C&A集团中国总部投资者关系管理中心建设研究
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摘要
C&A集团是一家美国上市企业,总部分别设在美国纽约和中国广东深圳,专业从事风险投资。为了解决中国中小企业上市难的问题,结合美国规范化、多层次、相对成熟的证券市场,提供一整套专门为国内中小企业赴美上市的解决方案,不仅使企业在美国证券市场成功挂牌,而且还将辅导企业在资本市场上做大做强,使企业真正从国内走向国际资本市场。
投资者关系以及投资者关系管理,是伴随着资本市场形成和逐步发展而产生和深入的,成为一种在有效信息沟通基础上提升公司价值的机制。论文以C&A集团为研究对象,结合对国内外投资者关系管理的发展、现状进行研究,从集团业务发展、管理现状、运营模式、盈利模式等角度进行分析,提出加强投资者关系管理对于C&A集团的业务模式和内部管理至关重要,对其盈利状况有着直接的影响,分析了集团仅在美国设立投资者关系管理机构的缺陷,进而提出在中国总部增设投资者管理中心的管理思路与具体设计模式。不仅通过问卷调研方式,对新的管理模式进行了评估,同时也论述了运行中可能存在的问题,并提出了应对措施。
C&A is a public company in US and professionally engages in venture capital investment, having its two head offices in US's New York City and China's Shenzhen City. Aim at providing the exclusive solutions related to the issues derived from difficulties of Chinese SME's (Small and Medium Enterprises) going to public, C&A group integrated the standardization, multilevel and relatively mature US stock markets, to provide complete and professional solutions and appliances in which helping China's SMEs successfully goes to public in US stock market. Not only helping China's SMEs successfully listed, moreover C&A Group is providing its powerful backup support to help these companies healthily growing stronger, and finally achieve the goal of China's SMEs transfer to international stock market.
IR (Investor Relations ) and IR Management become a company's value-added system based on the effective communications along with the creation and progressive development of stock market. This article is introducing C&A Group as research target, combined the development and current status of overseas' IR management, started at the introduction and analysis from the scopes of this group's business development, current management status, and business & profit model, then offered the innovative management thinking and designed substantial model. It not only assessed the new managerial model via the questionnaire survey method, and simultaneously fund out the possible problems in practice then provided the corresponding measures.
投资者关系以及投资者关系管理,是伴随着资本市场形成和逐步发展而产生和深入的,成为一种在有效信息沟通基础上提升公司价值的机制。论文以C&A集团为研究对象,结合对国内外投资者关系管理的发展、现状进行研究,从集团业务发展、管理现状、运营模式、盈利模式等角度进行分析,提出加强投资者关系管理对于C&A集团的业务模式和内部管理至关重要,对其盈利状况有着直接的影响,分析了集团仅在美国设立投资者关系管理机构的缺陷,进而提出在中国总部增设投资者管理中心的管理思路与具体设计模式。不仅通过问卷调研方式,对新的管理模式进行了评估,同时也论述了运行中可能存在的问题,并提出了应对措施。
C&A is a public company in US and professionally engages in venture capital investment, having its two head offices in US's New York City and China's Shenzhen City. Aim at providing the exclusive solutions related to the issues derived from difficulties of Chinese SME's (Small and Medium Enterprises) going to public, C&A group integrated the standardization, multilevel and relatively mature US stock markets, to provide complete and professional solutions and appliances in which helping China's SMEs successfully goes to public in US stock market. Not only helping China's SMEs successfully listed, moreover C&A Group is providing its powerful backup support to help these companies healthily growing stronger, and finally achieve the goal of China's SMEs transfer to international stock market.
IR (Investor Relations ) and IR Management become a company's value-added system based on the effective communications along with the creation and progressive development of stock market. This article is introducing C&A Group as research target, combined the development and current status of overseas' IR management, started at the introduction and analysis from the scopes of this group's business development, current management status, and business & profit model, then offered the innovative management thinking and designed substantial model. It not only assessed the new managerial model via the questionnaire survey method, and simultaneously fund out the possible problems in practice then provided the corresponding measures.
