投資人關係與台灣證券市場交易活動之關聯性研究

Abstract

投資人關係服務為近年來上市櫃公司逐漸重視的服務之一，企業藉由建立投資人聯絡窗口、舉辦法人說明會以及公司網站與新聞的資訊揭露等相關活動，試圖與投資大眾建立一個雙向的溝通連結，本文將利用檢驗相關性的方式，探討投資人關係的相關服務可能在證券市場為投資人創造的正面影響。 本研究利用電子問卷方式針對1506家台灣上市櫃公司調查其投資人關係部門的設立情況、設立年限以及雇用投資人關係顧問公司的情況，共回收538份問卷，回收率達35.7%。本研究利用投資人關係部門於各年度設立與否以及定期召開法人說明會的情況建立虛擬變數，並且針對法人持股率、股票流動性、股價波動性以及股票評價進行實證分析；研究結果顯示投資人關係變數對外資法人持股率與股價波動性具有顯著的解釋能力（分別呈正向相關與負向相關），對於股票流動性則具有部分解釋能力（正向相關），然而本研究並無發現投資人關係變數對於股票評價具有顯著的相關性。

Investor relations services are gaining more attention among Taiwanese listed companies in the past few years. Companies start to provide investor contact services, hold investor conference call and disclose more information via their website and press release to create effective communication channel with their target investors. This article aims to explore the potential benefits from the investor relations service. After sending email questionnaires to 1506 listed companies, the researcher received 538 effective replies about their status of IR department initiation and employment of IR consultant services. The research categorized the IR department initiation status and the historical investor conference call records into proxy variables of investor relation services. The result indicates that the IR service proxies have significant positive correlation with foreign institutional holding rate and negative correlation with stock price volatility. The proxy variables can also partly explain the stock liquidity. However, the study didn’t find significant correlation between the IR service proxies and stock valuation.