影響投資人關係管理績效關鍵因素之研究

A Study on the Key Factors Affect Investor Relationship Management Performance

許麗雲(Li-Yun Shu)

指導教授 ： 劉立倫

中原大學/商學院/企業管理研究所/碩士(2011年)

https://doi.org/10.6840/cycu201100902

摘要

近年來，由於資本市場與國際自由化之趨勢，使得投資人關係管理在資本全球化與資訊科技化之潮流下日趨重要。然而投資人關係主要之目的除符合法令規定，建立投資人對公司的信心，對股票的支持或對股票公平評價及對公司決策的支持等；公司也可藉由雙向資訊之溝通，獲取外部投資人對於管理階層提出議題的支持。為經營投資人關係本研究擬針對影響投資人關係管理之關鍵因素作進一步分析及了解，透過專家問卷及回收資料分析評估影響之權重。
本研究針對投資人關係管理績效之評估因素，以資訊透明度因素、市場投資者信心因素、財務與競爭力因素及企業聲譽與社會責任因素作為主要研究構面，並採用模糊德菲法及模糊層級分析法以專家問卷方式確立各項指標權重及優先排序。
最後，研究結果結論如下：
一、投資人關係關鍵因素「整體構面」相關權重與優先次序：受訪專家認為在「整體構面」其權重大小及排名分別為：財務與競爭力構面(36.03%)、資訊透明度構面(32.85%)、企業聲譽與社會責任構面(18.04%)、市場投資者信心構面(13.08%)。
二、影響投資人關係關鍵因素二十項指標權重值，經過FDM方法及FAHP計算後，各因素指標以串聯後累積權重排序前十名分別為：有重大訊息發佈之即時性（12.70%）、財務訊息揭露之正確度及完整度(11.73%)、公司有良好的投資報酬率及盈餘成長性(9.47%)、公司獲利及業績成長率(8.17%)、公司有良好的財務結構及現金流量適足性(5.71%)、設有公司網站並定期公開財務業務資訊(5.02%)、整體產業環境(4.76%)、企業確實遵守法令且強化公司整體形象(4.58%)、對公司的產品與服務有強烈信任感(4.27%)、公司總是實踐其承諾(4.05) 等累計權重達百分之七十。

關鍵字

FDM(模糊德菲法) ； 投資人關係 ； FAHP(模糊層級分析法)

並列摘要

Due to the recent trend of capital markets, global liberalization, and the information & technology diversification, Investor Relationship Management becomes more and more important. However, the main purpose of investor relationships are building up the investors’ confidence and support for the company stock and policies. The company can also use the same channel to receive the outside investors' support on major company issues. This study is to focus on managing and improving the investors' relationship by finding the key factors which can affect the investors’ relationship through analyzing the questionnaires and data from experts and nvestors.
The study has evaluated the factors and the performance of the investor relationship management including: information transparency, market investor confidence, financial and competitive factors, company reputation and company social responsibility factors. By using Fuzzy Delphi method and Fuzzy AHP to establish the index and priority for the questionnaire survey on experts.
The results and conclusions from this study are as follows：
(1) The overall importance and ranking for the key elements of investor’s relationship from the exports are:
Financial and competitive factors (36.03%),
Transparency of information factors (32.85%),
Company reputation and company social responsibility factors (18.04%),
The Investors confidence factors (13.08%).
(2) The weights of twenty factors were calculated through FDM and FAHP.
The ten key factors investor’s want most in their relationship are:
Instant company information release (12.7%),
Accurate and complete company financial information disclosure (11.73%)
Investment return and growth (9.47%),
Profit making and sales growth (8.17%),
Sound financial structure and sufficient cash flow (5.71%),
Regular website updates on financial and business information (5.02%),
Overall industry environment (4.76%),
Compliance of government law/regulations and also maintaining a good corporate image (4.58%),
Trust in the company’s products and services (4.27%),
Company fulfilling its commitments (4.05%)...etc.
These 10 key factors represent 70% of investors’ requirements

並列關鍵字

Investor relationship ； FDM (Fuzzy Delphi method) ； FAHP (Fuzzy AHP)

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