我国上市公司投资者关系管理（IRM）沟通的应用研究

【作者】 胡君；

【导师】 罗莉；

【作者基本信息】 云南财经大学 ， 会计学， 2009， 硕士

【摘要】 投资者关系管理作为现代企业的一种战略管理方式,其发展水平已成为资本市场走向成熟的一个重要标志,其核心就是通过与投资者的有效沟通,增加和强化投资者对上市公司的了解和认知,提高投资者对公司的认同度和忠诚度,进而实现公司价值最大化。近年来,我国上市公司已经逐渐开始重视并主动实施投资者关系管理,运用种种方式加强同投资者的沟通,但在沟通过程中仍存在很多问题。为此,本文通过对我国上市公司投资者关系管理实施有效沟通进行了现状分析,据此探讨我国上市公司投资者关系管理的沟通中存在的问题及原因,并提出改进建议与措施。首先,文章在探讨了投资者关系管理的基本原理的基础上阐述了投资者关系管理沟通的组成要素,包括IRM沟通的主体、对象以及内容,从而使读者可以从整体上对投资者关系管理及其沟通的基本理论有一个比较全面的认识。其次,文章对两种我国上市公司IRM的沟通的渠道和方式做了比较,并对IRM的沟通情况进行了描述性统计,通过对2008年9月26日以前沪深两市的458家上市公司进行抽样调查,分析了我国上市公司投资者关系管理实施沟通的现状,指出了在与投资者沟通过程中取得了一定的进步,许多公司开始逐步重视IRM的沟通,尤其是银行业、制造业的IRM沟通状况良好。但同时也暴露出一些问题:①我国大部门上市公司的,还仅仅停留在表面;②上市公司IRM的互动、沟通不足,沟通的渠道形式多于实质;③对投资者咨询的问题没有进行及时的反馈;④上市公司信息披露质量不高,自愿性信息披露还相当薄弱等。通过调查,指出了制约我国投资者关系管理有效沟通的要素有:①实施IRM的外部和内部动能不足;②公司缺乏专业的IRM人才;③投资者关系管理工作的投入与投入效果难以预见性之间的矛盾。最后,对我国上市公司投资者关系管理有效沟通的现状及存在的问题,提出了改进的建议与措施。要根据我国上市公司投资者关系管理评估体系提高沟通关系的质量以及披露信息的质量,强化信息的双向沟通,进一步拓宽沟通渠道,搭筑沟通平台。更多还原

【Abstract】 As one kind of strategy supervisor mode of modern enterprise,Investor Relations Management(IRM)’s level of development has become an important sign of a mature capital market.The essence of which is to increase and enhance the investor’s understanding and cognition to the listed companies,improve the investor’s approval and the loyalty,and then to maximize the enterprise value through effective communication with investors.In recent years,China’s listed companies have gradually started to take the initiative and the implementation of IRM,and used all kinds of ways to enhance communication with investors.However,the implementation process is still a lot of problems.Therefore,in the paper,the relevant problems and cause in IRM communication is analyzed based on the introduction of application status of IRM in China.Then, puts forward improved proposal and gives out the advance study direction.So,the paper discusses problems and the reasons of IRM communication in China’s listed companies,accordingly makes improvement suggest and measure. Firstly,the paper explains the communication components on the basis of the IRM basic principles,including the main communication,objects,as well as the content of the communication.So that readers can have a more comprehensive understanding from the basic theory on the IRM and its communication as a whole.Secondly,the article comparatives two channels and methods of China’s Listed Companies IRM communication,then carries on the descriptive statistics of IRM and its communication.A sample survey is conducted in Shanghai and Shenzhen listed companies before September 26,2008,and analyzes the present situation for the implementation of communication for IRM communication.Companies have made certain progress in the cource of communicating with the investors by the paper points out.Many companies start to take IRM seriously step by step,Especially,IRM communication is in good condition of banking,the manufacturing industry.But there are still many problems:①Most of the IRM for China’s listed company just stay on the surface;②The lack of interaction and communication for IRM and forms has more than the essence in the communication channels;③The question which consults to the investor is not timely feedback;④The information disclosure quality is not high,the voluntary information disclosure is still quite weak and so on.And point out the elements for restricting effective communication of the investor relations management through investigation:①The external and internal energy for the IRM implementation is not enough;②The lack of professional IRM talent;③The contradictions between IRM input and difficulty for predictability of input effect. Finally,the paper puts forward the improvement proposal and the measure for the current situation and problems for IRM and effective communication of China’s listed company.Furthermore,we can broaden the channels of communication and build up communication platform according to China’s listed companies IRM evaluation system to improve the quality of the relationship between communication,as well as the quality of information disclosure and strengthen the two-way information communication.更多还原