基于投资者关系视角的公司品牌研究

发布时间：2018-06-29 23:46

本文选题：投资者关系管理 + 公司品牌　；参考：《南开大学》2012年博士论文

【摘要】：近年，随着越来越多知名品牌公司的不断上市，一些新的问题出现在管理者的面前。作为股份制企业，上市公司必须同时满足产品市场顾客和资本市场投资者两方面的需求。这些知名品牌公司，经过多年的经营和积累，已经在产品市场上获得了顾客的认可，取得了较高的品牌价值。这些在产品市场积累的公司品牌影响力是否会对资本市场的公司价值产生影响，影响机理是什么以及如何有效利用这些影响提升公司价值等是这类公司迫切需要解决的问题。本文在文献梳理的基础上，采用规范分析与实证研究结合的方法，构建了以公司品牌信息和沟通为手段的投资者关系管理系统框架，尝试从投资者关系的视角探讨公司品牌信息的价值效应和沟通效应问题。本文得出的主要研究结论如下： 1．基于投资者关系视角的公司品牌研究的理论基础是信息不对称理论和投资者关系模型信息不对称理论为基于投资者关系视角的公司品牌研究提供了机制性解释基础。现有的投资者关系管理模型为公司品牌与投资者关系管理之间关系的建立提供了有利的线索，并为相关研究提供了理论借鉴和支撑。基于投资者关系视角的公司品牌研究站在上市公司的角度，，将公司品牌作为一种信息商品，以信息不对称理论中的信号传递机制和声誉机制为理论支撑，以公司营销理论为指南，探讨公司品牌信息在降低上市公司与投资者之间信息不对称，提升公司价值方面的作用。 2．公司品牌价值效应研究显示，公司品牌价值对资本市场公司价值具有正向影响作用理论方面，我们以Ohlson（1995）的净收益模型为基础，推导了公司价值、公司净资产信息以及公司品牌信息之间的关系。这一关系成为本文研究相关问题的基础。实证方面，本文基于“公司产品市场表现—投资者行为—公司资本市场表现”的研究思路，以2009年《中国500最具价值品牌排行榜》上榜公司中106家样本为研究对象。对这些公司的公司品牌价值与公司价值之间的关系进行了理论分析和实证检验。研究发现，公司品牌价值的大小与公司价值之间显著正相关，公司品牌价值通过影响资本市场股票的换手率，影响公司价值。股票换手率作为股东行为变量，在其中发挥了中介变量的作用。公司品牌价值作为第三方中介机构发布的关于公司产品市场综合表现的信号，是资本市场股东对公司价值评估的一种低成本、高可信度的参考。公司品牌价值信息的有效应用能在一定程度上缓解上市公司与投资者之间的信息不对称问题。 3．年报是上市公司与投资者之间信息沟通的重要途径，但在沟通公司品牌价值信息方面的作用并不显著年报是上市公司沟通信息的最重要的途径。但是通过对2009年《中国500最具价值品牌排行榜》上市公司的调查发现，在106家样本公司中，披露公司品牌价值的公司为19家，仅占样本总数的17.9%。利用配对样本参数和非参数检验后发现，在配对样本资产规模和公司品牌价值得到控制的情况下，配对样本市场附加值（MVA）、托宾Q值（TQ）和每股收益（EPS）的T检验和z检验结果均不显著，两者的平均值不存在显著差异。也就是说，上市公司是否在年报中披露有关公司品牌价值的信息对公司价值并未产生影响。 4．样本的品牌信息互动沟通整体水平较低，公司品牌信息互动沟通水平（S）与公司价值（MVA）之间呈现非线性的U型关系调查显示，样本公司常用的互动沟通渠道可以分为二大类：第一类属于以互联网为基础的投资者关系互动沟通渠道，包括网站投资者专线电话、投资者信箱、投资者论坛和留言、针对投资者的常见性问题解答和网上路演等；第二类为面对面沟通，包括业绩说明会报告会、路演、投资者见面会、分析师会议、媒体见面会，记者招待会、投资者见面会、走访投资者等形式。其中网络互动沟通渠道的使用比例明显高于面对面互动沟通渠道。在此基础上，本文利用因子分析的方法，构建了公司品牌信息互动沟通指数。利用该指数对样本公司的公司品牌互动沟通水平进行了评价。结果显示，样本公司的渠道整体水平较低，公司之间存在较大差异。深沪两地公司品牌信息互动沟通总体水平不存在显著差异，但是常设网络互动（F2）方面，沪市优于深市。主动互动（F3）和媒体互动（F4）方面，深市优于沪市。进一步的多元回归分析发现，公司品牌信息互动沟通水平（S）与公司价值之间呈现非线性的U型关系。
[Abstract]:In recent years, as more and more well-known Brand Company continue to go on the market, some new problems appear in front of the managers. As a joint-stock enterprise, the listed companies must meet the needs of two aspects of the product market customers and the capital market investors. These well-known Brand Company have been in the product market after years of operation and accumulation. It has been recognized by the customers and has achieved high brand value. Whether the influence of the brand influence accumulated in the product market will affect the corporate value of the capital market, what the mechanism is and how to effectively use these effects to improve the value of the company are the urgent problems that this kind of public company needs to solve.
On the basis of literature review, this paper uses the method of combination of normative analysis and empirical research to construct a framework of investor relationship management system based on company brand information and communication. It tries to discuss the value effect and communication effect of company brand information from the perspective of investor relations. Below:
1. the theoretical basis of corporate brand research based on investor relations is asymmetric information theory and investor relations model.
The theory of information asymmetry provides a theoretical basis for the study of corporate brand based on the perspective of investor relations. The existing investor relationship management model provides a favorable clue for the establishment of the relationship between the company brand and the investor relationship management, and provides a theoretical reference and support for the related research.
Based on the perspective of investor relations, the company brand research stands in the perspective of the listed company, taking the company brand as a kind of information commodity, taking the signal transmission mechanism and reputation mechanism in the information asymmetry theory as the theoretical support, and taking the company marketing theory as the guide to discuss the company brand credit to reduce the information between the listed companies and the investors. Symmetry, the role of enhancing the value of the company.
2. the research on brand value effect shows that the brand value of the company has a positive impact on the value of the capital market.
