中国上市公司投资者关系互动指数及其应用研究  

Investor Relations Interaction Index and Application Study of Chinese Listed Companies

作　　者：马连福[1,2] 沈小秀[1,2] 王元芳[1,2] 

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071

出　　处：《预测》2014年第1期39-44,共6页Forecasting

基　　金：长江学者和创新团队发展计划资助项目(IRT0926);国家自然科学基金重点资助项目(71132001);教育部人文社科重点研究基地重大资助项目(10JJD630001)

摘　　要：本文从互动沟通的角度深入剖析投资者关系形成的基础,通过选取评价指标,建立评价模型,赋值指标权重,逐层计算指数并评估其有效性,构建了投资者关系互动评价指数。在对我国上市公司的投资者关系互动水平进行评价后发现,我国上市公司投资者关系互动水平较低,投资者关系管理自主性不强;互动水平受到实际控制人性质、行业和所属地区的影响;网络和电话成为投资者互动的主要渠道,现场沟通渠道的运用和沟通反馈水平有待提高。此外,本文对投资者关系互动水平和公司现金股利支付水平进行实证检验发现,投资者关系互动较好的公司倾向于支付更多股利。From the perspective of interactive communication, this paper dives deep into the foundation of investor rela-tions. By selecting evaluation index, modelling, weighting, calculating and assessment, this paper constructs the Inves-tor Relations Interaction Index. Through evaluating the listed companies’ investor relations ineraction level, we find that the overall level of interaction between listed companies and investors is low and the autonomy of investor relations ma-negement is not strong. In addition, it indicates that the level of interaction is influenced by the nature of controlling shareholders, industries and districts;the internet and telephone become main channels of investor interaction; the use of field commnication and the level of communication feedback need to be improved. Besides, this paper conducts another imperical tests between investor relations interation level and the rate of dividend payment, which result shows that companies with better inverstor relations interation tend to payout more.

关 键 词：投资者关系 互动沟通 评价 股利 

分 类 号：F275[经济管理—企业管理]