引文
[1]马连福,赵颖.基于公司治理的投资者关系文献评述与研究展望[J].南开管理评论,2006,(9):21-27
[2]杨德明,王彦超,辛清泉.投资者关系管理_公司治理与企业业绩[J].南开管理评论,2007,(10):43-50
[3]巴曙松,曹梦可.投资者关系管理的关键_保护中小投资者权益[J].西部论从,2007,(10):62-63
[4]周建共.基于财务信息披露的投资者关系管理的思考[J].金融广角,2007(7),37
[5]李侠.上市公司与投资者关系工作指引-修筑双向沟通渠道[N].金融时报,2005.7.13
[6]李斌.CFO眼中的投资者关系管理.首席财务官[J],2006,(6):44-48
[7]张菊朋.投资者关系管理与提升证券市场的资源配置功能[J].经济师,2006,(1):130-131
[8]黄格非.中国上市公司再融资行为与决策[M].北京:中国金融出版社,2007
[9]刘萍,李梅芳.创造股东价值的关键因素-投资者关系[J].商场现代化,2006,(6上):250-251
[10]李玉灿,李心丹.IPOs低效定价与投资者关系的研究[J].中国管理科学,2006,(10):247-250
[11]袁蓉君.构建良好投资者关系-专访英国FD公司首席执行官司查尔斯沃森.金融时报[N],2007.6.19
[12]辛清泉,杨德明,陈念.融资动机与上市公司投资者关系管理_来自公司网站投资者关系管理的实证发现[J].管理科学,2006,(4):90-97
[13]小夏.投资者关系管理日常必做的功课[N].中国证券报,2005.7.16
[14]李宁.利用EVA进行价值管理:投资者关系管理的核心[J].合作经济与科技,2006,(1):21-22
[15]王晓成,刘琛,尹登平.对我国上市公司开展投资者关系管理的探讨[J].河北建筑科技学院学报(社科版),2005,(3):29-30
[16]袁方,杨渂.全流通时代投资者关系管理面临五大挑战[N].上海证券时报,2007.9.6
[17]方原.三大“抓手”力推IR应对全流通环境[N].21世纪经济报道,2007.5.2
[18]马连福.投资者关系价值研究[J].中国流通经济,2007,(7):56-58
[19]甘立伟.投资者关系管理_提升公司价值的利器[J].航空工业经济研究,2006,(3):27-30
[20]贺强,白锐.投资者关系管理是上市公司规范治理的重要内容[J].天津行政学院学报.2003,(8):54-57
[21]胡翠华.投资者关系管理中的博弈分析及工作核心[J].商业研究,2006,(11):97-100
[22]杨德明,辛清泉.投资者关系与代理成本_基于上市公司的分析[J].经济科学,2006,(3):47-60
[23]刘振亚.美国股票市场[M].北京:经济科学出版社.2001
[24]王森,刘莲英.美国证券市场:制度、运作与监督[M].北京:经济科学出版社,2002
[25]吴晓求.公司并购原理[M].北京:中国人民大学出版社,2001
[26]理查德.B.希金斯.全球投资者关系最佳案例[M].北京:机械工业出版社,2002
[27]杜煊君.中国证券市场:监管与投资者保护[M].上海:上海财经大学出版社,2002
[28]上海证券交易所.上市公司投资者关系管理.投资者教育中心,2003
[29]上海证券交易所.投资者保护实践与探索.投资者教育中心,2002
[30]上海证券交易所.上海证券市场投资者关系状况.投资者教育中心,2003
[31]汤春雷.解析美国投资者关系建设秘诀[N].中国经营报,2003.04.01
[32]汝莹.论IRM理念下的公司价值与股权权益[J].云南民族大学学报,2004,(5)
[33]史顺言.中国上市公司投资者关系管理问题及对策研究[J].山东经济,2004,(5):59-62
[34]甘波,曲保智,陈东.企业公关的技巧[M].广东:广东旅游出版社,1999
[35]陆正飞,刘桂进.中国公众投资者信息需求之探索性研究[J].经济研究,2002,(4):36-43
[36]何卫东.如何提高自愿性信息披露质量[N].证券时报,2002.12.24
[37]Andrew L Friedman,and Samantha Miles.Developing stakeholder theory[J].Journal of Management Studies,2002,(1):39-48
[38]Barbara Bartkus,Myron Glassman,and Bruce Acafee.Do large European, US and Japanese firms use their Web sites to communicate their mission[J]. Investor Relations Business , 2000 ,4 (3) : 1 -5
[39] Craven, B. M., Marston, C. L.. Investor Relations and Corporate Governance in Large UK Companies[J]. Corporate Governance: An International Review (UK) , July, 1997,5 (3) : 137-151
[40] Claire Marston, Michelle Straker. Investor Relations: A European Survey[J]. Corporate Communications:An International Journal, 2001, 6 (2) : 82-93
[41] Class Hagg, Hakan Preiholt. Investor Relations, Fiancial Marketing and Target Groups[J]. The Marketing Management Jounal, 2004,14 (2) : 129-133
