投資人關係管理對公司價值認知之影響

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姓名

曾羨雯(Hsien-Wen Tseng) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

投資人關係管理對公司價值認知之影響
(The Impact of Investor Relations on Firm Value)

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摘要(中)

投資人關係管理對公司價值認知之影響
　　　　　　　　　　　　中文摘要
本研究以一般投資人觀點出發，探討公司在資本全球化的潮流下，如何透過投資人關係管理的執行，做到公司資訊透明化、與投資人雙向溝通以發展投資人之間的互動，並累積投資人對公司的信心進而影響對公司評價的認知。綜觀之前的研究多為對資訊揭露的偏好或從公司治理層面來探討投資人關係管理，鮮少對投資人關係管理與市場信心或公司價值之間的關聯性做深入探討，因此本研究以過去相關文獻探討與實證，驗證投資人關係之資訊透明化及雙向溝通情形與市場投資信心、公司價值認知的關聯性，並以個別投資人為研究對象進行網路及紙本問卷調查，共獲得217份有效問卷。研究結果發現，個別投資人認知中，公司進行投資人關係之資訊透明與雙向溝通情形有助提升市場對公司投資的信心，而市場投資信心與公司價值認知也有正向影響力，此外，投資人關係中雙向溝通情形必須仰賴市場投資信心才能提升公司價值的認知；但投資人關係之資訊透明則可以直接或間接透過市場投資信心而強化投資人對公司價值的認知。希望可以透過本研究結論讓公司管理階層重視投資人關係功能的重要性，同時也針對強化投資人關係做法上提出建議。

摘要(英)

The Impact of Investor Relations on Firm Value
　　　　　　　　　　　　ABSTRACT
In this study, from general investors’ perspective, we examine the impact of the investor relations on the investment willing of the market and on the firm value. Through the 217 questionnaires survey, we find that most investors agree the investor relations provide higher degree of information transparency and intercommunication which both can enhance investors following, the reliance, and their perception of firm value. Investor relations help to achieve the goal of creating an understanding of the firm, attracting information intermediaries, and targeting a desired investor base, hence, sufficient information disclosure and interaction is crucial key to investor relations success. We also learn that the information transparency affect the firm value directly, nevertheless, the intercommunication of investor relations effect the perception of firm value by the mediator of market reliance. Over all, our result indicates the investor relations are successful in impacting investors’ reliance and the perception of firm value.

關鍵字(中)

★ 投資人關係

關鍵字(英)

★ Investor Relations

論文目次

中文摘要......................................................................................i
英文摘要....................................................................................ii
致　謝......................................................................................iii
目錄........................................................................................iv
表目錄..........................................................................................v
圖目錄..........................................................................................v
一、緒　論..................................................................................1
1-1　研究動機與目的................................................................1
1-2　研究流程............................................................................4
二、文獻探討..............................................................................5
2-1　投資人關係管理................................................................5
2-2　投資人關係管理對市場的影響........................................9
2-3　投資人關係管理對公司的影響......................................13
三、研究方法............................................................................17
3-1　研究觀念性架構..............................................................17
3-2 研究假說............................................................................18
3-3　研究對象..........................................................................21
3-4　研究變數定義與衡量......................................................23
3-5　資料蒐集方法..................................................................26
3-6　資料分析方法..................................................................27
四、實證結果與分析................................................................28
4-1　信度與效度分析..............................................................28
4-2　投資人基本資料分析......................................................32
4-3　敘述性統計分析..............................................................35
4-4　Pearson相關係數分析......................................................37
4-5　變異數分析......................................................................38
4-6　迴歸分析..........................................................................39
五、結論與建議........................................................................44
5-1　研究結論..........................................................................44
5-2　研究限制與建議..............................................................47
參考文獻....................................................................................48
附　錄........................................................................................54

參考文獻

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指導教授

羅庚辛(Keng-Hsin Lo)

審核日期

2010-7-21

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