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1 1,2, 2, 2 1, ; 2, ) A,, F830 A 1, investor relation management,irm. National Investor Relations Institute NIRI,,, [1].,IRM.,IRM [2]., IRM , IRM,98, 82, 75, 37% [3].,,., IRM, , H,,, IRM., IPO., 2001,IRM,, IRM., , 0.77%, 99.23%,

2 . [4]., IRM, CEO,,,, [5]. [6], IRM.,,, IRM. IRM,.,, IRM.,, 2004 A, internet investor relation index,iiri., IIRI., IIRI ;,., IRM, IRM IRM, IRM,, IRM.,.,.,,.,,. 2002,.,, IRM.,, IRM,.,. 2.2 [6], IRM. (1)

3 ,,,.,,,..,,, ;,.,,. (2),. Shleifer Vishny Pagano Roell,,,,,, [7,8].Johnson tunneling ) [9].,, 10,11.,., 6,11.,. (1).,,,.,,, 12.,.,;,. (2).,,.,,,,.,, [13]. (3)., ;,,..,.

4 (4).,,.,,.,,,. 2.3,..,,,..,,,. B.,, B.. IRM., ;, IRM,,., [14],... IT, ;,,, IRM A,, , 347, 1. Table 1 Sample Derivation 2004 A ,,. 3.2.[15],,.[15-18],,

5 , 1, 0., IIRI 1.,.. 3.3,,,,,,.,.,,,. (1) : IIRI, IIRI, 2004, IIRI,. IIRI = α + β1issue + β2growth + β3lev + β4growth Lev + β Lshrl + β Ushrl + β Dshr + β Gov + β Oshr + β Size β ID + β Fissue + β ROA + β IND + ε i i= 1,, 1-25,. 2., IIRI, 2004 IIRI. 2 IIRI , 17, 2004 IIRI IIRI, 330., 43, 330, A, B ,.,, IRM,A,. 1, 2004, Issue,. i 1

6 IIRI = α + βgrowth + β Lev + β Growth Lev + β Lshrl + β Ushrl + β Dshr β Gov + β Oshr + β Size + β ID + β Fissue + β ROA + β IND + ε i i= , 2 A B, IIRI. Table 2 Definition of Independent Variables i 2 Issue, 2004, , 0 Growth Lev 2003 / Lshrl Ushrl r, r 50% Lshrl= Ushrl= 50%,, r r-50%,r>50% 0, Rshr () Gov, 1, 0 O sh r / S ize ln ( 2003 ) ID F issue ROA, B H 1, INDi i = 1, 2,, 12, ( ) Morck Shleifer Vishny [11,19].,, ;,,,.,,. 4

7 4.1 (1) 3,,,Issue IIRI 5%, (Growth Lev) IIRI 10.,(Oshr) IIRI, IIRI, 50,Ushrl IIRI., Size, [14,20],ROA IIRI.,,, IRM. 4.2, IIRI. A B,A 131,B 199. A, IIRI. A B IIRI 4.,A IIRI T Mann-Whitney U, B,. Table 3 Regressions of IIRI on Equity Financing Plan (Dependent Variable: IIRI) T? *** Issue ** Growth? Lev? Growth Lev * Lshr1? Ushr1? * Rshr? Gov? Oshr *** Size *** ID Fissue

8 ROA INDi N = 347 F = 2. 21*** AdjR2 = :* 10%,** 5%,*** 1%,. A B 2 5.,A F B., A B R2, A B, A IIRI B.,A Growth Lev IIRI 1,,,,,,,. A, IIRI., IIRI 10 50,,IIRI.,,,, IIRI.,,,.,,. Rshr,,,,.. (Oshr) IIRI,., Size IIRI. Table 4 Comparison s of IIRI in Group A and Group B : T-test and Mann-Whitney U-test N T ( T ) ( Z ) A B Table 5 Regression s of IIRI on Incentive of Equity Financing: Comparison of Group A and Group B

9 A ( n = 131) ( ROE 6% ) B ( n = 199) ( ROE < 6% ) T T * * * * * * Growth Lev Growth Lev * * * Lshlr 2. 14* Ushr * * Rshr Gov * * Oshr 3.389* * * * * S ize * * * * 1.77 ID Fissue ROA INDi F 2. 37* * * 1.729* * A d jr B, Growth Lev Lshr IIRI. A,, IRM, A B IIRI.,Oshr Size IIRI,Ushrl 10 IIRI, IRM. 5,,.2001., IRM. IRM,, IIRI, A 347,.,.,.,