[42] Deephouse. The Effect of Financial and Media Reputations on Performance[J]. Corporate Reputation Review, Summer/Fall, 1997,1 (1/2) : 68
[43] Deller, D., Stubenrath, M., Weber, C.. A Survey on the Use of the Internet for the Investor Relations in the USA, UK and Germany[J]. The European Accounting Review, 1999, 8 (2) : 51-64
[44] Edward J. Farragher, Robert Kleiman, Mohammed S. Bazaz. Do Investor Relations Make a Difference? [J]. The Quarterly Review of Economics and Finance, Winter, 1994, 34 (4) : 403-412
[45] Franke ,N ,von Hippel ,E. Satisfying heterogeneous user needs via innovation toolkits: the case of Apache security software[J]. Research Policy ,2003 ,32 :1199-1215
[46] Fathilaul Zakimi Abdul Hamid. Malaysian Companies' Use of the InternetforInvestorRelations[J]. CorporateGovernance, 2005, 5(1) :5-14
[47] Franke, N, Piller, F. Value creation by toolkits for user innovation and design: the case of the watch market[J]. Journal of Product Innovation Management, 2004 ,21 :401 -415
[48] Geraldine Clarke, and L W (Bill) Murray. Advance in relationship marketing[J]. Corporate Communications , 2000 ,5 (3) :144-152
[49] Geraldine Clarke, and L W (Bill) Murray. Advance in relationship marketing[J]. Corporate Communications , 2000 ,5 (3) :144 -152
[50] Gregory. ROI: Calculating Advertising's Impact on Stock Price[J]. Corporate Reputation Review, Summer/Fall, 1997, 1 (1/2) : 56-60
[51] Hall. The Strategic Analysis of Intangible Resources[J]. Strategic Management, Journal, 1992, (13) : 135
[52] Howard Stock. Bad I R can trigger poor performance[J]. Investor Relations Business, 2002, 21 :1-91
[53] Lüt hje ,C. Characteristics of innovation users in a consumer goods field an empirical study of sport-related product consumers[J]. Technovation ,2004 ,24 :683 -695
[54] Lev, B.. Information Disclosure Strategy[J]. California Management Review, 1992, (Summer) : 9-32
[55] Marston, C. The Organization of Investor Relations Function by large UK-quoted Companies[J]. Omega: International Journal of Management Science, 1996,24 (4) : 477-488
[56] Matthew Gaved. Corporate governance: the challenge for communications practioners[J]. Corporate Communications , 1997 ,2 (2) :87-921
[57] Paul Favaro. Strategy & Leadship[J]. Chicago Review , 2001 ,29 (5) :4-11
[58] Rowley. Most investor expect protection[J]. Investor Relations Business ,2001 ,9 (17) :1-8
[59] Teff Frooman. Stakeholder influence strategies[J]. The Academy of Management Review , 1999 , 24 (2) : 191 -198
