上证所与港交所上市公司投资者关系管理的比较研究

对上海证券交易所和香港证券交易所上市的蓝筹公司的网站中与投资者关系有关的条目进行了调查统计分析,提出了用WBIRX指数来衡量上市公司基于网站的投资者关系工作的发展水平。通过对WBIRX指数和调查数据进行分析发现,尽管上交所蓝筹公司在网站投资者关系建设方面取得了长足的进步,但是在总体水平上还与港交所蓝筹公司有一定差距,同网站投资者关系有关的栏目数量、类别和质量都还有待提高。     

投资者保护与权益资本成本的关系探讨

本文以沪深两市2003年576家上市公司为研究样本，以权益资本成本为因变量，以本文所构建的投资者保护指数为自变量，运用多元回归方法对两者关系进行检验分析。研究发现：投资者保护与权益资本成本呈显著负相关关系，即使在考虑了公司规模、Beta系数、行业影响等因素后，两者之间的负相关关系仍然显著，这就证明我国上市公司虽然整体投资者保护水平不高，但公司之间的保护程度仍有重大差异；我国证券市场上的投资者已经能够在一定程度上区别对待投资者保护水平不同的上市公司。     

公司治理对公司绩效的影响研究——以房地产上市公司为例

本文以2015年126家上市房地产公司为样本,从内外部公司治理角度,对影响中国房地产上市公司绩效因素进行实证研究。结果发现:房地产企业股权比较集中;第一大股东持股比例与高管前三名薪酬水平对公司绩效呈现正相关关系;企业的负债水平与公司绩效呈负相关关系;公司绩效水平与独立董事比例、董事会规模及机构投资者持股比例没有显著关系。以此分析结论为依据,为我国房地产市场发展提供相应的参考建议。     

金融双语

投资者关系管理 投资者关系管理是指公司综合运用金融、市场营销和沟通的方法,向已有的投资者和潜在的投资者介绍公司的经营和发展前景,以便其在获得充分信息的情况下做出投资决策.有效的投资者关系管理对提高市场对公司的相对估价水平有积极的影响,从而降低资本成本,并且成为公司管理层听取投资者建议的渠道.     

金融双语

投资者关系管理 投资者关系管理是指公司综合运用金融、市场营销和沟通的方法，向已有的投资者和潜在的投资者介绍公司的经营和发展前景，以便其在获得充分信息的情况下做出投资决策。有效的投资者关系管理对提高市场对公司的相对估价水平有积极的影响，从而降低资本成本，并且成为公司管理层听取投资者建议的渠道。     

上市公司股权结构、现金股利政策与投资者保护

上市公司的现金股利政策受到诸多因素的制约,而不同的股利派发政策又对投资者保护产生了不同的影响.本文以2005-2009年间沪深两市A股市场1063家上市公司为样本对公司股权结构、现金股利政策与投资者保护三者关系进行实证研究,研究表明:公司股权结构集中度越高、国有控股水平越高的上市公司越倾向于分配现金股利;现金股利政策是一把双刃剑,既可以是投资者寻求权益回报的一种渠道,也可以成为控股股东进行公司资源转移的隐蔽工具.     

投资者关系管理影响审计师决策吗?——基于A股上市公司投资者关系管理的综合调查

本文利用南京大学联合证监会针对A股上市公司投资者关系管理综合调查获取的特别数据,实证检验和分析了投资者关系管理影响审计师决策(审计意见和审计费用)的效应、机理和调节因素。研究发现,投资者关系管理对审计师出具非标准审计意见的概率产生了显著的负向影响,而对审计费用却没有产生显著影响。进一步的机理分析表明这是由于投资者关系管理虽降低了审计风险,却加大了审计师的工作负荷,造成两者在审计费用的影响效应上相互抵消所致。最后还发现投资者关系管理对审计意见的负向影响在可视性比较低的公司(小公司和低分析师跟踪公司)更加显著。本文研究在理论上扩展了投资者关系管理的研究范式体系,在实践上对指导上市公司开展投资者关系管理活动具有重要的启示价值。     

公司治理异质性与商业银行风险约束效率

在引入风险因素的基础上,采用非导向超效率EBM模型对商业银行风险约束效率进行测度,并使用2014—2019年92家银行的面板数据进行实证分析。结果表明,在银行效率评价方面,风险约束效率更加准确客观,数据截尾特征导致股权结构与商业银行风险约束效率之间的关系是单侧U型的;战略投资者、境外投资者和金融机构投资者对银行风险约束效率的影响存在差异性;金融机构投资者对城商行效率提升的正向影响高于其他类型的投资者,外部投资者的引入对农商行效率提升具有正向作用。因此,银行应优化其股权结构,选择适合的投资者,提高公司治理水平,进而提升风险约束效率。     

