摘要
投资者关系管理是公司自主实施的与资本市场互动沟通的管理活动,旨在塑造资本市场形象,保护投资者权益。虽然证监会大力推行,但是财务丑闻事件依然发生。因此有必要分析在既定的内外部环境条件下,经理层自主开展投资者关系管理活动的动机。本文以2006年、2008年的A股上市公司为样本,检验经理层动机对投资者关系管理水平的影响,结果发现,2006年融资动机与投资者关系管理水平显著正相关;2008年专有成本与投资者关系管理水平显著正相关;管理层持股比例与投资者关系管理水平的关系并不明显,意味着公司经营情况是经理层实施投资者关系管理的动机,并且监管加强对投资者关系管理的实施有一定促进作用,但是激励约束机制作用还有待加强。
Investor relations is a self-implementation activity which is aimed at shaping the capital market image and protecting the interests of investors by interactive communication with capital market.Although the SEC encourage the company to implement the IR,the financial scandals still occur.So,it is necessary to analyze the motivation of managers to carry out investor relations activities under the given internal and external institutional conditions.The aim of this paper is to examine the effects of executive's motives on investor relations level.Based on samples of 2006 & 2008 Chinese listed companies,we found financing motivation was significantly positively correlated with investor relations level,and proprietary were significantly positively correlated cost only in 2008;stock compensation did not have significant impact on investor relations level,meaning that regulators need to strengthen the building of the incentive institution.
出处
《兰州商学院学报》
2012年第4期107-112,共6页
Journal of Lanzhou Commercial College
基金
教育部人文社科青年基金项目"基于投资者关系管理的公司治理效率分析"(12YJC630061)
教育部人文社科青年基金项目"基于投资者关系管理的机构股东积极监督研究"(10YJC630055)
四川省教育厅面上项目"四川省上市公司投资者保护与公司治理状况研究"(11SB058)
关键词
经理层
动机
投资者关系管理
自主
融资
manager
motivation
investor relations
self-implementation
financing
