基于投资者关系视角的公司品牌研究
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摘要
近年，随着越来越多知名品牌公司的不断上市，一些新的问题出现在管理者的面前。作为股份制企业，上市公司必须同时满足产品市场顾客和资本市场投资者两方面的需求。这些知名品牌公司，经过多年的经营和积累，已经在产品市场上获得了顾客的认可，取得了较高的品牌价值。这些在产品市场积累的公司品牌影响力是否会对资本市场的公司价值产生影响，影响机理是什么以及如何有效利用这些影响提升公司价值等是这类公司迫切需要解决的问题。
本文在文献梳理的基础上，采用规范分析与实证研究结合的方法，构建了以公司品牌信息和沟通为手段的投资者关系管理系统框架，尝试从投资者关系的视角探讨公司品牌信息的价值效应和沟通效应问题。本文得出的主要研究结论如下：
1．基于投资者关系视角的公司品牌研究的理论基础是信息不对称理论和投资者关系模型
信息不对称理论为基于投资者关系视角的公司品牌研究提供了机制性解释基础。现有的投资者关系管理模型为公司品牌与投资者关系管理之间关系的建立提供了有利的线索，并为相关研究提供了理论借鉴和支撑。
基于投资者关系视角的公司品牌研究站在上市公司的角度，将公司品牌作为一种信息商品，以信息不对称理论中的信号传递机制和声誉机制为理论支撑，以公司营销理论为指南，探讨公司品牌信息在降低上市公司与投资者之间信息不对称，提升公司价值方面的作用。
2．公司品牌价值效应研究显示，公司品牌价值对资本市场公司价值具有正向影响作用
理论方面，我们以Ohlson（1995）的净收益模型为基础，推导了公司价值、公司净资产信息以及公司品牌信息之间的关系。这一关系成为本文研究相关问题的基础。
实证方面，本文基于“公司产品市场表现—投资者行为—公司资本市场表现”的研究思路，以2009年《中国500最具价值品牌排行榜》上榜公司中106家样本为研究对象。对这些公司的公司品牌价值与公司价值之间的关系进行了理论分析和实证检验。研究发现，公司品牌价值的大小与公司价值之间显著正相关，公司品牌价值通过影响资本市场股票的换手率，影响公司价值。股票换手率作为股东行为变量，在其中发挥了中介变量的作用。公司品牌价值作为第三方中介机构发布的关于公司产品市场综合表现的信号，是资本市场股东对公司价值评估的一种低成本、高可信度的参考。公司品牌价值信息的有效应用能在一定程度上缓解上市公司与投资者之间的信息不对称问题。
3．年报是上市公司与投资者之间信息沟通的重要途径，但在沟通公司品牌价值信息方面的作用并不显著
年报是上市公司沟通信息的最重要的途径。但是通过对2009年《中国500最具价值品牌排行榜》上市公司的调查发现，在106家样本公司中，披露公司品牌价值的公司为19家，仅占样本总数的17.9%。利用配对样本参数和非参数检验后发现，在配对样本资产规模和公司品牌价值得到控制的情况下，配对样本市场附加值（MVA）、托宾Q值（TQ）和每股收益（EPS）的T检验和z检验结果均不显著，两者的平均值不存在显著差异。也就是说，上市公司是否在年报中披露有关公司品牌价值的信息对公司价值并未产生影响。
4．样本的品牌信息互动沟通整体水平较低，公司品牌信息互动沟通水平（S）与公司价值（MVA）之间呈现非线性的U型关系
调查显示，样本公司常用的互动沟通渠道可以分为二大类：第一类属于以互联网为基础的投资者关系互动沟通渠道，包括网站投资者专线电话、投资者信箱、投资者论坛和留言、针对投资者的常见性问题解答和网上路演等；第二类为面对面沟通，包括业绩说明会报告会、路演、投资者见面会、分析师会议、媒体见面会，记者招待会、投资者见面会、走访投资者等形式。其中网络互动沟通渠道的使用比例明显高于面对面互动沟通渠道。
在此基础上，本文利用因子分析的方法，构建了公司品牌信息互动沟通指数。利用该指数对样本公司的公司品牌互动沟通水平进行了评价。结果显示，样本公司的渠道整体水平较低，公司之间存在较大差异。深沪两地公司品牌信息互动沟通总体水平不存在显著差异，但是常设网络互动（F2）方面，沪市优于深市。主动互动（F3）和媒体互动（F4）方面，深市优于沪市。
进一步的多元回归分析发现，公司品牌信息互动沟通水平（S）与公司价值之间呈现非线性的U型关系。
In recent years, more and more companies with famous brand have listed, somenew problems are appearing in front of the managers. As joint-stock enterprises, listedcompanies must meet demands come from customers and investors. By many yearsoperating and accumulating, these well-known brand companies have won therecognition of consumers in product market and achieved higher brand reputation.Would these brand influence accumulated in product market affect capital marketinvestment behaviors? What is the influence mechanism？How to effectively usethese effects for the company value creation? These kinds of problems are the urgentneed to be addressed.
