本文選題：投資者關(guān)系管理 + 公司績效�。� 參考：《東北財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：在過去的幾年中,中國乃至全球股市均經(jīng)歷了大起大落的不尋常階段,全球資本市場的發(fā)展趨于規(guī)范化、市場化、機(jī)構(gòu)化,證券市場受到了前所未有的關(guān)注,其中公司的投資者獲得了人們更多的目光。目前中國的證券市場還處于新興階段,想要通過發(fā)展逐漸壯大,需要各參與者的共同努力。上市公司作為證券市場的核心參與者,想要在證券市場中獲得一席之地并得到長遠(yuǎn)發(fā)展,吸引投資者的關(guān)注并與投資者保持穩(wěn)定良好的關(guān)系,是必不可少的。鑒于投資者關(guān)系管理的重要性,上市公司要著眼于發(fā)現(xiàn)并解決目前投資者關(guān)系管理存在的問題從而改善與投資者間的關(guān)系。 但我國目前整體投資者關(guān)系管理水平還較低,還有很大的提升空間。在實(shí)際工作的開展中仍存在著很多問題,具體表現(xiàn)為一些上市公司對(duì)投資者關(guān)系管理工作的開展不重視,理解不夠深入,只是被動(dòng)遵守監(jiān)管部門出臺(tái)的法律法規(guī),缺乏主動(dòng)性與積極性,多是對(duì)短期利益的追逐,缺乏戰(zhàn)略性的規(guī)劃。在理論上,對(duì)于投資者關(guān)系管理的研究相對(duì)于其他課題來說也缺乏深入的理論研究和數(shù)據(jù)實(shí)證分析方面的文獻(xiàn)。本文選擇我國上市公司投資者關(guān)系管理與公司績效關(guān)系的實(shí)證研究這一課題,是想通過繼承發(fā)展現(xiàn)有的研究成果,運(yùn)用實(shí)證方法來分析投資者關(guān)系管理對(duì)公司績效的影響。 本文將規(guī)范研究與實(shí)證研究相結(jié)合,并以實(shí)證研究為主。從考察投資者關(guān)系管理與公司績效的一般理論入手,分析投資者關(guān)系提升企業(yè)績效的實(shí)現(xiàn)機(jī)制,然后搜集相關(guān)數(shù)據(jù),運(yùn)用統(tǒng)計(jì)檢驗(yàn)以及回歸分析等計(jì)量經(jīng)濟(jì)學(xué)方法對(duì)該問題進(jìn)行實(shí)證研究。在進(jìn)行實(shí)證研究時(shí),本文選取信息披露與溝通兩方面共28個(gè)指標(biāo)來構(gòu)建投資者關(guān)系管理指數(shù),從而對(duì)樣本公司進(jìn)行評(píng)價(jià)與比較分析,然后根據(jù)選擇的公司績效指標(biāo),通過多元回歸分析考察投資者關(guān)系管理對(duì)企業(yè)績效的影響,最后提出結(jié)論與建議。 本文主要包括五部分內(nèi)容。第一部分是引言,主要介紹本文的研究背景、選題動(dòng)機(jī)、投資者關(guān)系管理在國內(nèi)外的研究現(xiàn)狀及發(fā)展趨勢(shì)、研究目的及意義、論文架構(gòu)及創(chuàng)新點(diǎn)。第二部分是投資者關(guān)系管理的理論框架,從內(nèi)涵、基本屬性、目標(biāo)及手段、內(nèi)容等幾方面對(duì)其進(jìn)行詳細(xì)敘述。第三部分是對(duì)公司績效的界定,并以公司治理理論、委托代理理論、非對(duì)稱信息理論、資本營銷理論及關(guān)系價(jià)值理論為依據(jù)探討了投資者關(guān)系管理對(duì)公司績效的影響。同時(shí),提出了本文的研究假設(shè)。第四部分是本文的實(shí)證研究部分,包括研究設(shè)計(jì)與實(shí)證分析兩部分。研究設(shè)計(jì)中包括變量提出、模型設(shè)計(jì)與樣本選擇及數(shù)據(jù)來源。實(shí)證分析中通過多元回歸與描述性統(tǒng)計(jì)探討了投資者關(guān)系管理對(duì)公司績效的影響。第五部分是本文通過研究所得出的結(jié)論與建議,主要包括研究結(jié)論、研究的局限與不足、未來的研究方向以及對(duì)我國開展投資者關(guān)系管理的建議。
[Abstract]:In the past few years, Chinese and even global stock markets have experienced an unusual period of ups and downs. The development of the global capital market tends to be standardized, market-oriented, institutionalized, and the securities market has received unprecedented attention. Among them, the investors of the company got more attention. At present, China's securities market is still in a new stage. As the core participants of the securities market, it is necessary for listed companies to gain a place in the securities market and obtain long-term development, attract the attention of investors and maintain a stable and good relationship with investors. In view of the importance of investor relationship management, listed companies should focus on finding and solving the existing problems in investor relationship management, so as to improve the relationship with investors. However, the overall level of investor relationship management in China is still low, there is still a lot of room for improvement. There are still many problems in the development of practical work, which are manifested in the fact that some listed companies do not attach importance to the development of investor relations management, do not understand deeply enough, but only passively abide by the laws and regulations issued by the regulatory authorities. Lack of initiative and enthusiasm, is the pursuit of short-term interests, lack of strategic planning. In theory, the research on investor relationship management is also lack of in-depth theoretical research and empirical analysis of data compared with other topics. This paper chooses the empirical research on the relationship between investor relationship management and corporate performance of listed companies in China. It is intended to analyze the impact of investor relationship management on corporate performance by inheriting and developing existing research results and using empirical methods. This paper combines normative research with empirical research, and focuses on empirical research. Starting with the general theory of investor relationship management and corporate performance, this paper analyzes the realization mechanism of investor relationship to enhance enterprise performance, and then collects relevant data. An empirical study on the problem is carried out by means of econometrics, such as statistical test and regression analysis. In the empirical study, this paper selects 28 indicators of information disclosure and communication to construct investor relationship management index, and then evaluates and compares the sample companies, and then according to the selected corporate performance indicators. The influence of investor relationship management on enterprise performance is investigated by multiple regression analysis. Finally, conclusions and suggestions are put forward. This paper mainly includes five parts. The first part is the introduction, mainly introduces the research background of this paper, the motive of selecting the topic, the present situation and development trend of investor relationship management at home and abroad, the purpose and significance of the research, the structure of the paper and the innovation point. The second part is the theoretical framework of investor relationship management, from the connotation, basic attributes, objectives and means, content and other aspects of the detailed description. The third part is the definition of corporate performance, and discusses the impact of investor relationship management on corporate performance based on corporate governance theory, principal-agent theory, asymmetric information theory, capital marketing theory and relationship value theory. At the same time, the research hypothesis of this paper is put forward. The fourth part is the empirical part of this paper, including research design and empirical analysis. The research design includes variable presentation, model design, sample selection and data source. In the empirical analysis, the influence of investor relationship management on corporate performance is discussed through multiple regression and descriptive statistics. The fifth part is the conclusions and suggestions of this paper, including the research conclusions, limitations and shortcomings of the study, the future research direction and the suggestions for the implementation of investor relationship management in China.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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