我国上市公司投资者关系水平影响因素实证研究

An Empirical Research on the Determinants of Investor Relations in Chinese Listed Companies

本研究以2007年上海证券交易所上市的800家上市公司作为研究样本,通过构建投资者关系评价体系,从公司特征、股权特征及公司治理特征3个方面,检验了我国上市公司投资者关系水平的影响因素。研究发现,公司规模、负债程度、盈利能力、管理层持股比例、独立董事比例及设置审计委员会六个因素会对上市公司的投资者关系水平产生显著影响。

This paper chooses the listed companies in Shanghai Exchange in 2007 as a sample, and aims to find the determinants of investor relations level from company characteristic, ownership structure and corporate governance attributes by designing investor relations evaluation system in China listed companies. We find that size, leverage, profitability, management ownership ratio and the presence of an audit committee is significant factor associated with the level of investor relations.