中国上市公司投资者关系水平及对公司绩效影响的实证研究  

Study on Investor Relation Assessment and Its Relation with Enterprises' Performance

作　　者：马连福[1] 卞娜[1] 刘丽颖[1] 

机构地区：[1]南开大学公司治理研究中心/商学院,天津300071

出　　处：《管理评论》2011年第10期19-24,35,共7页Management Review

基　　金：国家自然科学基金项目(70872050);教育部重点研究基地重大项目(10JJD630001)

摘　　要：随着中国资本市场的日渐成熟,上市公司投资者关系管理水平对于提高上市公司价值,提升上市公司治理水平有着重要的现实意义。通过对中国上市公司2007年发布的自查报告进行整理,利用多元统计中的因子分析法对投资者关系实践进行分析,得出我国上市公司投资者关系管理活动的实施状况,并进一步探讨了其对公司绩效的影响。结果发现在中国资本市场上,有效的投资者关系管理对公司绩效有着积极的意义;上市公司投资者关系实践活动中,双向互动的沟通对于投资者关系管理实践有着更重要的意义。As capital market is growing in China,the level of listed companies＇ investor relation（IR） is found to play an important practical significance in improving the corporation governance level and enhancing corporation value.The article aims to study the IR and the relationship between IR and the corporation value based on self-examination report datum of China＇s listed companies released in 2007.The results indicate IR consists of three main factors,namely,the unidirectional information transmission factor,the bilateral communication factor and the organization factor.And the results also show that in the capital market of China,IR is significantly positively correlated with the corporation performance,especially bilateral communication factor.It concludes that the bilateral communication factor will play a key role in the future IR practice.

关 键 词：投资者关系 上市公司 因子分析 

分 类 号：F272[经济管理—企业管理] F224[经济管理—国民经济]