Based on literature review, the paper combing the normative analysis andempirical research method, using the information asymmetry theory and companymarketing theory, constructed the research framework from the investor relationsperspective. The main research conclusions as followed:
1.This study is based on information asymmetry theory and company marketingtheory. Information asymmetry theory is the mechanism of the study. The companymarketing theory provides the thinking and operation guide for the research. Thispaper focus on the signal transfer function of company brand in the capital marketbased on investor relations perspective. The purpose of this is to improve thecompany value by reducing information asymmetry between the listed companies andtheir investors.
2.The value of company brand has a positive impact on company value. Brandhas been the most important research topics in the field of marketing. Corporateperformance is the most important content of the financial and corporate governanceresearchers. The paper combined the two different areas issues into a unifiedframework and used normative research, theoretical analysis and empirical researchmethods to research the relationship between company brand value and corporatevalue. First, we derived the theoretical relationship between the company value, thenet assets of the company and the intangible assets of the corporate using the net income model of Ohlson（1995）. This conclusion became the foundation of theresearch about relationship between company brand value and the corporate value.Then, we empirically tested the above relationship. The research selected106listedcompanies on The6th China's500Most Valuable Brands. The study found thecompany brand value and corporate value is significant positive correlation. Therelationship between corporate brand value and corporate value rely on stock turnover.Acted as a shareholder behavioral variable, stock turnover played the role ofintermediary variable. Company brand value as a signal of company's productsmarket which released by the third-party intermediaries is Important reference forshareholders to assess the value of the company. The information of corporate brandvalue can alleviate the information asymmetry between listed companies andinvestors.
3.The annual report is an important way to communicate information betweenlisted companies and investors. But the communication effect of the annual report isnot significant. Based on The6th China's500Most Valuable Brands. Paper found that19of106listed corporate companies had disclosured information of corporate brandvalue by the annual report. The proportion is only17.9%. We used parametric testsand non-parametric test for paired samples. Conclusion is that T-test and z-test resultsof markets value-added （MVA）, the value of Tobin's Q （TQ） and earnings pershare （EPS） of the paired samples are not significant. The average of the pairedsamples is not significant difference. That mean weather the information of corporatebrand value is disclosed by the annual report not affect the company value. Based on116listed companies samples selected from The6th China's500Most ValuableBrands, we found that the relationship between the level of investor relationsinteractive communication and market value-added presents a U-shaped. Theinteractive communication channels used by these companies can be divided into twocategories: The investor relations interactive communication channels based oninternet, including websites investor hotline, Investor-mail, investor forums, onlineroadshow etc. The second category is face-to-face communication channel, includingperformance seminar, performance report, roadshow, investor conference, analystmeeting, the press conference, investors meeting, visit investor and so on. Study shows that the network interactive communication channels ratio is significantlyhigher than face-to-face interaction communication channels.
4.In this paper, the factor analysis method is used to build Company BrandInvestor Relations Interactive Communication Index. Then we explored therelationship between the index and the value of the company. The results show thatthe level of company brand investor relations interactive communication of The6thChina's500Most Valuable Brands is low. There is larger difference betweencompanies. Companies listed on Shenzhen Stock Exchange and Shanghai StockExchange is not significant difference on interactive communication channels. But inpermanent network interaction（F2）, companies listed on Shanghai Stock Exchange isbetter than those listed on Shenzhen Stock Exchange. Aspects of active interaction（F3）and media interaction（F4）, companies listed on Shenzhen Stock Exchange arebetter than companies listed on Shanghai Stock Exchange. Further multipleregression analysis showed that the relationship between Company Brand InteractiveCommunication Index（S）and market value-added is U-shaped.