公司治理、机构投资者与盈余管理

本文选取沪深两市2003至2005年(非金融类)上市公司的数据,采用最小二乘法和二阶段回归方法,对公司治理、机构投资者与盈余管理三者的关系进行了实证研究。研究发现:机构投资者在一定程度上参与了上市公司的治理,其持股比例与公司治理水平呈正相关关系,说明机构投资者的持股比例越高越有助于提高公司治理水平;公司治理水平与盈余管理程度呈负相关关系;机构投资者的持股比例与盈余管理程度呈负相关关系,说明机构投资者能有效地抑制管理层的盈余管理行为。     

解读企业信息需求——基于机构投资者的信息需求探索

这是一项关于新的信息环境和制度背景下 ,企业信息的关键使用者———机构投资者信息需求的最新研究。本研究对中国机构投资者使用公司报告的主要目的、投资决策模式、信息需求的影响因素、信息需求偏好以及他们对公司报告质量的评价等进行了全面调查。研究表明 :目前中国机构投资者的投资理念与其投资决策模式尚未能够有效耦合 ;因特网已成为机构投资者获取更为广泛丰富的公司信息的最主要的渠道 ,但是 ,公司网站披露信息的质量存在缺陷 ;在法定年报中 ,财务信息仍是机构投资者关注的重点 ;机构投资者对简明财务信息有明显偏好 ,对“年报补丁”非常反感 ;目前的财务报告并不存在明显信息冗余 ,相反 ,存在披露不足 ,机构投资者的信息需求与公司报告实务之间仍存在巨大期望差距。本文对调查结果进行了系统分析 ,并提出相应的政策建议。     

Perceptions and attitudes toward corporate website presence and its use in investor relations in the Jordanian context

This study reports the results of semi-structured interviews conducted to explore the factors affecting Jordanian listed firms' decisions on whether or not to have a corporate website and, if so, whether or not to use it in investor relations activities. Corporate interviewees noted that the decision to have an online presence was motivated by a desire to enhance the company's image and reputation, and the need to re-brand the company was often a key event triggering website adoption. Particularly important here were international influences, whether international partners, shareholders or competitors. However, in all cases, top management support was essential and played a key role in influencing the ways in which companies use their website both in general and for investor relations activities in particular. Results also revealed that the key factor explaining the lack of a corporate website was the attitude or belief of management. Of key importance was their belief that stakeholders, including Jordanian stock market participants, are not yet ready or willing to use the internet to acquire information about the company. Some interviewees similarly concluded that there is no demand for investor relations information on corporate websites because the Jordanian Securities Commission publishes all listed companies' annual reports on its own website. Other factors explaining the lack of a corporate website were management change, absence of competition and having been listed on the Jordanian stock exchange for a long period. This research extends our understanding of disclosure on the internet by considering a different research setting, namely Jordan, and also by extending the theoretical framework used.     

INVESTOR RELATIONS, LIQUIDITY, AND STOCK PRICES

Although the first investor relations department was established by General Electric as long ago as 1952, the role of investor relations (IR) is one that has largely escaped scientific analysis and academic scrutiny. This article attempts to demonstrate the importance of a company's IR activities for its stock price by establishing a clear chain of causation between the following:

• (1)

   corporate IR activities and the number of stock analysts who follow the firm;

       
  
  

投资者情绪、经理激励契约与企业投资

本文基于中国上市公司经理激励契约安排的制度背景,把经理激励契约纳入投资者非理性分析框架,就投资者情绪与经理激励契约如何相互作用影响企业投资进行了理论分析,并进行了实证检验。结果发现,高管持股会诱发高管利用投机的股市进行过度投资,而与股价弱相关的货币薪酬没有这种作用,而且经理薪酬的这种作用因企业实际控制人性质不同而有所差异。本研究表明高管持股在企业投资决策中具有负面的公司治理效应。     

Investor recognition and stock returns

It is well established that investment fundamentals, such as earnings and cash flows, can explain only a small proportion of the variation in stock returns. We find that investor recognition of a firm’s stock can explain relatively more of the variation in stock returns. Consistent with Merton’s (J Finance 42(3):483–510, 1987) theoretical analysis, we show that (i) contemporaneous stock returns are positively related to changes in investor recognition, (ii) future stock returns are negatively related to changes in investor recognition, (iii) the above relations are stronger for stocks with greater idiosyncratic risk and (iv) corporate investment and financing activities are both positively related to changes in investor recognition. Our research suggests that investors and managers who are concerned with firm valuation should consider investor recognition in addition to accounting information and related investment fundamentals.     

