治理环境、股权结构与投资者关系管理.docVIP

治理环境、股权结构与投资者关系管理( 马连福，陈德球，胡艳 （南开大学商学院，天津，300071） Ma Lian-fu，Chen De-qiu ，HU Yan 1 1 Business School of Nankai university, P.R.China, 300071 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，能够降低股权集中度与投资者关系管理之间的负向关系，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。 关键词：投资者关系管理，治理环境，股权结 Abstract：This paper selected investor relations management level of 2005-year listed companies in China as research objective, and studied the influence of governance environment and ownership structure to investor relations management activities in the Chinese securities market. It showed that: in the better governance environment, higher level of investor relations management activity of listed companies; ownership concentration and the level of investor relations management significantly negative correlated, the second largest shareholder to the fifth largest shareholder of the controlling shareholder had little balances power to block holders and limited role to investor relations management; In government-controlled listed companies, a lower level of investor relations management; the governance environment has complementary effect of the adjustment process to the shareholding structure ,it can reduce the negative relations between equity concentration and investor relations. For listed company of the different nature of the ultimate controller, its investor relations management justified by the level of the environmental impact is different. After a series of robust tests, the conclusions remained stability. The conclusion of the study contribute to a better understanding of corporate governance mechanism of Chinas listed , especially the driving factors of investor relations management ,deepening related research about how internal governance envi