负面事件中投资者关系管理的价值效应考察

On Value Effect of Investor Relations Management in Negative Event

资本市场上的关系构建和维护是否对上市公司股东利益产生真实效应?这是近年来财务学和管理学交叉研究的热点问题。本文切入危机管理的创新视角,利用中国资本市场上市A股公司的投资者关系管理调查数据,探讨投资者关系管理活动在负面事件中的价值作用及其形成机理。研究结果显示:(1)通过负面事件的市场效应考察,发现企业前期的投资者关系管理质量越高,则企业负面事件下的市场效应越高。这表明高质量的投资者关系管理确实能够抑制股东财富的损失和保护股东利益,起到类"保险效应"的作用。(2)通过对公司特性和事件特性的考察,发现投资者关系管理的保险效应仅在大规模公司、公司违规事件中存在,而在小规模公司、高管违规事件中并不存在,并且相比远期违规,即期违规事件下投资者关系管理的保险效应更加强烈和显著。(3)通过对负面事件后公司可视性的变化程度分析,发现在负面事件当年高质量的投资者关系管理活动能够显著增强危机后机构投资者的持股比例。这表明在中国资本市场,投资者关系管理具有一定的"危机公关效应"。总之,在负面事件发生时,高质量的投资者关系管理能够产生保护股东利益的作用。

Whether building and maintenance a good relation with investors is valuable for listed companies？ The value of investor relations management （IRM） is a hot issue for the financial and management studies. This paper is to explore the value effect and its formation mechanism of investor relationship management in the negative event by using the sample survey data from the A shares of Chinese listed firms. We find that IRM could produce insurance effect and reduce the declining value in negative event. Secondly, insurance effect of IRM is in the presence of large companies and firm violations, not in small companies and executive＇s violations. The insurance effect of investor relations management is more intense and significant in short-term violations compared to in the long-term violations. Lastly, institute investor equity of high quality IRM will increase more after negative events, which indicates that IRM could play the role of crisis management. In concludes, this paper show better IRM can protect shareholders＇ wealth, and it is reasonable and valuable for companies to build a good relation with their investors.