本文在文献梳理的基础上，采用规范分析与实证研究结合的方法，构建了以公司品牌信息和沟通为手段的投资者关系管理系统框架，尝试从投资者关系的视角探讨公司品牌信息的价值效应和沟通效应问题。本文得出的主要研究结论如下：
1．基于投资者关系视角的公司品牌研究的理论基础是信息不对称理论和投资者关系模型
信息不对称理论为基于投资者关系视角的公司品牌研究提供了机制性解释基础。现有的投资者关系管理模型为公司品牌与投资者关系管理之间关系的建立提供了有利的线索，并为相关研究提供了理论借鉴和支撑。
基于投资者关系视角的公司品牌研究站在上市公司的角度，将公司品牌作为一种信息商品，以信息不对称理论中的信号传递机制和声誉机制为理论支撑，以公司营销理论为指南，探讨公司品牌信息在降低上市公司与投资者之间信息不对称，提升公司价值方面的作用。
2．公司品牌价值效应研究显示，公司品牌价值对资本市场公司价值具有正向影响作用
理论方面，我们以Ohlson（1995）的净收益模型为基础，推导了公司价值、公司净资产信息以及公司品牌信息之间的关系。这一关系成为本文研究相关问题的基础。
实证方面，本文基于“公司产品市场表现—投资者行为—公司资本市场表现”的研究思路，以2009年《中国500最具价值品牌排行榜》上榜公司中106家样本为研究对象。对这些公司的公司品牌价值与公司价值之间的关系进行了理论分析和实证检验。研究发现，公司品牌价值的大小与公司价值之间显著正相关，公司品牌价值通过影响资本市场股票的换手率，影响公司价值。股票换手率作为股东行为变量，在其中发挥了中介变量的作用。公司品牌价值作为第三方中介机构发布的关于公司产品市场综合表现的信号，是资本市场股东对公司价值评估的一种低成本、高可信度的参考。公司品牌价值信息的有效应用能在一定程度上缓解上市公司与投资者之间的信息不对称问题。
3．年报是上市公司与投资者之间信息沟通的重要途径，但在沟通公司品牌价值信息方面的作用并不显著
年报是上市公司沟通信息的最重要的途径。但是通过对2009年《中国500最具价值品牌排行榜》上市公司的调查发现，在106家样本公司中，披露公司品牌价值的公司为19家，仅占样本总数的17.9%。利用配对样本参数和非参数检验后发现，在配对样本资产规模和公司品牌价值得到控制的情况下，配对样本市场附加值（MVA）、托宾Q值（TQ）和每股收益（EPS）的T检验和z检验结果均不显著，两者的平均值不存在显著差异。也就是说，上市公司是否在年报中披露有关公司品牌价值的信息对公司价值并未产生影响。
4．样本的品牌信息互动沟通整体水平较低，公司品牌信息互动沟通水平（S）与公司价值（MVA）之间呈现非线性的U型关系
调查显示，样本公司常用的互动沟通渠道可以分为二大类：第一类属于以互联网为基础的投资者关系互动沟通渠道，包括网站投资者专线电话、投资者信箱、投资者论坛和留言、针对投资者的常见性问题解答和网上路演等；第二类为面对面沟通，包括业绩说明会报告会、路演、投资者见面会、分析师会议、媒体见面会，记者招待会、投资者见面会、走访投资者等形式。其中网络互动沟通渠道的使用比例明显高于面对面互动沟通渠道。
在此基础上，本文利用因子分析的方法，构建了公司品牌信息互动沟通指数。利用该指数对样本公司的公司品牌互动沟通水平进行了评价。结果显示，样本公司的渠道整体水平较低，公司之间存在较大差异。深沪两地公司品牌信息互动沟通总体水平不存在显著差异，但是常设网络互动（F2）方面，沪市优于深市。主动互动（F3）和媒体互动（F4）方面，深市优于沪市。
进一步的多元回归分析发现，公司品牌信息互动沟通水平（S）与公司价值之间呈现非线性的U型关系。
In recent years, more and more companies with famous brand have listed, somenew problems are appearing in front of the managers. As joint-stock enterprises, listedcompanies must meet demands come from customers and investors. By many yearsoperating and accumulating, these well-known brand companies have won therecognition of consumers in product market and achieved higher brand reputation.Would these brand influence accumulated in product market affect capital marketinvestment behaviors? What is the influence mechanism？How to effectively usethese effects for the company value creation? These kinds of problems are the urgentneed to be addressed.
