基于投资者关系战略的非财务信息披露指标及实证研究  

Nonfinancial Disclosure Measures and Empirical Research Based on Investor Relations Strategy

作　　者：马连福[1] 赵颖[1] 

机构地区：[1]南开大学商学院,天津300071

出　　处：《管理科学》2007年第4期86-96,共11页Journal of Management Science

基　　金：国家自然科学基金(70532001);教育部人文社会科学重点研究基地2006年度重大研究项目(06JJD630008);教育部人文社会科学重点研究基地2005年度重大研究项目(05JJD630024);天津市"十一五"社科研究规划(2006年度)课题(TJGL06-010)

摘　　要：随着资本市场的竞争和股东维权意识的增强,投资者已不满足上市公司传统的财务信息披露,非财务信息对投资者投资决策的重要性日益显现,而投资者关系就是通过公司与投资者及其他利益相关者的有效沟通,达到发展、维持战略投资者和建立良好企业形象的目的,因此非财务信息披露应该成为投资者关系战略的重要组成部分。基于投资者关系战略视角,将非财务信息披露作为投资者关系沟通战略的重要手段,构建非财务信息披露指标体系,以深圳证券交易所上市的公司为样本,分析影响中国上市公司非财务信息披露的因素。Investors have not satisfied with traditional financial information disclosure from firms with the intense competition in capital market and the awareness of shareholders＇ equity. Researches suggest that nonfinancial information is more important for investors making decisions on investment. The function of investor relations is to help companies to develop and maintain good relationship with strategic investors and establish good company image by effective communication. Nonfinancial disclosure should be an important part of investor relations program. Different from former research, this paper points that nonfinancial disclosure is an important communication strategy in investor relations from the view of investor relations program, and develops a nonfinancial disclosure system. Further, this paper selects the listed companies in SEC as a sample study and analyses the nonfinancial disclosure level and the variables that determine the disclosure.

关 键 词：投资者关系战略 非财务信息披露 影响因素 非财务信息披露指数 

分 类 号：F830.59[经济管理—金融学]