中国上市公司投资者关系与公司治理——来自A股公司投资者关系调查的证据

Investor Relations and Corporate Governance in China: Evidence from the Investor Relations Survey of A Listed Company

论文考察了公司治理对投资者关系管理的影响作用。论文以南京大学投资者关系管理指数(CIRINJU)作为上市公司投资者关系管理水平度量指标。研究发现,机构投资者持股、外部股权的提高能有效促进公司提升投资者关系管理水平,管理层持股与投资者关系管理呈U型关系,董事长与CEO分离与投资者关系管理呈弱正相关关系,外部董事与投资者关系管理可能存在替代关系而不是互补关系。研究还发现,上市公司海外上市或发行B股能促进公司提升投资者关系管理水平,公司规模与投资者关系管理存在显著正相关关系,财务杠杆与投资者关系弱显著负相关,公司业绩与投资者关系管理存在内生性。

The paper studies the relationship of investor relations and corporate governance in China by using the Investor Relations Index of Nanjing University （CIRI^NJU） as the dependent variable and some corporate governance mechanisms. The empirical research result indicates that the proportion of institutional share and outside ownership are significantly and positively related to IR; the relationship of manager ownership and IR is U form; the separation of CEO and chairman of Board is weak positive with IR, and outside director may be substitute to IR, but rather complementary. In addition, we find that listed abroad or issue B share and the company size are significantly and positively related to investor relations, while the finance leverage is weakly opposite, and there is endogenous link between corporate performance and investor relations.