摘要
本文以2005年度中国上市公司投资者关系管理水平作为研究对象,考察了在中国证券市场上,治理环境、股权结构对投资者关系管理活动的影响。研究发现:在治理环境越好的地区,上市公司投资者关系管理活动水平越高,股权集中度与投资者关系管理水平显著负相关,第二大股东至第五大股东对控股股东的制衡作用有限,对投资者关系管理作用不显著;在政府控制的上市公司中,投资者关系管理水平较低;并且,治理环境对股权结构的治理效应具有互补的调节作用,降低股权集中度与投资者关系管理的负向效应,增强股权制衡度与投资者关系管理的正向关系;终极控制人性质不同的上市公司投资者关系管理水平受治理环境的影响存在着差异性。上述结论在一系列稳健性检验后仍成立。研究结论有助于进一步了解中国上市公司治理机制尤其是投资者关系管理的驱动因素,深化对一国内部的治理环境如何影响治理机制的研究积累。
This paper researches investor relations management for listed companies in 2005 in China and examines the impact of governance environment and ownership structure on investor relations management in Chinese securities market. We find that the better the governance environment is, the higher level of investor relations management for listed companies; that ownership concentration and the level of investor relations management are significantly negatively correlated,the second largest to the fifth largest shareholders have limited power to other shareholders and play limited role to investor relations management; that lower level of investor relations management exists for government-controlled listed companies; that the governance environment has complementary effect on the adjustment process to the shareholding structure, it can reduce the negative relations between equity concentration and investor relations; that the impact of governance environment on investor relations for the listed companies with different ultimate controllers is mixed.
出处
《当代经济科学》
CSSCI
北大核心
2008年第3期101-109,共9页
Modern Economic Science
基金
国家自然科学基金重点项目“中国公司治理及其评价研究”(70532001)
教育部人文社科重点研究基地项目“基于公司治理的投资者关系价值创造及其战略管理行为研究”(06JJD630008)
天津社科研究规划项目“天津上市公司投资者关系管理质量评价与对策研究”(TJGL06-010)
南开大学“985”、“211”工程项目资助
关键词
投资者关系管理
治理环境
股权结构
调节效应
Investor relations management
Governance environment
Ownership structure
Moderating Effect
