投资者关系、公司价值与投资者保护——基于金牌董秘评比结果的实证研究

IRM,Corporate Value and Investor Protection:An Empirical Study Based on the Appraisement Result of Top Secretaries of Directorate

投资者关系管理(IRM)对于增强公司的透明度、完善公司治理、提升公司价值,进而推动投资者保护具有重要作用。理论分析表明:IRM通过降低资本成本,提升了公司价值;通过沟通和监控,防止"陶空",可以提升投资者保护程度,提升公司价值和绩效。实证证据支持了上述理论假设,控制相关因素后,IRM与公司的Tobin′s Q及ROA有显著的正相关关系。这说明,良好的IRM可以促进公司价值增值,保护投资者利益。研究结论对于加强上市公司IRM的制度建设和监管,推动投资者保护具有较强的政策含义。

Investor relations management （IRM） plays an important role in enhancing corporate transparency, improving corporate governance, increasing corporate value and prompting investor protection. Theoretical analysis indicates that IRM reduce capital cost and improve corporate value and prevent shareholders＇ ＂tunneling＂ through communication and supervision, so it protects mini-intermediary shareholders＇ interest and value. The empirical evidence supports above hypothesis. After controlling related factors, the authors find positive correlative relation between IRM and Tobin＇s Q, IRM and ROA. Results indicate that better IRM promote corporate value and profitability, and protect investors＇ interest. The paper has important policy meanings for listed companies＇ institutional establishment, supervision, and investors＇ protection.