CAJ | 학술논문

中国社会正处于变革时期，诸多改革都涉及利益分配，改革的过程和结果对于评判改革的成败是相当重要的。本文借鉴社会学理论，从中小流通股东角度研究了股权分置改革背景下的投资者关系问题。本文为流通股东对股改程序公正的理解寻找了两个前因：信息披露和反馈的及时性以及流通股东潜在的影响力。研究发现。提高信息反馈的及时性和流通股东的潜在影响力可以改善流通股东对程序公正的理解，可以改善投资者关系。研究同时发现，流通股东对程序公正的理解是信息反馈及时性和流通股东潜在影响力对投资者关系的中介变量。最后，本文提出一些政策建议。
중국사회정처우변혁시기，제다개혁도섭급이익분배，개혁적과정화결과대우평판개혁적성패시상당중요적。본문차감사회학이론，종중소류통고동각도연구료고권분치개혁배경하적투자자관계문제。본문위류통고동대고개정서공정적리해심조료량개전인：신식피로화반궤적급시성이급류통고동잠재적영향력。연구발현。제고신식반궤적급시성화류통고동적잠재영향력가이개선류통고동대정서공정적리해，가이개선투자자관계。연구동시발현，류통고동대정서공정적리해시신식반궤급시성화류통고동잠재영향력대투자자관계적중개변량。최후，본문제출일사정책건의。
Chinese society is in a period of reforms. Most of the reform measures are involved in the redistribution of interests. The process and results of the reforms are important to judge the success or failure of the reforms. This article studies investor relations＇ issues from the perspective of small and medium tradable stockholders under the context of the reform of dual-class shares system based on sociological theory. The article designs two antecedents for the tradable stockholders＇ perceptions of the procedural justice under the reform of dual-class shares system： the timeliness of information disclosure and feedback and the potential influence of tradable stockholders＇. The study finds that improving the timeliness of a company＇s information disclosure and feedback can improve the tradable stockholders＇ perceptions of the procedural justice, and that the higher tradable stockholders＇ perceptions of their potential influence can improve their perceptions of procedural justice. It also finds that the percep- tions of procedural justice play an intermediary role on the relationship between the timeliness of a company＇s information disclosure and feedback, the potential influence on investor relations. The policy implications are： the reform of dual-class shares system as well as the whole social reforms should compliance with open, fair and just principles to improve the tradable stockholders＇ perceptions of the procedural justice, government departments should protect the reform by institution construction and supervision of market, it is necessary for the small and medium tradable stockholders to actively play their sacred right and to raise their awareness of participation.