互联网投资者关系管理的风险及其形成机理——一个三方博弈分析框架

The Risks of Internet Investor Relationship Management and Its Formation Mechanism——A Three Party Games Analysis Framework

运用互联网技术进行信息披露、IPO路演、互动交流、形象宣传等已成为当前国内外上市公司广泛开展的新型投资者关系管理活动。互联网投资者关系管理的优势显然,而其风险极易被忽视。本文分别以公司、投资者和监管机构为博弈参与方,通过构建信号传递博弈、完美信息动态博弈和不完全信息静态博弈模型,对上述三方面临的风险及其形成机理进行分析。结果表明,互联网环境下的投资者保护法律法规不健全、公司机会主义信息披露倾向、投资者风险意识和信息甄别能力不足、有效监管机制缺失等因素可引发多种风险。因此,监管机构应密切关注并创新设计监管机制,建设安全、高效的网上信息生态环境,切实保护投资者的合法权益。

Utilizing intemet technology for information disclosure, IPO roadshow, interactive communication and image propagation has been a new pattern of Investor Relationship Management activity of the listed companies at home and a- broad. The advantages of Interact Investor Relationship Management are certainly obvious, however, its risks are apt to be ignored. Using company, investor and regulatory organization as game players, and by constructing signaling game model, perfect information dynamic game model and incomplete information static game model, this paper analyzes the risks and its formation mechanism for the above-mentioned three parties. The results show that the incomplete investor protection laws in interact environment, the opportunistic information disclosure tendency of companies, the insufficient risk consciousness and the ability of information discrimination of investors and the lack of effective supervision mecha- nism will trigger various risks. The regulatory organization should pay close attention to them and explore creative supervi- sion mechanisms, for the purpose of constructing a safe and efficient internet information ecological environment and pro- tecting investor rights and interests.