上市公司互联网投资者关系管理存在印象管理行为吗

Do Listed Corporations Have Impression Management Behaviors in their Internet Investor Relationship Management?

以2013年十大黑榜上市公司为样本进行选择性列报分析,并以中国百强上市公司为样本对其网站发布的董事长报告书及业绩新闻稿进行基于关键词的主题分析和基于陈述的主题分析。研究结果表明:上市公司互联网投资者关系管理存在以选择性列报和强烈的正面主题偏向为特征的印象管理行为,可能对投资者造成误导,有必要将其纳入监管范围并尝试设计新型的监管机制,适当引导和强化监管并举,为保护投资者权益和促进我国资本市场持续健康发展提供应有保障。

Taking the top ten blacklisted corporations in 2013 as the research samples, this paper conducts a selective presentation analysis. Then taking China＇ s top 100 listed corporations as sam- pies, it conducts a thematic analysis based on the keywords and statements from the reports made by the chairman of the board and the press releases of performance, which are published on their web- sites. The results show that there exist impression management behaviors in the internet investor rela- tionship management of the listed corporations, with typical characteristics of selective presentation and intense positive thematic bias, which may mislead the investors. Therefore, it is necessary to bring them into the scope of supervision and regulation, and try to design innovative regulation mechanism with proper guidance and enhanced regulation, so as to provide due guarantee to the protection of the investors＇ interests and the continuous healthy development of capital markets in China.