投资者关系管理能够稳定市场吗?——基于A股上市公司投资者关系管理的综合调查

Can Investor Relations Management Stabilize the Stock Market?

资本市场的暴涨暴跌挑动投资者的敏感神经,造成市场极端波动和危机传染,因此,探寻稳定市场的因素及其机理非常重要。本文以南京大学联合证监会对A股上市公司投资者关系管理进行综合调查获取的特别数据为基础,实证检验和分析了投资者关系管理影响股价崩盘风险的效应及其机理。研究发现,投资者关系管理的信息职能和组织职能与未来期股价崩盘风险之间呈显著的负向关系,表明中国资本市场,投资者关系管理的信息和组织职能具有"市场稳定效应";进一步的机理分析表明,市场稳定效应主要源于投资者关系管理的信息职能抑制了股价崩盘风险生成的内因(管理层信息披露操纵倾向)和外因(信息环境的不透明度),而组织职能抑制了股价崩盘风险生成的内因;最后还发现就稳定市场而言,内部控制质量与投资者关系管理的组织职能具有互补关系。本文结论对上市公司完善投资者关系管理实践,防止股市崩盘和危机传染具有重要的启示和指导价值。

Stock price in capital market sharp jump and crash provoke sensitive nerves of investors and result in extreme market volatility and crisis contagion. Therefore, it is very important to explore the market stability factors and mechanisms. Based on the unique data of a comprehensive survey concerning the investor relations management of Chinese A-Share listed companies made by Nanjing University and Securities Regulatory Commission, this paper examined the impact and effect mechanism of investor relations management on stock price crash risk. The findings of our study are as follows. Firstly, information function and organizational function of investor relations management have significantly negative effect on future stock price crash risk, which indicates that information function and organizational function of investor relations management provide' stabilizing the market effect 'on the Chinese capital market. Secondly, the further analysis of the mechanism shows that information function of investor relations management suppressed the internal cause(management information disclosure control) and external cause(opacity of information environment) of the stock price crash risk, while organizational function suppressed the internal cause. Finally, in terms of stabilizing the market, the internal control quality of enterprises has a complementary relationship with the organizational function of investor relations management. The findings of this paper have significant inspiration and guidance value on improving investor relations management practice of listed firms, enhancing investor confidence in the market and preventing the stock market crash and crises contagion.