投资者关系管理与权益资本成本的相关性分析——基于证券市场的数据

Correlation Analysis of Investor Relations Management and Cost of Equity Capital——Based on Data from the Stock Markets

选取上海证券交易所与深圳证券交易所A股市场共903家上市公司作为研究样本,对投资者关系管理的四个构成要素与权益资本成本之间的相关关系进行了实证检验。回归结果表明:投资者关系管理的四个构成要素对权益资本成本作用的效果有大有小,自愿性信息披露和减少信息不对称的作用较大,提高公司可见度和吸引分析师跟随的作用较小,因此并不是所有的投资者关系管理活动都可以显著影响权益资本成本,但从总体上看,投资者关系管理是可以降低权益资本成本的。最后,提出了改善我国投资者关系管理现状的几点建议。

This article first selects as samples 903 listed companies from the A shares in Shanghai and Shenzhen stock exchanges.It then tests empirically the relationship between the four constituent elements of investor relations management and the cost of equity cap-ital.The regression results show that the four constituent elements of investor relations management has effects,both big and small,on the cost of equity capital,with the effect of voluntary information disclosure and reducing information asymmetry being stronger while that of enhancing company visibility and attracting analysts＇following being weaker.Therefore,not all the activities related to investor relations management have significant effect on the cost of equity capital.Yet in general,investor relations management activities of the listed companies can reduce the cost of equity capital.Finally,this paper puts forward several suggestions on the improvement of the present situation of China＇s investor relations management.