CAJ | 학술논문

本文从互动沟通的角度深入剖析投资者关系形成的基础，通过选取评价指标，建立评价模型，赋值指标权重，逐层计算指数并评估其有效性，构建了投资者关系互动评价指数。在对我国上市公司的投资者关系互动水平进行评价后发现，我国上市公司投资者关系互动水平较低，投资者关系管理自主性不强；互动水平受到实际控制人性质、行业和所属地区的影响；网络和电话成为投资者互动的主要渠道，现场沟通渠道的运用和沟通反馈水平有待提高。此外，本文对投资者关系互动水平和公司现金股利支付水平进行实证检验发现，投资者关系互动较好的公司倾向于支付更多股利。
본문종호동구통적각도심입부석투자자관계형성적기출，통과선취평개지표，건립평개모형，부치지표권중，축층계산지수병평고기유효성，구건료투자자관계호동평개지수。재대아국상시공사적투자자관계호동수평진행평개후발현，아국상시공사투자자관계호동수평교저，투자자관계관리자주성불강；호동수평수도실제공제인성질、행업화소속지구적영향；망락화전화성위투자자호동적주요거도，현장구통거도적운용화구통반궤수평유대제고。차외，본문대투자자관계호동수평화공사현금고리지부수평진행실증검험발현，투자자관계호동교호적공사경향우지부경다고리。
From the perspective of interactive communication, this paper dives deep into the foundation of investor rela-tions. By selecting evaluation index, modelling, weighting, calculating and assessment, this paper constructs the Inves-tor Relations Interaction Index. Through evaluating the listed companies’ investor relations ineraction level, we find that the overall level of interaction between listed companies and investors is low and the autonomy of investor relations ma-negement is not strong. In addition, it indicates that the level of interaction is influenced by the nature of controlling shareholders, industries and districts;the internet and telephone become main channels of investor interaction; the use of field commnication and the level of communication feedback need to be improved. Besides, this paper conducts another imperical tests between investor relations interation level and the rate of dividend payment, which result shows that companies with better inverstor relations interation tend to payout more.