摘要
文章利用南京大学联合证监会对A股上市公司投资者关系管理状况的综合调查数据,切入投资者关系管理的独特视角,实证分析了投资者关系管理与企业违规风险之间的关联及其影响因素。研究发现,投资者关系管理与企业未来的违规倾向呈显著的负向关系,且这种负向关系在控制内生性等问题后依然存在。这表明投资者关系的有效管理能够显著抑制企业的违规风险。影响因素分析结果显示,在抑制企业违规风险方面,投资者关系管理和内部控制质量具有互补作用,而媒体报道、分析师跟踪、公司规模、机构持股等公司可视性因素对投资者关系管理与企业违规风险之间的负向关系并没有显著的影响。文章不仅在理论上拓展了投资者关系管理的研究,而且在实践上对于规范上市公司经营运作、提振投资者信心以及防止金融市场极端波动具有重要的启示意义。
Based on special data achieved from comprehensive survey of investor relations management status of A-share listed companies implemented by Nanjing University and China Securities Regulatory Commission,this paper examines the correlation between investor relations management enterprise violation risk and its influencing factors.It comes to the conclusions that there is a significantly negative relation between investor relations management and future enterprise propensity for violation,and it is still robust after the control of endeogeneity.It shows that effective management of investor relations can significantly inhibit enterprise violation risk.Further analysis of influencing factors indicates that in terms of the inhibition of enterprise violation risk,investor relations management and internal control quality are complementary,and visible factors such as media reports,analyst tracking,corporate size and institutional holdings do not have significant effects on the negative relationship between investor relations management and enterprise violation risk.This paper not only theoretically extends the research paradigm of investor relations management,but also has the important enlightenment to the regulation of the operation of listed companies,the encouragement to investor confidence and the prevention of extreme volatility in financial markets.
出处
《财经研究》
CSSCI
北大核心
2016年第5期15-27,共13页
Journal of Finance and Economics
基金
国家自然科学基金项目(71302121
71271109)
教育部人文社会科学研究项目(12YJC630158
13YJC790174)
江苏高校哲学社会科学研究重点项目(2012ZDIXM039)
财政部全国会计领军(后备)人才(学术类)培训项目
江苏省青年社科英才项目的资助
关键词
投资者关系管理
企业违规风险
综合调查
investor relations management
enterprise violation risk
comprehensive survey