Based on literature review, the paper combing the normative analysis andempirical research method, using the information asymmetry theory and companymarketing theory, constructed the research framework from the investor relationsperspective. The main research conclusions as followed:
1.This study is based on information asymmetry theory and company marketingtheory. Information asymmetry theory is the mechanism of the study. The companymarketing theory provides the thinking and operation guide for the research. Thispaper focus on the signal transfer function of company brand in the capital marketbased on investor relations perspective. The purpose of this is to improve thecompany value by reducing information asymmetry between the listed companies andtheir investors.
2.The value of company brand has a positive impact on company value. Brandhas been the most important research topics in the field of marketing. Corporateperformance is the most important content of the financial and corporate governanceresearchers. The paper combined the two different areas issues into a unifiedframework and used normative research, theoretical analysis and empirical researchmethods to research the relationship between company brand value and corporatevalue. First, we derived the theoretical relationship between the company value, thenet assets of the company and the intangible assets of the corporate using the net income model of Ohlson（1995）. This conclusion became the foundation of theresearch about relationship between company brand value and the corporate value.Then, we empirically tested the above relationship. The research selected106listedcompanies on The6th China's500Most Valuable Brands. The study found thecompany brand value and corporate value is significant positive correlation. Therelationship between corporate brand value and corporate value rely on stock turnover.Acted as a shareholder behavioral variable, stock turnover played the role ofintermediary variable. Company brand value as a signal of company's productsmarket which released by the third-party intermediaries is Important reference forshareholders to assess the value of the company. The information of corporate brandvalue can alleviate the information asymmetry between listed companies andinvestors.
3.The annual report is an important way to communicate information betweenlisted companies and investors. But the communication effect of the annual report isnot significant. Based on The6th China's500Most Valuable Brands. Paper found that19of106listed corporate companies had disclosured information of corporate brandvalue by the annual report. The proportion is only17.9%. We used parametric testsand non-parametric test for paired samples. Conclusion is that T-test and z-test resultsof markets value-added （MVA）, the value of Tobin's Q （TQ） and earnings pershare （EPS） of the paired samples are not significant. The average of the pairedsamples is not significant difference. That mean weather the information of corporatebrand value is disclosed by the annual report not affect the company value. Based on116listed companies samples selected from The6th China's500Most ValuableBrands, we found that the relationship between the level of investor relationsinteractive communication and market value-added presents a U-shaped. Theinteractive communication channels used by these companies can be divided into twocategories: The investor relations interactive communication channels based oninternet, including websites investor hotline, Investor-mail, investor forums, onlineroadshow etc. The second category is face-to-face communication channel, includingperformance seminar, performance report, roadshow, investor conference, analystmeeting, the press conference, investors meeting, visit investor and so on. Study shows that the network interactive communication channels ratio is significantlyhigher than face-to-face interaction communication channels.
4.In this paper, the factor analysis method is used to build Company BrandInvestor Relations Interactive Communication Index. Then we explored therelationship between the index and the value of the company. The results show thatthe level of company brand investor relations interactive communication of The6thChina's500Most Valuable Brands is low. There is larger difference betweencompanies. Companies listed on Shenzhen Stock Exchange and Shanghai StockExchange is not significant difference on interactive communication channels. But inpermanent network interaction（F2）, companies listed on Shanghai Stock Exchange isbetter than those listed on Shenzhen Stock Exchange. Aspects of active interaction（F3）and media interaction（F4）, companies listed on Shenzhen Stock Exchange arebetter than companies listed on Shanghai Stock Exchange. Further multipleregression analysis showed that the relationship between Company Brand InteractiveCommunication Index（S）and market value-added is U-shaped.
引文
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