In theory, based on the net income model of Ohlson (1995), we deduce the relationship between company value, the company's net asset information and the company brand information. This relationship is the basis of this paper.
On the basis of the research ideas of "the performance of the company's product market - Investor Behavior - the performance of the company's capital market", this paper studies the relationship between the brand value and the public value of the company's brand value and the public value based on the 106 samples of the top 500 list of China's most valuable brands in 2009. A positive correlation is found between the size of the company's brand value and the value of the company. The brand value of the company affects the value of the company by influencing the exchange rate of the stock in the capital market. As a shareholder's behavior variable, the exchange rate of the stock is used as the intermediary variable. The brand value of the company is issued as the third party agency. The signal of the comprehensive performance of the company's product market is a kind of low cost and high reliability reference for the stock market shareholders to evaluate the company's value. The effective application of the company brand value information can alleviate the information asymmetry between the listed companies and the investors to a certain extent.
The annual report of 3. is an important way of information communication between listed companies and investors, but its role in communicating brand value information is not significant.
The annual report is the most important way for the communication information of the listed companies. But through the survey of the listed companies of the 500 most valuable brand list of China in 2009, it is found that in the 106 Sample Firms, the company that discloses the company brand value is 19, and the total number of 17.9%. is found by paired sample parameters and nonparametric tests. Under the control of the size of the sample assets and the value of the company's brand, the paired sample market added value (MVA), the T test and the Z test results of Tobin Q value (TQ) and earnings per share (EPS) are not significant, and the average value of the two is not significant. The value of the company has not been affected.
4., the overall level of brand information interaction communication is low, and there is a nonlinear U relationship between brand information interaction communication level (S) and company value (MVA).
The survey shows that the Sample Firms commonly used interactive communication channels can be divided into two categories: the first category belongs to the Internet based investor relations interactive communication channels, including the web site investor phone, investor mailbox, Investor Forum and message, for investor's regular questions and online roadshow, and so on; the second category is face to face. Communication, including performance note meeting, road show, investor meeting, analyst meetings, media meetings, press conferences, investor meetings, investors, and so on. The use of network interaction channels is significantly higher than the face-to-face interactive channel.
On this basis, this paper uses the method of factor analysis to construct the index of corporate brand information interaction and communication. The index is used to evaluate the interactive communication level of the company brand of Sample Firms. The results show that the overall level of the Sample Firms channel is low and there is a great difference between the companies. There is no significant difference in the general level, but in the F2, the Shanghai stock market is superior to the Shenzhen market. The active interaction (F3) and the media interaction (F4) are better than the Shanghai stock market.
Further multiple regression analysis showed that there was a nonlinear U relationship between brand information interaction communication level (S) and company value.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F273.2;F224

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