上市公司投资者关系管理对投资满意影响研究
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摘要
金融危机导致全球性的资本市场持续低迷,也使得很多企业的生存日益艰难。在这种情况下,如何树立投资者的投资信心,从而获得支撑企业发展的资金,是上市公司经营者关心的重要现实问题。投资者关系管理能帮助上市公司赢得宝贵的投资者资源,稳定和活跃公司股价,降低融资成本并增加公司的无形资产等。因此,投资者关系管理越来越受到投资界和学术界的关注。在以往的研究中,学者们已经通过理论和实证方法验证了顾客满意会促进顾客忠诚的产生,而投资者作为企业特殊的顾客,他们满意与否也影响了公司的融资能否顺利进行。虽然现有研究当中有学者认为通过投资者关系管理可以促进投资满意的产生,但是缺乏对于揭示二者之间关系的实证研究。
本研究以上市公司的投资者为研究对象,在现有文献细致深入地回顾基础上,提出了通过投资者关系管理促进投资满意的研究思路。为求本研究更加全面和具有创新性,全文围绕投资者关系这一核心概念,开展了三个阶段的研究工作。
首先,本研究在现有文献和定性访谈的基础上,将上市公司投资者关系管理定义为：上市公司为了实现公司价值最大化,综合运用金融、沟通与市场营销学等知识,从而与其投资者和潜在投资者保持对话的一种管理方式。在此基础上,本研究又进一步将这一概念细分为三个维度：信息披露、沟通和公共关系。本研究利用上市公司的个人投资者和机构投资者作为样本数据,开发了包括上述三个维度的投资者关系管理测量量表,检验结果表明该量表具有很好的信度和效度。
接着,本研究依据顾客满意理论、交易成本理论和委托代理理论,构建了投资者关系管理的三个维度通过治理结构和财务绩效影响投资满意的理论模型,并对该模型进行了实证检验。分析结果表明治理结构和财务绩效是投资满意的最直接前因,他们对投资满意都有很强的直接影响,同时治理结构还会通过财务绩效影响投资满意。投资者关系管理的信息披露和沟通这两个维度会通过治理结构影响投资满意,公共关系这一维度在会通过财务绩效影响投资满意的同时,也会对投资满意产生直接的影响。
最后,本研究针对不同类型的投资者,构建了投资者关系管理对投资满意影响的研究模型。将投资者划分为个人投资者和机构投资者两组样本,实证检验了不同投资者类型对投资者关系管理与投资满意间关系的调节作用,并通过实证检验得出不同投资者类型下投资者关系管理对投资满意的影响具有普适性。通过对不同投资者类型下的理论模型中路径系数的差异及其显著性的分析发现,在个人投资者与机构投资者之间,信息披露活动对机构投资者的公共关系感知有更加显著的影响；同时信息披露活动感知和沟通活动感知对机构投资者的公司治理结构感知有更加显著的影响,而公司治理结构感知对个人投资者的公共关系感知有更加显著的影响；公共关系活动对个人投资者的财务绩效感知和投资者满意感知有更加显著的影响；公司治理结构对机构投资者的财务绩效感知的影响和财务绩效感知对投资满意感知有更加显著的影响；公司治理结构感知对个人投资者的投资满意感知有更加显著的影响。
本研究有三个创新点：(1)在现有文献和定性访谈的基础上,明确定义了上市公司投资者关系管理的概念,并以上市公司的投资者为样本,开发了具有良好信度和效度的多维度测量量表。本研究首次尝试从投资者感知角度定义上市公司投资者关系管理并对其进行了测量,从而为今后学者进行相关研究提供有益借鉴,并为上市公司诊断投资者关系管理状况提供有效工具。(2)基于顾客满意理论、交易成本理论和委托代理理论,构建了上市公司投资者关系管理通过治理结构和财务绩效影响投资满意的理论模型,并对该模型进行了实证检验。本研究拓展了投资满意的前因研究,从而为学者们考察投资满意的影响因素提供了更加广阔的视角。(3)根据投资者类型的不同将样本划分为个人投资者和机构投资者两组,并实证检验了不同类型的投资者对投资者关系管理与投资满意间关系的调节作用。本研究在不同投资者类型下检验了理论模型的普适性,从而更加透彻的揭示了投资者关系管理对投资满意的影响作用,并为上市公司进行投资者关系管理提供了借鉴。
Financial crisis leads to incessant depression of global capital market and it is getting difficult for enterprises to survive. Under such circumstances, in order to obtain funds for supporting company's development, establishing the confidence of investors is concerned as an important and practical problem for managers of listed companies. Investor relationship management helps companies to win the valuable resources of investors, influencing companies'share price, lowering financing costs, increasing the companies'intangible assets and so on. Therefore, investor relationship management has become one of the most important research topics during the recent years. Previous studies showed that customer satisfaction has a positive effect on customer loyalty. While as a special customer of enterprise, investors satisfaction also decide whether financing could process smoothly or not. Although many scholars believe that investor relationship management plays an important role in obtaining investment satisfaction of investors, empirical study is rare in disclosing the relation between investor relationship management and investment satisfaction.
This dissertation takes Listed Companies as the research subject. Based on the thoroughly literature review in this field, a model of building up investment satisfaction through investor relationship management is put forward. In order to make the research more comprehensive and innovative, following the concept of investor relationship, three stages of research work are conducted.
First, on the basis of literature review and depth interview, the dissertation defines the concept of investor relationship management of Listed Company as the management that Listed companies in order to achieve the maximization of corporate value, integrated use the knowledge of financial, communication and marketing to maintain a dialogue with their investors and potential investors. The dissertation further specifies three investor relationship management dimensions:information disclosure, communication and public relations. Using the data of investors of listed companies, a reliable and valid three-dimension scale is developed.
