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论文编号：	9319
作者编号：	2120152504
上传时间：	2017/6/20 8:33:35
中文题目：	投资者关系管理保护中小股东利益的路径研究——来自深市主板A股上市公司的证据
英文题目：	A Study on the Path of Investor Relations Management Protects Interests of minority shareholders. Evidencefrom Listed Companies on Shenzhen A-shares on the Main Board
指导老师：	马连福
中文关键字：	投资者关系管理；中小股东利益保护；路径探究
英文关键字：	Investor relations management; Interests of minority shareholders; Path study
中文摘要：	2015年，中国证券市场经历了一次剧烈的震荡，市场上绝大多数的股民都受到了冲击。2016年中期以后，虽然证券市场逐渐趋于稳定，但“股灾”对于市场的影响特别是对投资者信心的打击是持续存在的，直到现在还有很多股民不敢进入市场。一直以来，股民作为中小投资者大多并不参与公司的日常监督以及重要决策表决，这主要是源于他们持股比例较低，获得收益和监督成本相比过低，所以大部分中小股东都选择“搭便车”，这就给上市公司造成了一种不必重视中小股东的错觉。事实上，这些看起来对于上市公司没有任何控制力的中小股东恰恰应当是市场的重点保护对象，如果中小股东的利益得不到很好的保护，人人自危甚至退出市场，长此以往，会造成市场信心的崩塌，无论对上市公司还是资本市场都将是毁灭性的打击。而投资者关系管理作为公司的一项战略行为，正是和包括中小股东在内的所有投资者建立良好沟通关系的行为，通过完善的信息披露以及投资者反馈沟通渠道的建立，和投资者达成一种坚实的双向关系，从而获得投资者的长久信任。从这个角度来说，投资者关系管理和中小股东利益保护之间是有关联的，本文正是对此问题加以检验，并更深一步，探究了这一作用的内在机理，即投资者关系管理保护中小股东利益的路径。 本文选取2015年中国深交所主板A股的上市公司，剔除信息缺失、ST公司以及金融保险类上市公司共429个样本，经过实证检验得到以下主要结论。第一，上市公司股权集中度的上升会引起中小股东利益受损程度的显著增加；第二，上市公司投资者关系管理质量的提升能够显著降低公司中小股东利益受损程度；第三，良好的投资者关系管理可以改善由于股权过于集中引发的中小股东利益被损害现象；最后，公司透明度在投资者关系管理保护中小股东利益的作用中起到了部分中介效应，是投资者关系管理保护中小股东利益的路径之一。
英文摘要：	Chinese stock market suffered from a big shock in 2015.Most of the shareholders in the market have been affected. After mid-2016, the market seems to be stabilized, but the influence of the market persists until now. Today, there are still many people do not dare to enter the market. For a long time, most shareholders as minority investors do not participate in the company of the daily superviseon and important decisions. This is mainly because of their lower shareholding and big cost of supervise. As a result, most of the minority shareholders do the "free-rider" choice, this makes the company thinking that they do not need to pay attention to the minority shareholders. In fact, these minority shareholders who seem to do not have any control of the listed companies in the market should be protected perfectly. If the interests of minority shareholders are not well protected, they will exit the market, not only the market but the listed companies will be devastated. Investor relations management as a strategic behavior of companies, focus on making good communication relationship with all of the investors including the minority shareholders. From this point of view, the investor relations management should have some work on minority shareholders interests’ protecting. This paper is trying to examine the relationship betwwen IRM and minority shareholders’ interests . For further, explore how the effects work. This paper selects 2015 companies listed in shenzhen stock exchange main board a-share, eliminates whose information missed, ST companies and whose indu type is financial and insurance. Finally get a total of 429 samples of listed companies, and make some main conclusions. Firstly, the listed company ownership concentration increase can make minority shareholders’ interests damage increased significantly; Secondly, the quality of investor relations management’s ascension can significantly reduce the degree of minority shareholders’ interests damage. Thirdly, a good investor relationship management can improve due to the minority shareholders caused by the equity concentration. Finally, the company's transparency do a mediating effect between investor relations management and minority shareholders interests’ protecting. It is a path of IRM protecting the minority shareholders.
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