10 .,., IRM,.,,. 1 CRC NCRC % 59.08% 51.59% 55.91% 49.57% 52.16% 57.64% 52.45% 19.02% 7.20% 18.44% 21.61% 26.80% 6.34% 22.19% 36.02% 15.85% 10.66% 98.56% 80.98% 28.24% 44.09% 23.05% 38.90%

11 IS a CSRC Excel % 0.28% 3.17% 2.02% 61.67% 63.80% 55.91% 57.35% 8.07% 12.97% 5.48% 3.75% 28.53% 2.59% 13.26% 12.10% 19.31% 46.97% % 3.17% 3.46 % 11.24% 0.86% [1] NIRI Board of Directors. Definition of Investor Rela2tions [EB /OL]. ( ) [ ].Http: / /www. Niri. Org /. [2] MARSTON C. The Organization of the Investor Relations Function by Large UK Quoted Companies [J].Omega,1996,(24):

12 [3]. [ N ]., (7). [4]. [ N ]., (6). [5]. [ N ]., (3). [6],.?[J]., 2003, (6): [7] SHLEIFER ANDREI,VISHNY ROBERT W. A Survey of Corporate Governance [J]. The Journal of Finance, 1997, (52): [8] PAGANO MARCO, ROELL AILSA. The Choice of Stock Ow2nership Structure: Agency, Monitor, and the Decision to Go Public [J]. The Quarterly Journal of Econom2ics, 2000, (113): [9] JOHNSON S R, LA PORTA F, LOPEZ-DE-SILANES,A SHLEIFER.Tunneling [ J ]. American Economic Review, 2000,(90) : [10],. [ J ]., 2004, ( 2 ) : [11],,. [ J ]., 2004, (12) : [12] CLAESSENS S, S DJANKOV, J FAN, L LANG. Disentang2ling the Incentive and Entrenchment Effects of Large Shareholding [J]. The Journal of Finance, 2002, (57): [13],. [ J ]., 2003, (3) : [14] ETTREDGE M, RICHARDSON V J, SCHOLZ S. Determinants of Voluntary Dissemination of Financial Data at Cor2porate Web Sites [ R ]. University of Kansas, [15]. [ D ]. :, [16] GEERLINGS J, L BOLLEN, HASSINK H. Investor Relations on the Internet: A Survey of the Euronext Zone [ J ].The European Accounting Review, 2003, (12) : [17] PIRCHEGGER B, WAGENHOFER A. Financial Information on the Internet: A Survey of the Homepages of Austrian Companies [J]. The European Accounting Review, 1999, (8): [18] XIAO J Z, HE Y, CHOW C W. The Determinants and Characteristics of Voluntary Internet2based Disclo2sures by Listed Chinese Companies [ J ]. Journal of Accounting and Public Policy (23): [19] MORCK R, A SHLEIFER,R W VISHNY. Management Ownership and Market Valuation: An Empirical Ana lysis [J]. Journal of Financial Economics,1988,(20) : [20] ASHBAUGH H. K M JOHNSTONE. WARFIELD T. Corporate Reporting on the Internet [ J ]. Accounting Horizons. 1999, 13 (3): Incentive of Equity Financing and Investor Relation Management: Evidence from Investor Relation on Corporate Websites

13 XIN Qing-quan 1, 2 YANG De-ming 2 CHEN Nian 2 (1.School of Business, Fuzhou University, Fuzhou , China; 2 School of Business, Sun Yat2sen University, Guangzhou , China) Abstract: In order to verify the effects of incentive of equity financing on investor relation management, the paper constructs the internet investor relation index ( IIRI). From a sample comprising the listed corporations that have A shares on the Shenzhen Stock Exchange, the paper finds that the IIR I is affected by p resent financing plans and future refinancing incentive. If the possibility of achieving the financing qualification is greater in the coming year, the investing motivation and enclosing money motivation will make IIR I increase. Otherwise, the corporations motivation to undertake investor relation on their websites will be weakened. The conclusion indicates that investor protection is not the true purpose of investor relation management. Actually, investor relation management is a self interest behavior of Chinese listed companies. Key words: investor relation management; corporate websites; incentive of equity financing; investment motivation; enclosing money motivation. : BJY017 ) ) 1975-

股权结构对董事会结构的影响

股权结构对董事会结构的影响 1 a b (Boycko, Shleifer, and Vishny, 1996) (Barberis et al, 1996) (Shleifer, 1998) (Megginson and Netter 2001) 1 70432002/G02 a b 1 (Megginson and Netter 2001) Hermalin and Weisbach, 2001 Williamson 1975