Second, based on Customer Satisfaction Theory and Transaction Cost Theory and Principal Agent Theory, the dissertation builds up a theoretical model, in which the three dimensions of investor relationship management influence investment satisfaction via governance structure and financial performance. And then the model is tested empirically. The results indicate that governance structure and financial performance are the most immediate antecedents of investment satisfaction. At the same time, governance structure also influences investment satisfaction via financial performance. Information disclosure and communication influence investment satisfaction via governance. While public relation not only influences investment satisfaction via financial performance, but also affects it directly.
Finally, according to different categories of investors, the dissertation divides samples into two groups which compose of individual investors and institution investors, and examines the moderating effects of investor type to the relationship between investor relationship management and investor satisfaction respectively. After testing the theoretical model in the samples of different investor category, we conclude that the model is valid in different type of investors. By testing the differences of the path coefficients in different investor category, we draw the following conclusions. Information disclosure's influence has more influence on public relations in institution investors than in individual investors. The effects of information disclosure and communication have more effect on governance structure in institution investors, while governance structure has more effect on public relations in individual investors. Public relation has more effect on financial performance and investment satisfaction in individual investors. Governance structure has more effect on financial performance in institution investors. Financial performance has more effect on investment satisfaction in instituion investors. Governance structure has more effect on investment satisfaction in individual investors.
The innovations of this dissertation are:(1) Based on the literature review and depth interview, the dissertation defines the concept of investor relationship management of listed company, and develops a reliable and valid multi-dimension scale using the data of investors of listed companies. The dissertation defines and measures investor relationship management of listed company from the perspective of investors'perception originally, which provides reference for other scholars to conduct similar studies and tools for managers to diagnose company's investor relationship management. (2) Based on Customer Satisfaction Theory and Transaction Cost Theory and Principal Agent Theory, the dissertation builds up a theoretical model, in which the three dimensions of investor relationship management influence investment satisfaction via governance structure and financial performance. The dissertation extends the studies on the drivers of investment satisfaction, which provides broader perspective for the scholars to see about the factors that influence investment satisfaction of listed company's investors. (3) Based on the former research, the dissertation divides samples into two groups which represents individual investors and institution investors, and examines the moderating effects of investor category to the relationship between investor relationship management and investment satisfaction respectively. The dissertation proves the validity of the theoretical model in different type of investors, which makes the driving effect of investor relationship management on investment satisfaction be understood more deeply and provides reference for listed company's investor relationship management.
