本文選題：投資者關(guān)系管理 + 公司價值　； 參考：《東北財經(jīng)大學(xué)》2012年碩士論文

【摘要】：七十多年前,美國在經(jīng)歷經(jīng)濟大蕭條后,資本市場呈現(xiàn)一片混亂。各公司為了爭奪發(fā)展機會,使用各種手段來吸引投資者的關(guān)注。因此,當(dāng)時美國資本市場信息發(fā)布缺乏規(guī)范、虛假信息到處泛濫,人們開始認識到投資者關(guān)系管理的必要性。到了20世紀50年代,投資者關(guān)系管理才正式起步。1956年,美國管理協(xié)會發(fā)布了第一份關(guān)于股東關(guān)系的研究報告。1969年,美國率先成立了全美投資者關(guān)系協(xié)會,擁有了第一家全國性的投資者關(guān)系協(xié)會。20世紀90年代,國際投資者關(guān)系聯(lián)合會成立,它把各個國家的投資者關(guān)系協(xié)會聯(lián)合起來,成為了全球投資者關(guān)系管理發(fā)展的一個里程碑。目前,世界上已有20多個國家擁有了自己國家的投資者關(guān)系協(xié)會,投資者關(guān)系管理越來越得到人們的認可。 在我國,投資者關(guān)系管理是一個新生的事物,還不是很成熟。投資者關(guān)系管理在中國短短的十幾年的發(fā)展可以分為兩個部分,2005年的股權(quán)分置改革是分界點。2005年以前,投資者關(guān)系管理發(fā)展比較緩慢,主要是投資者關(guān)系管理概念的引入、理念的提倡以及實踐的探索。2005年的股權(quán)分置改革促使投資者關(guān)系管理由“要我做”進入了“我要做”的新階段,因此這一年被成為中國資本市場投資者關(guān)系管理元年。中國證監(jiān)會于2005年9月正式發(fā)布了《上市公司股權(quán)分置改革管理辦法》,該管理辦法的目標是保護投資者特別是中小投資者的權(quán)益,不但賦予了投資者修改具體改革方案的權(quán)利,還將決定方案是否通過的流通股股東的支持率提高到一個空前的高度。這就使流通股股東無形中提高了話語權(quán),投資者關(guān)系管理得到空前的重視,成為各公司的主動行為。股權(quán)分置改革無疑促進了我國投資者關(guān)系管理的快速發(fā)展,并開啟了投資者關(guān)系管理服務(wù)于公司價值和股東價值最大化的新使命。 良好的投資者關(guān)系管理能夠促進投資者對上市公司形成正面積極的印象,進而提高投資者對公司的認同感,能夠有效的解決公司與投資者之間的矛盾問題,吸引潛在投資者的注意,有利于公司的長遠發(fā)展。但是雖然經(jīng)過股權(quán)分置改革,我國的投資者關(guān)系管理有了一定的發(fā)展,但相對于成熟資本市場還存在許多問題,如相關(guān)法律法規(guī)不健全、管理層意識薄弱等,而且對投資者關(guān)系管理對公司價值的重要性也認識不足。因此,探討投資者關(guān)系管理對公司價值的影響結(jié)果對于提升我國上市公司投資者關(guān)系管理水平具有重要的現(xiàn)實意義。 本文通過介紹投資者關(guān)系管理的含義、影響因素以及作用渠道,讓讀者加深對投資者關(guān)系管理的理解。并在對投資者關(guān)系管理理解的基礎(chǔ)上進一步探討了投資者關(guān)系管理對公司價值的影響,闡述了投資者關(guān)系管理對公司價值實現(xiàn)的重要性。為了理論聯(lián)系實踐,本文通過對上市公司投資者關(guān)系管理的分析,對投資者關(guān)系管理和公司價值之間的關(guān)系進行了論證,結(jié)論證明投資者關(guān)系管理對公司價值有積極的影響。并在此基礎(chǔ)上,本文提出了對于提高我國投資者關(guān)系管理的幾點建議。 本文共包括以下六個部分： 第一部分是緒論,對投資者關(guān)系管理在國內(nèi)外的發(fā)展背景及其現(xiàn)實意義進行了闡述,并且對國內(nèi)外相關(guān)文獻進行了回顧,最后還介紹了文章的研究結(jié)構(gòu)、研究方法和創(chuàng)新點。 第二部分是投資者關(guān)系管理與公司價值概述。本文在這部分首先介紹了投資者關(guān)系管理的含義、影響因素,然后分析了實施投資者關(guān)系管理的渠道,加深讀者對投資者關(guān)系管理的理解,最后介紹了投資者關(guān)系管理對公司價值影響的相關(guān)理論,并具體探討了影響的具體方面,在理論基礎(chǔ)上提出來本文的研究假設(shè)。 第三部分主要進行了研究設(shè)計,包括研究樣本的選擇、變量的選取以及模型的構(gòu)建。 第四部分是投資者關(guān)系管理對公司價值影響的實證研究,得出結(jié)果并進行了一定的分析。 第五部分闡述了本文的研究結(jié)論,并分析了研究的局限性,最后針對研究得出的結(jié)論對開展我國投資者關(guān)系管理提出了相關(guān)建議。 本文采用了規(guī)范研究與實證研究相結(jié)合的方法,并且涉及了會計學(xué)、管理學(xué)、市場營銷學(xué)、心理學(xué)等多學(xué)科的知識,使研究結(jié)論更加豐富。
[Abstract]:More than 70 years ago, after the great depression in the United States, the capital market was in chaos. In order to compete for development opportunities, companies used various means to attract investors' attention. Therefore, the information release of the American capital market was lack of standard, false information was spread everywhere, and people began to realize the necessity of investor relations management. By 1950s, investor relations management started in.1956 years. The United States Management Association issued the first research report on shareholder relations in.1969, the United States took the lead in establishing the national Investor Relations Association, the first National Association of investors relations in 90s.20 century, the International Federation of investor relations. It has become a milestone in the development of global investor relations management. At present, more than 20 countries in the world have the Investor Relations Association of their own countries, and the management of investor relations has become more and more recognized.
In China, investor relations management is a new thing, and it is not very mature. The development of investor relations management in China can be divided into two parts in a short period of more than ten years. In 2005, the split share reform was.2005 years ago, and the development of investor relations management was slow, mainly the introduction of the concept of investor relations management. The advocacy of concept and the exploration of practice in.2005, the equity division reform in the year has prompted the investor relations management to enter the new stage of "I want to do", so this year has become the first year of the Chinese capital market investor relations management. In September 2005, the China Securities Regulatory Commission formally issued the management of the split share reform management of the listed