摘要
为了系统、全面地对中国上市公司股权结构对投资者关系管理的影响作用进行研究,本文以2007年上海证券交易所上市的826家公司为样本,就股权结构对投资者关系管理的影响进行了实证研究。在非财务信息披露程度和网站互动沟通两个全新视角下,本文构建了投资者关系管理评价指标体系,使用投资者关系水平(IRI)作为样本公司投资者关系管理的替代变量,提出了股权性质、股权集中度和内部人持股等股权特征变量与投资者关系水平之间存在着曲线关系的研究假设,并加以实证检验。研究发现,我国上市公司开展投资者关系活动的程度不会受到股权性质的影响。适当的股权集中度对促进上市公司开展投资者关系活动有显著的积极效果,但股权过于集中,对提升上市公司的投资者关系水平来说也存在着所谓的"壕沟效应"(entrenchment effect)。此外,只有管理层持股比例在一定程度上表现出与投资者关系水平之间存在显著的线性关系。
In order to systemically develop researches on ownership structure＇s influence on investor relations management,this paper chooses 826 Chinese listed companies as a sample and develops a systemically empirical research on ownership structure＇s influence on the level of IR.The author establishes an evaluation system of investor relations management based on the degree of nonfinancial disclosure and website interactive communication,and take the variable of the level of investor relations（IRI） to measure investor relations management.The paper proposes that ownership structure including ownership attributes,ownership concentration and insider ownership has a curved relationship with the level of investor relations and examines the hypotheses.Research shows that ownership concentration can significantly impact the level of IR and the relationship between ownership concentration and the level of investor relations is also in inverted U shape.Ownership attributes are not significant factors that affect the level of IR.Insider ownership has a limited effect on IRI and only the proportion of shares held by managers can significantly affect the level of investor relations in a liner fashion.
出处
《山西财经大学学报》
CSSCI
北大核心
2011年第8期92-100,共9页
Journal of Shanxi University of Finance and Economics
基金
天津市教委高校人文社科研究规划项目"天津上市公司投资者关系管理价值相关性研究"(20092108)
关键词
中国上市公司
股权结构
投资者关系
Chinese listed company
ownership structure
investor relations
