对股权结构与公司IRM的实证分析

Empirical Study on the Capital structure and Companies' IRM

投资者关系管理是上市公司战略管理的重要职责。本文以2005年内地首届投资者关系(IR)年会评选出的50家获奖公司为样本,对股权结构与公司1RM关系进行实证分析,结果显示:优秀的IRM公司市价总值大,流通股比例较高,股权集中度接近市场平均水平,基金持股比例高。通过对获奖公司上述股权结构特点进行理论分析,得出政策启示。

Investor Relationship Management is the listed companies＇ duty for their strategic management. This thesis chose 50 companies as sample, which were awarded on the first domestic investor relationship management annual meeting in 2004. And empirical analyze the relation between the capital structure and IRM of Company. The result reveals： the total value of outstanding IRM Companies＇ market price is high, their circulating stock proportion is higher, their concentration ration is close to the average level of the market, their shareholding ratio of fund is high. After analyze the characteristics of the awarded companies＇ capital structure, we obtained some policy enlightenment.