投资者权益保护的若干问题探讨

本文首先阐述了投资者权益保护的十大基本原则，在此基础上分析了投资者利益保护中应妥善处理的几个关系。文中就投资者权益保护的价值问题进行了探讨，结合1990年代以来国外学者对投资者保护进行的大量实证研究，逐一论述了投资者保护对上市公司价值、证券市场发展、金融稳定和经济增长等方面的正面作用。     

Rumors in the sky: Corporate rumors and stock price synchronicity

Using hand-collected rumor clarification announcements from Chinese listed firms to identify corporate rumors, we find that rumored firms have lower stock price synchronicity (R²) than do firms without rumors. Channel analyses reveal that rumors reduce stock price synchronicity through elevating investor sentiment rather than stimulating informed trading. Additionally, the negative association between corporate rumors and stock price synchronicity is more evident among firms with more individual investors and higher information opacity. Moreover, corporate rumors are associated with higher analyst forecast errors and forecast dispersion. Overall, our evidence suggests that corporate rumors reduce stock price synchronicity by increasing investor irrationality.     

Fund ownership and stock price informativeness of Chinese listed firms

We examine the impact of mutual fund ownership on stock price informativeness in China. Existing evidence shows that stock price informativeness is low in China, and attributes this to firms’ lack of disclosure incentives under the weak investor protection institutional environment. Mutual funds are more sophisticated and influential than individual investors to monitor firms, and thus serve as an external governance mechanism to improve corporate transparency. However, the impact of mutual funds in China can also be moderated by state ownership of listed firms, which reduces firms’ dependence on outside investors for capital. Indeed, we find that mutual fund ownership is positively related to share price informativeness, but this effect is less pronounced among state-controlled firms. The main policy implication from our findings is that mutual funds contribute to the corporate information environment of emerging economies but further privatization of listed firms would be needed to realize greater benefit.     

股价与中国上市公司投资——盈余管理与投资者情绪的交叉研究

本文考虑到中国证券市场代理问题及信息不对称严重和投资者非理性状况共存的特征,将盈余管理与投资者情绪结合起来分析两者对股价的影响,进而分析两者与中国上市公司投资的关系。通过划分平静时期和动荡时期,本文发现在不同的时期里,盈余管理与投资者情绪导致的错误定价关系两者趋势并不总是一致;盈余管理和投资者情绪在不同时期里分别主导着股价与公司投资的关系;而且在不同时期里,融资约束和换手率对所研究问题的影响也是不同的。     

股权激励对上市公司的影响及投资策略分析

本文探讨了我国上市公司实施股权激励的环境条件，分析了股权激励对管理层、股东影响的内在机制，分析了实施股权激励对上市公司价值和业绩的影响。对股权激励类上市公司上涨因素的定量化分析显示，其上涨与公司现有的各项财务指标没有必然联系，而与公司的市场地位、行业发展趋势和关联交易之间存在明显的关系。本文认为，我国上市公司已基本具备实施股权激励的环境条件，实施股权激励有利于解决管理层和股东利益一致性问题，通过价值转移和价值创造，持续、有效地促进上市公司价值和业绩的提高，从而有效推动上市公司股价的上升，给投资者以强有力的信心和巨大的投资机会。     

Liquidity,the Value of the Firm,and Corporate Finance

The theory of corporate finance has been based on the idea that a company's market value is determined mainly by just two variables: the company's expected after‐tax operating cash flows or earnings, and the risk associated with producing them. The authors argue that there is another important factor affecting a company's value: the liquidity of its own securities, debt as well as equity. The paper supports this argument by reviewing the large and growing body of evidence showing that differences—and changes—in liquidity can have major effects on the pricing of corporate stocks and bonds or, equivalently, on investors' required returns for holding them. The authors also suggest that the liquidity of a company's securities can be managed by corporate policies and actions. For those companies whose value is likely to be increased by having more liquid securities—which is by no means true of all companies (mature firms that don't need outside capital may well benefit from having more concentrated ownership and hence less liquidity)—management should consider actions such as reducing leverage and substituting dividends for stock repurchases as well as measures designed to increase the effectiveness of their disclosure and investor relations program and the size of their investor base.