[2]杨德明,王彦超,辛清泉.投资者关系管理_公司治理与企业业绩[J].南开管理评论,2007,(10):43-50
[3]巴曙松,曹梦可.投资者关系管理的关键_保护中小投资者权益[J].西部论从,2007,(10):62-63
[4]周建共.基于财务信息披露的投资者关系管理的思考[J].金融广角,2007(7),37
[5]李侠.上市公司与投资者关系工作指引-修筑双向沟通渠道[N].金融时报,2005.7.13
[6]李斌.CFO眼中的投资者关系管理.首席财务官[J],2006,(6):44-48
[7]张菊朋.投资者关系管理与提升证券市场的资源配置功能[J].经济师,2006,(1):130-131
[8]黄格非.中国上市公司再融资行为与决策[M].北京:中国金融出版社,2007
[9]刘萍,李梅芳.创造股东价值的关键因素-投资者关系[J].商场现代化,2006,(6上):250-251
[10]李玉灿,李心丹.IPOs低效定价与投资者关系的研究[J].中国管理科学,2006,(10):247-250
[11]袁蓉君.构建良好投资者关系-专访英国FD公司首席执行官司查尔斯沃森.金融时报[N],2007.6.19
[12]辛清泉,杨德明,陈念.融资动机与上市公司投资者关系管理_来自公司网站投资者关系管理的实证发现[J].管理科学,2006,(4):90-97
[13]小夏.投资者关系管理日常必做的功课[N].中国证券报,2005.7.16
[14]李宁.利用EVA进行价值管理:投资者关系管理的核心[J].合作经济与科技,2006,(1):21-22
[15]王晓成,刘琛,尹登平.对我国上市公司开展投资者关系管理的探讨[J].河北建筑科技学院学报(社科版),2005,(3):29-30
[16]袁方,杨渂.全流通时代投资者关系管理面临五大挑战[N].上海证券时报,2007.9.6
[17]方原.三大“抓手”力推IR应对全流通环境[N].21世纪经济报道,2007.5.2
[18]马连福.投资者关系价值研究[J].中国流通经济,2007,(7):56-58
[19]甘立伟.投资者关系管理_提升公司价值的利器[J].航空工业经济研究,2006,(3):27-30
[20]贺强,白锐.投资者关系管理是上市公司规范治理的重要内容[J].天津行政学院学报.2003,(8):54-57
[21]胡翠华.投资者关系管理中的博弈分析及工作核心[J].商业研究,2006,(11):97-100
[22]杨德明,辛清泉.投资者关系与代理成本_基于上市公司的分析[J].经济科学,2006,(3):47-60
[23]刘振亚.美国股票市场[M].北京:经济科学出版社.2001
[24]王森,刘莲英.美国证券市场:制度、运作与监督[M].北京:经济科学出版社,2002
[25]吴晓求.公司并购原理[M].北京:中国人民大学出版社,2001
[26]理查德.B.希金斯.全球投资者关系最佳案例[M].北京:机械工业出版社,2002
[27]杜煊君.中国证券市场:监管与投资者保护[M].上海:上海财经大学出版社,2002
[28]上海证券交易所.上市公司投资者关系管理.投资者教育中心,2003
[29]上海证券交易所.投资者保护实践与探索.投资者教育中心,2002
[30]上海证券交易所.上海证券市场投资者关系状况.投资者教育中心,2003
[31]汤春雷.解析美国投资者关系建设秘诀[N].中国经营报,2003.04.01
[32]汝莹.论IRM理念下的公司价值与股权权益[J].云南民族大学学报,2004,(5)
[33]史顺言.中国上市公司投资者关系管理问题及对策研究[J].山东经济,2004,(5):59-62
[34]甘波,曲保智,陈东.企业公关的技巧[M].广东:广东旅游出版社,1999
[35]陆正飞,刘桂进.中国公众投资者信息需求之探索性研究[J].经济研究,2002,(4):36-43
[36]何卫东.如何提高自愿性信息披露质量[N].证券时报,2002.12.24
[37]Andrew L Friedman,and Samantha Miles.Developing stakeholder theory[J].Journal of Management Studies,2002,(1):39-48
[38]Barbara Bartkus,Myron Glassman,and Bruce Acafee.Do large European, US and Japanese firms use their Web sites to communicate their mission[J]. Investor Relations Business , 2000 ,4 (3) : 1 -5
[39] Craven, B. M., Marston, C. L.. Investor Relations and Corporate Governance in Large UK Companies[J]. Corporate Governance: An International Review (UK) , July, 1997,5 (3) : 137-151
[40] Claire Marston, Michelle Straker. Investor Relations: A European Survey[J]. Corporate Communications:An International Journal, 2001, 6 (2) : 82-93
[41] Class Hagg, Hakan Preiholt. Investor Relations, Fiancial Marketing and Target Groups[J]. The Marketing Management Jounal, 2004,14 (2) : 129-133