companies. The objective of this management method is to protect the rights and interests of investors, especially small and medium investors, not only gives investors the right to modify the specific reform scheme, but also decides whether the support rate of the shareholders of the circulating shares will be raised to an unprecedented height. The system management has been paid unprecedented attention and has become the initiative of the companies. The split share reform has undoubtedly promoted the rapid development of the investor relations management in China, and opened the new mission of the investor relationship management to serve the value of the company and the maximization of the shareholder value.
Good investor relationship management can promote a positive impression on the listed companies, and then improve the identity of the investor to the company. It can effectively solve the problem of the contradiction between the company and the investor, attract the attention of the potential investors and benefit the long-term development of the company. There has been a certain development in the management of investor relations in China, but there are still many problems relative to the mature capital market, such as unsound laws and regulations, weak management consciousness and so on, and the importance of investor relations management to the value of the company is insufficient. It has important practical significance for improving the level of investor relations management of Listed Companies in China.
By introducing the meaning, factors and channels of investor relations management, this paper makes readers understand the relationship management of investors, and further discusses the influence of investor relationship management on the value of the company on the basis of understanding the relationship management of investors, and expounds the importance of investor relationship management to the value of the company. By analyzing the relationship management of the investors in the listed companies, this paper demonstrates the relationship between investor relationship management and the value of the company. The conclusion is that the relationship management of investors has a positive impact on the value of the company. On this basis, this paper proposes to improve the relationship management of the investor in China. Some suggestions.
This article includes the following six parts:
The first part is the introduction, which expounds the background and practical significance of the development of investor relations management at home and abroad, and reviews the relevant literature at home and abroad, and finally introduces the research structure, research methods and innovation points of the article.
The second part is an overview of investor relationship management and corporate value. This article first introduces the meaning and influencing factors of investor relations management, then analyzes the channels for the implementation of investor relations management to deepen the reader's understanding of investor relations management, and finally introduces the relationship between investor relations management and the value of the company. Theory, and specifically discussed the specific aspects of the impact, and put forward the hypothesis of this study on the basis of theory.
The third part mainly carries on the research design, including the research sample selection, the variable selection and the model construction.
The fourth part is the empirical study of the impact of investor relations management on company value, and the results are analyzed.
The fifth part expounds the conclusions of this study, and analyzes the limitations of the study. Finally, it puts forward some suggestions on the development of investor relations management in China according to the conclusions of the study.
This paper adopts the method of combining normative research and empirical research, and involves the knowledge of accounting, management, marketing, psychology and so on, which makes the research conclusion more abundant.
【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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