本文選題：投資者關系管理 + 公司品牌　； 參考：《南開大學》2012年博士論文

【摘要】：近年，隨著越來越多知名品牌公司的不斷上市，一些新的問題出現(xiàn)在管理者的面前。作為股份制企業(yè)，上市公司必須同時滿足產品市場顧客和資本市場投資者兩方面的需求。這些知名品牌公司，經過多年的經營和積累，已經在產品市場上獲得了顧客的認可，取得了較高的品牌價值。這些在產品市場積累的公司品牌影響力是否會對資本市場的公司價值產生影響，影響機理是什么以及如何有效利用這些影響提升公司價值等是這類公司迫切需要解決的問題。 本文在文獻梳理的基礎上，采用規(guī)范分析與實證研究結合的方法，構建了以公司品牌信息和溝通為手段的投資者關系管理系統(tǒng)框架，嘗試從投資者關系的視角探討公司品牌信息的價值效應和溝通效應問題。本文得出的主要研究結論如下： 1．基于投資者關系視角的公司品牌研究的理論基礎是信息不對稱理論和投資者關系模型 信息不對稱理論為基于投資者關系視角的公司品牌研究提供了機制性解釋基礎�，F(xiàn)有的投資者關系管理模型為公司品牌與投資者關系管理之間關系的建立提供了有利的線索，并為相關研究提供了理論借鑒和支撐。 基于投資者關系視角的公司品牌研究站在上市公司的角度，，將公司品牌作為一種信息商品，以信息不對稱理論中的信號傳遞機制和聲譽機制為理論支撐，以公司營銷理論為指南，探討公司品牌信息在降低上市公司與投資者之間信息不對稱，提升公司價值方面的作用。 2．公司品牌價值效應研究顯示，公司品牌價值對資本市場公司價值具有正向影響作用 理論方面，我們以Ohlson（1995）的凈收益模型為基礎，推導了公司價值、公司凈資產信息以及公司品牌信息之間的關系。這一關系成為本文研究相關問題的基礎。 實證方面，本文基于“公司產品市場表現(xiàn)—投資者行為—公司資本市場表現(xiàn)”的研究思路，以2009年《中國500最具價值品牌排行榜》上榜公司中106家樣本為研究對象。對這些公司的公司品牌價值與公司價值之間的關系進行了理論分析和實證檢驗。研究發(fā)現(xiàn)，公司品牌價值的大小與公司價值之間顯著正相關，公司品牌價值通過影響資本市場股票的換手率，影響公司價值。股票換手率作為股東行為變量，在其中發(fā)揮了中介變量的作用。公司品牌價值作為第三方中介機構發(fā)布的關于公司產品市場綜合表現(xiàn)的信號，是資本市場股東對公司價值評估的一種低成本、高可信度的參考。公司品牌價值信息的有效應用能在一定程度上緩解上市公司與投資者之間的信息不對稱問題。 3．年報是上市公司與投資者之間信息溝通的重要途徑，但在溝通公司品牌價值信息方面的作用并不顯著 年報是上市公司溝通信息的最重要的途徑。但是通過對2009年《中國500最具價值品牌排行榜》上市公司的調查發(fā)現(xiàn)，在106家樣本公司中，披露公司品牌價值的公司為19家，僅占樣本總數(shù)的17.9%。利用配對樣本參數(shù)和非參數(shù)檢驗后發(fā)現(xiàn)，在配對樣本資產規(guī)模和公司品牌價值得到控制的情況下，配對樣本市場附加值（MVA）、托賓Q值（TQ）和每股收益（EPS）的T檢驗和z檢驗結果均不顯著，兩者的平均值不存在顯著差異。也就是說，上市公司是否在年報中披露有關公司品牌價值的信息對公司價值并未產生影響。 4．樣本的品牌信息互動溝通整體水平較低，公司品牌信息互動溝通水平（S）與公司價值（MVA）之間呈現(xiàn)非線性的U型關系 調查顯示，樣本公司常用的互動溝通渠道可以分為二大類：第一類屬于以互聯(lián)網為基礎的投資者關系互動溝通渠道，包括網站投資者專線電話、投資者信箱、投資者論壇和留言、針對投資者的常見性問題解答和網上路演等；第二類為面對面溝通，包括業(yè)績說明會報告會、路演、投資者見面會、分析師會議、媒體見面會，記者招待會、投資者見面會、走訪投資者等形式。其中網絡互動溝通渠道的使用比例明顯高于面對面互動溝通渠道。 在此基礎上，本文利用因子分析的方法，構建了公司品牌信息互動溝通指數(shù)。利用該指數(shù)對樣本公司的公司品牌互動溝通水平進行了評價。結果顯示，樣本公司的渠道整體水平較低，公司之間存在較大差異。深滬兩地公司品牌信息互動溝通總體水平不存在顯著差異，但是常設網絡互動（F2）方面，滬市優(yōu)于深市。主動互動（F3）和媒體互動（F4）方面，深市優(yōu)于滬市。 進一步的多元回歸分析發(fā)現(xiàn)，公司品牌信息互動溝通水平（S）與公司價值之間呈現(xiàn)非線性的U型關系。
[Abstract]:In recent years, as more and more well-known Brand Company continue to go on the market, some new problems appear in front of the managers. As a joint-stock enterprise, the listed companies must meet the needs of two aspects of the product market customers and the capital market investors. These well-known Brand Company have been in the product market after years of operation and accumulation. It has been recognized by the customers and has achieved high brand value. Whether the influence of the brand influence accumulated in the product market will affect the corporate value of the capital market, what the mechanism is and how to effectively use these effects to improve the value of the company are the urgent problems that this kind of public company needs to solve.