[42] Deephouse. The Effect of Financial and Media Reputations on Performance[J]. Corporate Reputation Review, Summer/Fall, 1997,1 (1/2) : 68
[43] Deller, D., Stubenrath, M., Weber, C.. A Survey on the Use of the Internet for the Investor Relations in the USA, UK and Germany[J]. The European Accounting Review, 1999, 8 (2) : 51-64
[44] Edward J. Farragher, Robert Kleiman, Mohammed S. Bazaz. Do Investor Relations Make a Difference? [J]. The Quarterly Review of Economics and Finance, Winter, 1994, 34 (4) : 403-412
[45] Franke ,N ,von Hippel ,E. Satisfying heterogeneous user needs via innovation toolkits: the case of Apache security software[J]. Research Policy ,2003 ,32 :1199-1215
[46] Fathilaul Zakimi Abdul Hamid. Malaysian Companies' Use of the InternetforInvestorRelations[J]. CorporateGovernance, 2005, 5(1) :5-14
[47] Franke, N, Piller, F. Value creation by toolkits for user innovation and design: the case of the watch market[J]. Journal of Product Innovation Management, 2004 ,21 :401 -415
[48] Geraldine Clarke, and L W (Bill) Murray. Advance in relationship marketing[J]. Corporate Communications , 2000 ,5 (3) :144-152
[49] Geraldine Clarke, and L W (Bill) Murray. Advance in relationship marketing[J]. Corporate Communications , 2000 ,5 (3) :144 -152
[50] Gregory. ROI: Calculating Advertising's Impact on Stock Price[J]. Corporate Reputation Review, Summer/Fall, 1997, 1 (1/2) : 56-60
[51] Hall. The Strategic Analysis of Intangible Resources[J]. Strategic Management, Journal, 1992, (13) : 135
[52] Howard Stock. Bad I R can trigger poor performance[J]. Investor Relations Business, 2002, 21 :1-91
[53] Lüt hje ,C. Characteristics of innovation users in a consumer goods field an empirical study of sport-related product consumers[J]. Technovation ,2004 ,24 :683 -695
[54] Lev, B.. Information Disclosure Strategy[J]. California Management Review, 1992, (Summer) : 9-32
[55] Marston, C. The Organization of Investor Relations Function by large UK-quoted Companies[J]. Omega: International Journal of Management Science, 1996,24 (4) : 477-488
[56] Matthew Gaved. Corporate governance: the challenge for communications practioners[J]. Corporate Communications , 1997 ,2 (2) :87-921
[57] Paul Favaro. Strategy & Leadship[J]. Chicago Review , 2001 ,29 (5) :4-11
[58] Rowley. Most investor expect protection[J]. Investor Relations Business ,2001 ,9 (17) :1-8
[59] Teff Frooman. Stakeholder influence strategies[J]. The Academy of Management Review , 1999 , 24 (2) : 191 -198