level of IR. Insider ownership has a limited effect on IRI and only the proportion of shares held by managers can significantly affect the level of investor relations in a liner fashion.
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