On the basis of literature review, this paper uses the method of combination of normative analysis and empirical research to construct a framework of investor relationship management system based on company brand information and communication. It tries to discuss the value effect and communication effect of company brand information from the perspective of investor relations. Below:
1. the theoretical basis of corporate brand research based on investor relations is asymmetric information theory and investor relations model.
The theory of information asymmetry provides a theoretical basis for the study of corporate brand based on the perspective of investor relations. The existing investor relationship management model provides a favorable clue for the establishment of the relationship between the company brand and the investor relationship management, and provides a theoretical reference and support for the related research.
Based on the perspective of investor relations, the company brand research stands in the perspective of the listed company, taking the company brand as a kind of information commodity, taking the signal transmission mechanism and reputation mechanism in the information asymmetry theory as the theoretical support, and taking the company marketing theory as the guide to discuss the company brand credit to reduce the information between the listed companies and the investors. Symmetry, the role of enhancing the value of the company.
2. the research on brand value effect shows that the brand value of the company has a positive impact on the value of the capital market.
In theory, based on the net income model of Ohlson (1995), we deduce the relationship between company value, the company's net asset information and the company brand information. This relationship is the basis of this paper.
On the basis of the research ideas of "the performance of the company's product market - Investor Behavior - the performance of the company's capital market", this paper studies the relationship between the brand value and the public value of the company's brand value and the public value based on the 106 samples of the top 500 list of China's most valuable brands in 2009. A positive correlation is found between the size of the company's brand value and the value of the company. The brand value of the company affects the value of the company by influencing the exchange rate of the stock in the capital market. As a shareholder's behavior variable, the exchange rate of the stock is used as the intermediary variable. The brand value of the company is issued as the third party agency. The signal of the comprehensive performance of the company's product market is a kind of low cost and high reliability reference for the stock market shareholders to evaluate the company's value. The effective application of the company brand value information can alleviate the information asymmetry between the listed companies and the investors to a certain extent.
The annual report of 3. is an important way of information communication between listed companies and investors, but its role in communicating brand value information is not significant.
The annual report is the most important way for the communication information of the listed companies. But through the survey of the listed companies of the 500 most valuable brand list of China in 2009, it is found that in the 106 Sample Firms, the company that discloses the company brand value is 19, and the total number of 17.9%. is found by paired sample parameters and nonparametric tests. Under the control of the size of the sample assets and the value of the company's brand, the paired sample market added value (MVA), the T test and the Z test results of Tobin Q value (TQ) and earnings per share (EPS) are not significant, and the average value of the two is not significant. The value of the company has not been affected.
4., the overall level of brand information interaction communication is low, and there is a nonlinear U relationship between brand information interaction communication level (S) and company value (MVA).
The survey shows that the Sample Firms commonly used interactive communication channels can be divided into two categories: the first category belongs to the Internet based investor relations interactive communication channels, including the web site investor phone, investor mailbox, Investor Forum and message, for investor's regular questions and online roadshow, and so on; the second category is face to face. Communication, including performance note meeting, road show, investor meeting, analyst meetings, media meetings, press conferences, investor meetings, investors, and so on. The use of network interaction channels is significantly higher than the face-to-face interactive channel.
On this basis, this paper uses the method of factor analysis to construct the index of corporate brand information interaction and communication. The index is used to evaluate the interactive communication level of the company brand of Sample Firms. The results show that the overall level of the Sample Firms channel is low and there is a great difference between the companies. There is no significant difference in the general level, but in the F2, the Shanghai stock market is superior to the Shenzhen market. The active interaction (F3) and the media interaction (F4) are better than the Shanghai stock market.
Further multiple regression analysis showed that there was a nonlinear U relationship between brand information interaction communication level (S) and company value.
【學位授予單位】：南開大學
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F273.2;F224

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