投资者关系管理、机构股东积极监督与公司价值——基于国阳新能的案例分析

Investor Relationship Management,Active Institutional Shareholder Monitoring and Corporate Value:A Case Study of Guoyang New Energy

在构建投资者关系管理作用于机构股东积极监督的理论模型的基础上,本文选择国阳新能作为案例分析对象,对其投资者关系管理活动及其对于机构股东积极监督的影响以及产生的价值效应进行了分析。研究发现,国阳新能基于价值创造动机的投资者关系管理活动,不仅发挥了上市公司作为资本市场融资平台的作用,而且为股东积极监督提供了良好渠道,通过目标投资者的选择、前瞻性信息披露和互动沟通,为上市公司和投资者双方创造了价值,实现了上市公司与投资者的双赢和价值最大化。

We construct a theoretical model of active institutional shareholder monitoring based on investor relationship management in this paper. On this basis, we select Guoyang New Energy as the case study object, and analyze its investor relationship management activities, its influence on active institutional shareholder monitoring and the subsequent value effects. We find that the investor relationship management activities of the company are guided by the notion that value creates motivation. In this way, Guoyang New Energy not only performs the function of financing as a listed company, but also provides a good channel for active shareholder monitoring. Through choosing target investors, disclosing forward-looking information and establishing mutual communication, both listed companies and investors have gained value and achieved a win- win situation and value maximization.