投资者调研能提升公司价值吗?  

Dose the Survey by Investors Increase Firm’s Value?

作　　者：黄筱[1] 

机构地区：[1]中南财经政法大学会计学院

出　　处：《中南财经政法大学研究生学报》2015年第5期92-98,共7页Journal of the Postgraduate of Zhongnan University of Economics and Law

基　　金：中南财经政法大学2015年度研究生创新教育计划项目:制度、交易成本和“中国制造”外贱内贵现象研究(项目编号:2015S1110)

摘　　要：投资者关系管理是资本市场走向成熟的标志之一。我国资本市场目前正处于转型建制时期,投资者管理正在经历一个从无到有,从被动到主动的过程。对这一时期的投资者关系问题的研究,不仅能丰富该薄弱领域的学术文献,而且对推动我国的投资者关系管理有重要实践意义。文章以2014年A股上市公司投资者调研为对象,研究其对公司价值的影响,结论如下:首先,投资者调研能提升公司价值;其次,从较长的时间跨度来看,主板市场的超常回报无法维持,而创业板公司的超常回报能维持一个较高的水平;最后,同一家公司,其接受投资者调研次数的增加会对股价产生负面影响。The investor relationship management is one of the sign of mature capital market. China’s capital market is currently in the transition and reconstruction period,over which the investor management is from scratch and from passive to active. Research on this period can not only enrich the academic literature in the weak field,but also promote the practice. This article regards the survey by investors on A- share listed companies as research subjects,and the findings are as follows: the events make a positive effect on stock price,which is greater in the Creative board market.However,the CAR cannot be maintained for a long time in the main board market,while it still maintains a high level despite a slight decline in the Creative board market. In addition,the increasing number to accept the survey by investors will have a negative impact on the stock price.

关 键 词：投资者调研 投资者关系管理 信号理论 

分 类 号：F832.51[经济管理—金融学]