上市公司投资者关系管理水平与股权融资成本

Companies Investor Relations Management Level and the Cost of Equity Financing

以86家上市公司为研究样本,探讨上市公司投资者关系管理水平与股权融资成本之间的关系。实证结果表明股权融资成本与投资者管理水平负相关,与账面市值比正相关、与盈利水平负相关,这一研究结论为上市公司关注投资者关系管理,降低股权融资成本提供了理论基础。

Taking 86 listed companies as samples,the paper investigates the relationship between investor relations management level and the cost of equity financing.The results show that the cost of equity financing is negatively correlated with investor management level and the level of profitability,but is positively correlated with book value ratio.This result provids theoretical basis for listed companies to concern the IRM,and decrease the cost of equity financing.