本研究以上市公司的投资者为研究对象,在现有文献细致深入地回顾基础上,提出了通过投资者关系管理促进投资满意的研究思路。为求本研究更加全面和具有创新性,全文围绕投资者关系这一核心概念,开展了三个阶段的研究工作。
首先,本研究在现有文献和定性访谈的基础上,将上市公司投资者关系管理定义为：上市公司为了实现公司价值最大化,综合运用金融、沟通与市场营销学等知识,从而与其投资者和潜在投资者保持对话的一种管理方式。在此基础上,本研究又进一步将这一概念细分为三个维度：信息披露、沟通和公共关系。本研究利用上市公司的个人投资者和机构投资者作为样本数据,开发了包括上述三个维度的投资者关系管理测量量表,检验结果表明该量表具有很好的信度和效度。
接着,本研究依据顾客满意理论、交易成本理论和委托代理理论,构建了投资者关系管理的三个维度通过治理结构和财务绩效影响投资满意的理论模型,并对该模型进行了实证检验。分析结果表明治理结构和财务绩效是投资满意的最直接前因,他们对投资满意都有很强的直接影响,同时治理结构还会通过财务绩效影响投资满意。投资者关系管理的信息披露和沟通这两个维度会通过治理结构影响投资满意,公共关系这一维度在会通过财务绩效影响投资满意的同时,也会对投资满意产生直接的影响。
最后,本研究针对不同类型的投资者,构建了投资者关系管理对投资满意影响的研究模型。将投资者划分为个人投资者和机构投资者两组样本,实证检验了不同投资者类型对投资者关系管理与投资满意间关系的调节作用,并通过实证检验得出不同投资者类型下投资者关系管理对投资满意的影响具有普适性。通过对不同投资者类型下的理论模型中路径系数的差异及其显著性的分析发现,在个人投资者与机构投资者之间,信息披露活动对机构投资者的公共关系感知有更加显著的影响；同时信息披露活动感知和沟通活动感知对机构投资者的公司治理结构感知有更加显著的影响,而公司治理结构感知对个人投资者的公共关系感知有更加显著的影响；公共关系活动对个人投资者的财务绩效感知和投资者满意感知有更加显著的影响；公司治理结构对机构投资者的财务绩效感知的影响和财务绩效感知对投资满意感知有更加显著的影响；公司治理结构感知对个人投资者的投资满意感知有更加显著的影响。
本研究有三个创新点：(1)在现有文献和定性访谈的基础上,明确定义了上市公司投资者关系管理的概念,并以上市公司的投资者为样本,开发了具有良好信度和效度的多维度测量量表。本研究首次尝试从投资者感知角度定义上市公司投资者关系管理并对其进行了测量,从而为今后学者进行相关研究提供有益借鉴,并为上市公司诊断投资者关系管理状况提供有效工具。(2)基于顾客满意理论、交易成本理论和委托代理理论,构建了上市公司投资者关系管理通过治理结构和财务绩效影响投资满意的理论模型,并对该模型进行了实证检验。本研究拓展了投资满意的前因研究,从而为学者们考察投资满意的影响因素提供了更加广阔的视角。(3)根据投资者类型的不同将样本划分为个人投资者和机构投资者两组,并实证检验了不同类型的投资者对投资者关系管理与投资满意间关系的调节作用。本研究在不同投资者类型下检验了理论模型的普适性,从而更加透彻的揭示了投资者关系管理对投资满意的影响作用,并为上市公司进行投资者关系管理提供了借鉴。
Financial crisis leads to incessant depression of global capital market and it is getting difficult for enterprises to survive. Under such circumstances, in order to obtain funds for supporting company's development, establishing the confidence of investors is concerned as an important and practical problem for managers of listed companies. Investor relationship management helps companies to win the valuable resources of investors, influencing companies'share price, lowering financing costs, increasing the companies'intangible assets and so on. Therefore, investor relationship management has become one of the most important research topics during the recent years. Previous studies showed that customer satisfaction has a positive effect on customer loyalty. While as a special customer of enterprise, investors satisfaction also decide whether financing could process smoothly or not. Although many scholars believe that investor relationship management plays an important role in obtaining investment satisfaction of investors, empirical study is rare in disclosing the relation between investor relationship management and investment satisfaction.
