海外上市公司投资者关系管理研究

华中科技大学硕士学位论文海外上市公司投资者关系管理研究姓名：魏娜申请学位级别：硕士专业：工商管理指导教师：夏新平20080428ICASICASIAIIAbstractWiththerapiddevelopmentinfinancingofChinesecompanieslistedoverseasbothinnumberandscale,theinvestorrelationmanagement(IRM)requirementfrommarketisontherise.ThispaperbrieflyintroducesthehistoryanddevelopmentstatusofIRM,aswellasthetrendindomesticandabroad.BasedonthegeneralanalysisonIRMofChinesecompanieslistedoverseasandaspecificcaseofCASI,oneoflistedcompaniesofChinaintheUnitedStatesNASDAQ,thispaperprovidesagenericmodelandageneralprogrammeofIRMforChinesecompanieslistedoverseas.Investorrelationsaredividedintotwolevels,regulatoryinvestorrelationsandstrategicinvestorrelations.Asthebestinvestorrelationmanagement,thecomprehensiveIRMstrategyundertheguidanceofthecompany'sstrategy,whichcanbecategorizedintothreelevels:thestrategiclevel,thetacticallevelandtheoperationallevel.BasedonthethreelevelsofstrategicIRMandaNASDAQlistedChinesecompany-CASI’sIRMpractices,thispapercomesupwithanapplicablegeneraloperationsolutionofinvestorrelationsmanagementforcompanieslistedoverseas.Fromtheperspectiveoflistedcompanies,thispapermainlystudiesonrelativelymaturemarketenvironment,especiallythemostmaturemarket,theUnitedStates,andanalyzetheIRMpracticesofoverseaslistedcompany.Giventhatcurrentresearchoninvestorrelationsmanagementoflocallistedcompaniesisrelativelyabundant,thepaperwillonlygiveabriefintroductionofinvestormanagementforlocallistedcompany.ConsideringthatWesterndevelopedmarketcanbereferredbyChina'scapitalmarket,andthedemonstrationeffectofoverseaslistedcompaniesforChina'sA-sharemarket,thispapercouldplayaconstructiveandproactivereferencerolefortheinvestorrelationsmanagementpracticesofChinesecompanieslistedoverseas.KeywordsInvestorRelationsManagementChineseCompanyListedOverseasCorporateGovernanceInformationDisclosure20080428_____2008042820080428111.119841-1UT[1][2]“2004”[3]1-120032007[4]2CorporateGovernanceIR:InvestorRelations1.2IRM:InvestorRelationsManagementIRMIRMIRMIRM3IRMDavidB.ArmonAAIRMIRMIRMIRMIRMIRMIRMIRM1.341-21-2522.12.1.119291939PR:PublicRelations19533AMA:AmericanManagementAssociationGE:GeneralElectricCompanyRalph6Cordiner196353Wayne19667IRA:InvestorRelationsAssociation1969710NIRI:NationalInvestorRelationsInstituteNIRINIRI335000NIRI199820012004StandardsofPracticeforInvestorRelations2090EnronWorldCom,Xerox,Merck20003200210500AmericanStandard&Poor's500NASDAQ49.1%77.9%2002730-7Sarbanes-OxleyActRegulationFD2007SECInvestorconfidenceimpactedbycorporatemisdeeds.2-120072-2200782.1.220702090IRMIRM1980IRS:InvestorRelationsSocietyIRSIR2090IRMIRM19901990FIRSFinnishInvestorRelationsSocietyCLIFFAssociationFrançaisedesInvestorRelationsDIRKDeutscherInvestorRelationsVerband10IIRF:InternationalInvestorRelationsFederationIIRF259IRO:InvestorRelationsOfficer2.1.3199757%Samsung1998208090IRM90IRM1993JIRA:JapanInvestorRelationsAssociationKLCA:KoreaListedCompaniesAssociationIIRFIRMIRMIRM10IRMIRMIRMIRMIRM20051013118%34%DavidB.Armon28%[5]2.1.419995IRM19992003IRM1999IRM2000IRM2001IRMAIRM200212200320052003IRM11200310200520052005A319IROA85.8%20062006IRMIRM2007IRMIRMIRMIRMIRMIRM[6]2.22.2.1CharlesD.Ellis1985HowtoManageInvestorRelationsLouisM.ThompsonJr.19961220012004[7]2003CIRI:CanadianInvestorRelationsInstitution20032003200513WhatHowWhy2.2.2MarkHynesNIRI1IRMComplianceIRM2NIRIIRMMarkHynes19752520022003DisclosureResource.com200410XinhuaPRNewswireCITIGROUPBurson-MarstellerOgilvyPublicRelationsWouldwideThomsonFinancial14IRM2-3IRMIRMIRO1533.13-13-13.1.1IRMIRM116IRMIRM2IRM17FirstCall3///IRO3.1.2IRMIRMIR/PR1IRMThomson18FinancialFactSetMultexIBESYahoo!FinanceMSNMarketWatch2/3IR/PRIR/PR/45//IRIRM193.1.3123IR45IRM620IRNewsletterNetMeetingCorporateBlog3.23.2.1IRMIRM3-13-1/IRMIRMIRMFirstCall/213.2.2XBRLXBRL:eXtensibleBusinessReportingLanguageXMLXML:eXtensibleMarkupLanguageXBRLXBRLXBRLXBRLXBRLXBRL3-2223-2XBRLXBRL[8]242544.14.1.14-14-1IRM/1999/0921.HKAsiaMoney2000/NYSE:SNPAsia2001/NYSE:SNPFinanceAsia2002/NYSE:SNPEuromoney/NYSE:HNPIRMagazine/NYSE:PTREuromoney2003/NYSE:CHAIRMagazine2004/PNK:TSGTY.PKIRMagazine/NYSE:SNPIRMagazine2005/HK:0939IPOFinanceAsia26/IRMagazineIRMagazine/NYSE:SNPIRMagazine/NYSE:FinanceAsia/HK:0857FinanceAsia/HK:1398IPOFinanceAsia/HK:2318IRMagazine2006/HK:1199IRMagazine/NYSE:SNPIRMagazine2007/HK:1398IRMagazine4.1.22001629“”274.24.2.1284.2.2/IR/PR4.2.329InsideTradingComplianceOfficer4.2.4IRSafeHarborStatement30IR315CASI5.1CASICASICASI1993CASI2002CASICASI2003CASIOTCOvertheCounterBulletinBoard20022003CASI2004NASDAQSmallCap2007CASI20062008$5,500CASICASI325.2CASI5.2.1CASI5-1StrategicCorporateMarketingActivity-Brown,I.,1994Rao,H&Sivakumar,K.,19992004NIRICASIIRMIRMIRM33IRMIRMIRMIRMCASIIR5.2.2CASICASI5-25-2CASIIRMIRIRMDueDiligenceIRM34IRMIROIRIRIR5.2.3CASI1IRIR2IRCASI33520~25/IR436537IRIRIR6IROCASIIROIRO[7]IROIROIROIROIRO38IROIROIRIRIRIRIRO39//5.31ContentAnalyzeApproachItemIRM2IR2004-2007IRMIRMIRM5-3405-35-1[35][36]IRMIRIRMIRIRMIROIRMIRMIRM415-1IRIRIRIRIRIRIRIRIR4228%CASICASIOTCC