Vol. 33No. 1 FORECASTING 2014 1 1 2 1 2 1 2 1. 3000712. 300071 F275 A 1003-5192201401-0039-06 doi10. 11847 /fj. 33. 1. 39 Investor Relations Interaction Index and Application Study of Chinese Listed Companies MA Lian-fu 1 2 SHEN Xiao-xiu 1 2 WANG Yuan-fang 1 2 1. China Academy of Corporate GovernanceNankai UniversityTianjin 300071China2. Business SchoolNankai UniversityTianjin 300071China AbstractFrom the perspective of interactive communication this paper dives deep into the foundation of investor relations. By selecting evaluation indexmodellingweightingcalculating and assessment this paper constructs the Investor Relations Interaction Index. Through evaluating the listed companies investor relations ineraction levelwe find that the overall level of interaction between listed companies and investors is low and the autonomy of investor relations manegement is not strong. In additionit indicates that the level of interaction is influenced by the nature of controlling shareholders industries and districtsthe internet and telephone become main channels of investor interactionthe use of field commnication and the level of communication feedback need to be improved. Besidesthis paper conducts another imperical tests between investor relations interation level and the rate of dividend paymentwhich result shows that companies with better inverstor relations interation tend to payout more. Key wordsinvestor relationsinteractive communicationevaluationdividend 1 Investor Relations Manegement IRM 2011 1346 2 IRM 2013-05-06 IRT0926 71132001 10JJD630001 39
Vol. 33No. 1 2014 1 IR IRM Society NIRI 1988 IRM IR Global Ranking IR Magazine IR IR 2001 9 NIRI IRM IRM IRM Hamid 13 2003 3 NIRI IRM Bollen 14 IRM 15 12 15 IRM 1988 2003 12 IR IRM IR 3 Healy and Palepu 1 IRM IRM Hail 2 IRM IRM Halila and Horte 3 Meijer and Kleinnijenhuis 4 5 ~ 8 3. 1 9 ~ 11 IR 16 IR IR 12 IR IIF IR Web Report 40
1 Investor Relations Interaction Index IRII NK \IR IR \ \ 15 AHP 29 9 12 5 0. 202 0. 179 0. 120 0. 305 0. 194 0. 2 0. 286 0. 141 0. 268 0. 305 0. 1820. 098 0. 075 0. 065 0. 054 0. 103 0. 039 0. 150 0. 027 0. 028 0. 040 0. 139 0. 4580. 297 1 0. 245 0. 149 0. 179 0. 144 0. 079 0. 182 0. 117 0. 152 0. 365 0. 249 0. 385 IRII NK = ω 1 IRCG + ω 2 IRNC + ω 3 IRTC + ω 4 IRFC + ω 5 IRCF 1 3. 3 IRII NK ω IRCG 1346 IRNC IRTC 2012 6 IRFC 30 IRCF CSMAR IRII NK 3. 2 41
Vol. 33No. 1 2014 1 IRII NK 5 80 ~ 100 IRII NK Ⅰ 60 ~ 80 IRII NK Ⅱ 40 ~ 60 IRII NK Ⅲ 20 ~ 40 IRII NK Ⅳ 20 IRII NK Ⅴ 3. 4 IRII NK Lang and Lundholm 17 Botosan 18 32. 91 32. 12 30. 25 29. 21 IRII NK 27. 29 IRII NK 31 463 IRII NK 30 34. 06 32. 23 31. 74 30. 67 30. 64 30. 44 30. 40 IRII NK IRII NK 25 20. 60 22. 71 1% 0. 266 IRII NK IRII NK 13. 46 34. 06 20. 60 4. 3 IRII NK IRII NK 4 4. 1 IRII NK 28. 56 IRII NK 78. 71 8. 87 6. 98 46. 38 65. 20 58. 22 1346 1 IRII NK Ⅰ 3 IRII NK Ⅱ IRII NK Ⅲ 151 65. 44 11. 22% IRII NK Ⅳ 976 7. 59 72. 51% 216 5 IRII NK 20 16. 05% 2 2 IRII NK IRII NK Ⅰ IRII NK Ⅱ IRII NK Ⅲ IRII NK Ⅳ IRII NK Ⅴ 0 3 151 976 216 1346 % 0 0. 22 11. 22 72. 51 16. 05 100 4. 2 IRII NK Myers and Majluf 20 12 10 IRII NK 31. 57 Jensen and Meckling 21 25. 06 25. 47 IRII NK IRII NK 35. 53 Rozeff 19 26. 52 IRII NK 30 42
5. 3 IRII NK DIV 22 IRII NK 1% 0. 099 DPS IRII NK 5. 1 22 23 DIV = α 0 + α 1 IRII NK + α 2 State + α 3 DPS + α 4 Tradable + α 5 LEV + α 6 Size + α 7 ROE + 21 α 6 i + 7Industry + ε i = 1 2 DIV / IRII NK IRII NK Ⅳ20 ~ 40 /100State 1 0DPS / Tradable LEV Size ROE Industry 13 21 DIV IRII NK ROE 1% Winsorize 5. 2 1346 6 43 ST ROE 2011 1297 1346-6 - 43 = 1297 Pearson IRII NK DIV 2 0. 54 ~ 0. 935 1297 727 2011 570 IRII NK t 43
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