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论文编号：	6432
作者编号：	2120122645
上传时间：	2014/6/10 13:54:24
中文题目：	市场化程度、投资者关系与股权融资成本 ——基于中国上市公司的实证研究
英文题目：	Market Process, Investor Relations and Equity Financing Cost : An Empirical Study Based on listed companies in China
指导老师：	马连福
中文关键字：	市场化进程；投资者关系；股权融资成本；中介效应；调节效应
英文关键字：	Market process; investor relations; equity financing cost; mediating effect; regulating effect
中文摘要：	市场化进程作为研究我国资本市场特征的外部宏观因素和重要制度背景，不仅悄然改变着资本市场参与者的行为，更深刻影响着参与者的行为结果。投资者关系管理是公司治理的重要组成部分，无论是对于加强对经理层的监督，降低信息不对称，还是正确传递企业价值，实现企业长期稳定发展都有着重大意义。前人对这两者与股权融资成本之间的关系分别做了很多深入的研究，但是对与这三者共同的关系却不是很明确，特别是投资者关系在市场化进程与股权融资成本之间的“纽带”作用没有明确地体现出来。本文以我国沪深两市A股上市公司为研究样本，研究市场化进程、投资者关系与股权融资成本三者之间的关系。本文采用资本资产定价模型计算公司的股权融资成本，采用投资者关系互动指数（IRIINK）度量上市公司投资者关系管理水平，采用“樊纲指数”替代市场化进程，研究发现在控制杠杆率、公司成长性、公司规模、资产周转率等因素的条件下，投资者关系在市场化进程和股权融资成本之间具有中介效应，市场化进程的推进和投资者关系管理水平的提升都会显著降低公司的股权融资成本。同时本文还对国有上市公司和非国有上市公司分别进行了研究分析，发现国有上市公司的投资者关系在市场化进程和股权融资成本之间具有调节效应，投资者关系管理水平的提升会抑制市场化进程引起的国有上市公司造成的股权融资成本的上升。而对于非国有上市公司来说，投资者关系在市场化进程和股权融资成本之间具有中介效应，市场化进程的推进和投资者关系管理水平的提升都会显著降低公司的股权融资成本，这与全样本的分析也是一致的。最后本文基于以上通过实证得到的结论，提出了一些政策建议，还对以后的研究方向提出了一些参考。
英文摘要：	Market process as one of the significant external macroeconomic factors and institutional background of China's capital market, not just quietly changed the behavior of capital market participants, but changed the results of the behavior of the participants. Investor relation management is an important part of corporate governance, all for strengthening the supervision of managers, reduce information asymmetry, and the right to pass corporate value and achieve long-term stable development of enterprises are of great significance. Previous studies didn’t give a very clear conclusion on the relationship among these three factors, especially the investor relation’s function like a ‘link’ between market process and equity financing. In this paper, used China's Shanghai and Shenzhen A-share listed companies as samples, we study the relationship among market process, investor relations and equity financing cost. In this paper, we calculate the company's cost of equity financing using the capital asset pricing model, metric listed company investor relations management level using investor relations interactive index (IRIINK), metric market process using the ‘Fan Gang index’. The results show that investor relations management has mediating effect between market process and equity financing costs, promotion of market process and investor relations management will significantly reduce the company's equity financing costs. We also made non-state-owned listed companies and state-owned listed companies as different samples to study and analyze and found that the state-owned listed companies’ investor relations management has regulating effect between market process and equity financing. As for the non-state-owned listed companies, investor relations management has mediating effect between market process and equity financing. Finally, based on the above empirical conclusion, we made a number of policy recommendations for future research directions.
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