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摘要 三号黑体

投资者关系管理是市场经济的必然产物，它的作用已为发达资本市场的实践所验证。

本文从描述投资者关系管理在我国发展的实际情况入手，通过实证分析发现目前我国上市公司投资者关系管理的现状很不理想，只有12.5%的上市公司在公司网页上设立了投资者关系专栏，42.0%的上市公司在公司网页上公布了财务资料；并且公司开展投资者关系管理与公司已上市年限、注册地址、规模和盈利能力等因素相关性很小；目前我国上市公司实施的投资者关系管理对其在减少再融资时间、降低再融资成本和稳定股价方面的作用也不明显。进而本文对产生这种现象的原因进行了分析并且提出了促进我国上市公司投资者关系管理工作的对策建议。

关键词： 投资者关系管理(IRM) 上市公司 资本市场

Abstract

Investor Relations Management (IRM) is an inevitable result of market economy. Its function has been proved by the practice of developed capital market.

This paper started with describing the status quo of the IRM within Chinese listed companies. Through the empirical study, I find that the status quo of the IRM in China is very wicked, only 12.5% companies have an Investor Relations title on their websites, 42.0% companies have disclosed financial materials on their websites, whether a company has IRM is not related to its listing years, registered location, size and earnings. Now the functions of IRM such as shortening the time of refinancing, decreasing the cost of refinancing, stabilizing stock price, have not been shown in Chinese listed companies. Finally, I analyze the reason of such phenomenon and make a proposal on how to promote the development of IRM in China.

Keywords: Investor Relations Management (IRM) Listed Company Capital market

目 录 四号黑体 三号黑体 摘要 ······················································································ I

加粗四号Times 四号黑体 Abstract ················································································ II New Roman 1 投资者关系管理的发展历程 ··················································· 1

四号宋体 1．1 投资者关系管理在国际上的起源及发展 ···························· 1

1．2 我国投资者关系管理的发展现状 ····································· 2 2 国内外对投资者关系管理的理论研究 ······································· 5 2．1 国外对投资者关系管理的理论研究 ·································· 5 2．2 国内对投资者关系管理的理论研究 ·································· 7 3 我国上市公司投资者关系管理现状的实证研究 ·························· 10 3．1 研究方法 ·································································· 10 3．2 变量描述 ·································································· 11 3．3 实证分析 ·································································· 12 3．4 研究结果 ·································································· 16 4 我国上市公司开展投资者关系管理工作作用的实证研究 ·············· 20 4．1 研究方法 ·································································· 20 4．2 数据收集 ·································································· 21 4．3 实证分析 ·································································· 22 4．4 研究结果 ·································································· 29 5 我国上市公司投资者关系管理的萧条原因以及对策建议 ·············· 31 5．1 我国上市公司投资者关系管理现状萧条的原因··················· 31 5．2 先进投资者关系管理工作经验借鉴 ································· 32 5．3 促进我国上市公司投资者关系管理工作的对策建议 ············· 34 结束语 ················································································· 38 致谢 ···················································································· 41 参考文献 ·············································································· 42

三号黑体

1 投资者关系管理的发展历程 1.1投资者关系管理在国际上的起源及发展

小四宋体 四号黑体 投资者关系管理( IRM：Investor Relations Management )是典型的市场经济产物。在海外成熟的资本市场上，投资者关系管理也经历了一个从无到有、逐渐成熟的过程。以美国为例，现在美国的IRM工作比较完善，是全球其他国家借鉴的对象，但在20 世纪30 年代以前，美国的证券市场极不规范，市场秩序混乱，虚假信息泛滥，上市公司与投资者之间缺乏有效沟通。1929 年的经济危机使美国体验到了市场不规范的严重后果，并促使他开始着手构建市场规范，其中一项重要工作就是建立上市公司与投资者之间沟通及时、互相信任的良好关系。随着美国证券市场法规体系的逐步健全，以及上市公司、投资者的日渐成熟，市场自发形成了对投资者关系管理的需求。1969 年，美国在世界上率先成立了全国投资者关系协会( NIRI：National Investor Relations Institute )，至今已有5000 多个会员，在全美成立了31个分会。其会员主要是大型上市公司，但近年来中小型公司会员逐步增加。

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2 国内外对投资者关系管理的理论研究

2.1 国外对投资者关系管理的理论研究

投资者关系是指上市公司的高级管理层和信息披露部门与投资者进行交流，向投资者介绍公司的生产经营状况和发展前景，并通过这项工作使公司与投资者之间建立一种相互信任、利益一致的公共关系（美国投资者关系协会NIRI对投资者关系做出的定义）。 ……

Marston (1993, 1996)采用了1991年至1992年期间给美国大型上市公司邮寄调查问卷调查投资者关系组织的作用的方法。研究结果表明各类主管包括首席执