投资者关系管理、代理成本与企业价值  

Investor Relation Management,Agency Cost and Enterprise Value

作　　者：万晓文[1] 庄慧[1] 

机构地区：[1]山东财经大学会计学院,山东济南250014

出　　处：《山东财经大学学报》2016年第4期59-68,共10页Journal of Shandong University of Finance and Economics

基　　金：教育部人文社会科学研究规划基金项目"收益信息披露对非专业投资者认知决策影响研究"(15YJAZH114)

摘　　要：利用2013-2014年我国沪深两市A股非金融类上市公司的数据,经过研究得出:我国上市公司的投资者关系管理与企业价值显著正相关,这说明提升我国上市公司的投资者关系管理水平有助于企业价值的增值;代理成本与企业价值显著负相关,这表明上市公司的代理成本越低,企业价值就越高;在这两个结论的基础上,进一步实证检验发现,投资者关系管理相对于代理成本对企业价值的负面影响具有调节效应。由此本文的研究结论应该能够对我国的上市公司及监管层起到一定的启示作用:我国的上市公司及监管层应该认识到投资者关系管理的重要性,要把投资者关系管理作为一项重要的战略决策坚持贯彻下去;应该从激励和约束两个方面采取措施降低代理成本;应该充分地发挥投资者关系管理对代理成本和企业价值的调节作用,提高投资者关系管理在我国上市公司中的地位,努力实现我国上市公司的可持续发展。Based on the data from 2013-2014 Shanghai and Shenzhen A-share non-financial listed companies, this paper empirically studies the relationship between investor relation management, agency cost and enterprise val- ue. The research findings show that listed company＇s investor relation management and enterprise value are positively correlated significantly, which indicates that upgrading listed company＇s investor relation management helps to in- crease enterprise value; and that agency cost and enterprise value are negatively correlated significantly, which indicates that the lower the listed company＇s agency cost is, the higher the enterprise value is. Based on the above findings, a further empirical test shows that compared with agency cost, the negative effect of investor relation management on enterprise value has a regulating effect. The enlightenments from the present study for listed companies and regulators are that listed companies and regulators should realize the importance of investor relation management and carry out investor relation management as an important strategic decision; agency cost should be redued through both incentive and constraining measures; and that the regulating effects of investor relation management on agency cost and enterprise value should be fully played so as to improve the status of investor relation management in listed companies and realize the sustainable development of China listed companies.

关 键 词：投资者关系管理 代理成本 企业价值 

分 类 号：F234.3[经济管理—会计学]