This dissertation takes Listed Companies as the research subject. Based on the thoroughly literature review in this field, a model of building up investment satisfaction through investor relationship management is put forward. In order to make the research more comprehensive and innovative, following the concept of investor relationship, three stages of research work are conducted.
First, on the basis of literature review and depth interview, the dissertation defines the concept of investor relationship management of Listed Company as the management that Listed companies in order to achieve the maximization of corporate value, integrated use the knowledge of financial, communication and marketing to maintain a dialogue with their investors and potential investors. The dissertation further specifies three investor relationship management dimensions:information disclosure, communication and public relations. Using the data of investors of listed companies, a reliable and valid three-dimension scale is developed.
Second, based on Customer Satisfaction Theory and Transaction Cost Theory and Principal Agent Theory, the dissertation builds up a theoretical model, in which the three dimensions of investor relationship management influence investment satisfaction via governance structure and financial performance. And then the model is tested empirically. The results indicate that governance structure and financial performance are the most immediate antecedents of investment satisfaction. At the same time, governance structure also influences investment satisfaction via financial performance. Information disclosure and communication influence investment satisfaction via governance. While public relation not only influences investment satisfaction via financial performance, but also affects it directly.
Finally, according to different categories of investors, the dissertation divides samples into two groups which compose of individual investors and institution investors, and examines the moderating effects of investor type to the relationship between investor relationship management and investor satisfaction respectively. After testing the theoretical model in the samples of different investor category, we conclude that the model is valid in different type of investors. By testing the differences of the path coefficients in different investor category, we draw the following conclusions. Information disclosure's influence has more influence on public relations in institution investors than in individual investors. The effects of information disclosure and communication have more effect on governance structure in institution investors, while governance structure has more effect on public relations in individual investors. Public relation has more effect on financial performance and investment satisfaction in individual investors. Governance structure has more effect on financial performance in institution investors. Financial performance has more effect on investment satisfaction in instituion investors. Governance structure has more effect on investment satisfaction in individual investors.
The innovations of this dissertation are:(1) Based on the literature review and depth interview, the dissertation defines the concept of investor relationship management of listed company, and develops a reliable and valid multi-dimension scale using the data of investors of listed companies. The dissertation defines and measures investor relationship management of listed company from the perspective of investors'perception originally, which provides reference for other scholars to conduct similar studies and tools for managers to diagnose company's investor relationship management. (2) Based on Customer Satisfaction Theory and Transaction Cost Theory and Principal Agent Theory, the dissertation builds up a theoretical model, in which the three dimensions of investor relationship management influence investment satisfaction via governance structure and financial performance. The dissertation extends the studies on the drivers of investment satisfaction, which provides broader perspective for the scholars to see about the factors that influence investment satisfaction of listed company's investors. (3) Based on the former research, the dissertation divides samples into two groups which represents individual investors and institution investors, and examines the moderating effects of investor category to the relationship between investor relationship management and investment satisfaction respectively. The dissertation proves the validity of the theoretical model in different type of investors, which makes the driving effect of investor relationship management on investment satisfaction be understood more deeply and provides reference for listed company's investor relationship management.
引文
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