投资者关系管理与股权融资成本——来自公司网站投资者关系管理的实证发现

Investor Relations Management (IRM) and the Cost of Equity Capital:Evidence from Internet Investor Relation Management

文章以沪市2004年、2005年A股上市公司为研究样本,从信息披露与战略管理两个角度分析上市公司投资者关系管理对企业股权融资成本的影响,结果发现上市公司网站投资者关系指数(IIRI)与股权融资成本显著负相关,进一步检验交流信息质量指标对企业股权融资成本的影响,也发现同样的结果。这表明投资者关系管理活动,特别是加强与投资者之间的战略沟通确实能够起到降低股权融资成本的作用,从而为上市公司主动进行投资者关系管理、监管者推动投资者关系管理活动提供了证据支持。

Based on the A-share listed companies in 2004 and 2005 in Shanghai Stock Exchange, this dissertation analyzes the association between IRM and the cost of equity capital in the information disclosure and strategic management. We assume that a negative correlation exists between IIRI and the cost of equity capital, and similarly about the influence of the index of intercommunion quality on the cost of equity capital. The results show that IRM, especially corporate strategical communion with investors, indeed plays a role in lowering the cost of equity capital, providing support for initiating IRM by listed companies and promoting IRM by regulators.