摘要
本文将上市公司投资者关系管理因素引入法与金融学理论模型分析得出,由于投资者关系管理起到了提高投资者知情权的作用,有助于对投资者权益的保障,故应促进公司治理水平与业绩提高。然而,实证检验结果发现,上市公司投资者关系对公司市场价值产生了显著的正向影响,但对公司治理水平、会计业绩均无显著影响。本文认为以下两个因素造成了理论与实证结果的差异:第一,我国上市公司从事投资者关系的主要目的在于融资,对流通股股东利益并不太关心。第二,由于我国资本市场股权结构的特殊性、法律机制的缺陷,造成了流通股股东“以脚投票”的决策无法有效地影响上市公司“以手投票”的机制。故要发挥投资者关系的作用,唯有协调控股股东与中小股东利益,引入“辩方举证”、“集体诉讼”等机制切实保障中小投资者权益。
Our paper analyzes the relation between Investor-relations, corporate governance and firm value. Based on the Theory of Law and Finance, the empirical study finds that listed companies Investor-relations could affect obviously corporate＇ market value positively, but couldn＇t affect obviously corporate governance and accounting performance. There are two factors, which cause the difference between the theory and empirical study. First, the purpose of listed companies is equity financing. Second, because of special ownership structure and the shortcoming of law, liquid shareholders can＇t affect listed companies＇ corporate governance.
出处
《南开管理评论》
CSSCI
2007年第3期43-50,共8页
Nankai Business Review
关键词
投资者关系管理
法与金融学理论
公司治理
企业业绩
Investor-relations Management
The Theory of Law and Finance
Corporate Governance
Firm Value
