| 关系契约视角下的投资者关系作用机理探讨 |
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| 引用本文： | 张慧敏,钟昀珈.关系契约视角下的投资者关系作用机理探讨[J].科学．经济．社会,2009,27(3):51-55. |
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| 作者姓名： | 张慧敏 钟昀珈 |
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| 作者单位： | 1. 天津科技大学经管学院,天津,30222
2. 南开大学公司治理研究中心,天津,300071 |
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| 基金项目： | 国家自然科学基金面上项目"基于投资者关系管理的上市公司治理优化研究"，教育部人文社科重点研究基地项目"基于公司治理的投资者关系价值创造及其战略管理行为研究"(06JJD630008)等资助 |
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| 摘 要： | 随着证券市场的规范化和股权文化的兴起，在发达的资本市场上，投资者关系已经成为上市公司处理与投资者之间的相互关系以及基于这种关系产生的各种权利、义务的分配和行使的契约，维系未来双方之间的价值，旨在实现双方的利益最大化。本文从关系契约的视角分析了投资者关系作为维系上市公司与投资者之间未来关系价值的契约，其产生的基础和维系双方之间长期合作的机制。投资者关系通过内生于双方的相互需求，在沟通基础上产生信任机制，形成合作关系，实现未来的关系价值，维持和提高上市公司与投资者之间合作关系和效率，降低交易成本和代理成本，构建企业竞争优势。
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| 关 键 词： | 投资者关系 关系契约 未来关系价值 信任 合作 |
Discussion the Functional Mechanism of Investor Relations under the Relational Contract Angle of View |
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| ZHANG Hui-min,ZHONG Yun-jia.Discussion the Functional Mechanism of Investor Relations under the Relational Contract Angle of View[J].Science Economy Society,2009,27(3):51-55. |
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| Authors: | ZHANG Hui-min ZHONG Yun-jia |
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| Institution: | ZHANG Hui - min , ZHONG Yun -jia( College of Econonics and Management, Tianjin University of Science and Technology, Tianfin 30222, China; 2. The Reaserch Centure of Corporate Governance, Nankai University, Tianjin 300071, China) |
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| Abstract: | Along with the stock market standardization and stockholder＇s rights culture starting, in the developed capital market, the investor relations already becomes the agreement contract which process produced each kind of right duty as- signment and exercises with investor~ between reciprocity and will maintain between the future both sides value, which was for the purpose of realizing the bilateral benefit maximization. This article will analyze the investor relations from the rela- tional contract angle of view to relate as the maintenance goes on the market between the company and the investor the fu- ture relates the value the contract, it produced the foundation and maintained between both sides the long - term cooperation mechanism. The investor relations based in the bilateral mutual demand, created the trust mechanism in the communication foundation, will form the cooperation relations and realize future relational value, the maintenance and the enhancement goes on the market between the company and the investor the cooperation relations and the efficiency, will reduce the trans- action cost and the agent cost, will construct the enterprise competitive advantage. |
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| Keywords: | investor relations relational contract future relationship value trust cooperation |
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