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机构地区:[1]天津外国语学院国际商学院,天津300204 [2]四川大学经济学院,四川成都610001
出 处:《山西财经大学学报》2009年第8期61-70,共10页Journal of Shanxi University of Finance and Economics
基 金:国家自然科学基金重点项目"中国公司治理及其评价研究"(70532001);国家自然科学基金面上项目"基于投资者关系管理的上市公司治理优化研究"(70872050);教育部人文社科重点研究基地项目"基于公司治理的投资者关系价值创造及其战略管理行为研究"(06JJD630008);南开大学"985""211"工程项目资助
摘 要:国内外学者很少有人针对投资者关系与公司价值二者的互动关系进行研究。为了揭示投资者关系与公司价值之间的真正关系,本研究从非财务信息披露和网站互动沟通这个全新视角构建了投资者关系评价体系,利用投资者关系指数模型衡量投资者关系水平。以2006年上海证券交易所上市的826家非金融类上市公司为研究样本,全面采用年报和网站信息,系统地提出公司价值与投资者关系水平二者之间可能存在的关系的研究假设并加以检验,发现同期公司价值与投资者关系水平之间的关系类似于一条倒U型曲线,这表明,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,此时的投资者关系水平才会达到较高水平。该研究丰富了投资者关系领域的研究成果。Existing research shows that good investor relations (IR) can bring a series of enterprise value, such as better erterprise reputation, lower capital cost, and higher stock price. However, few scholars pay attention to the interactive relationship between investor relations and corporate value. In order to reveal the real relationship between investor relations and corporate value, this research constructs a set of IR evaluation system which emphasis nonfinancial disclosure and interactive communication and employs IR model to measure the level of IR. The paper 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. After examining the assumptions on the relationship between IR and the value of the company, it proves the relationship between company value and the level of investor relations in the same period is like an inverted U- shaped curve. This shows the listed conoanies 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 study has enriched the research achievements in the field of the investor relations.
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