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題名 投資人關係與企業價值之探討
Investor relations and enterprise value – a case study作者 高子琁
Kao, Tzu-Hsuan貢獻者 郭維裕
Kuo, George
高子琁
Kao, Tzu-Hsuan關鍵詞 投資人關係
企業價值
股東
投資人
公開資訊
Investor relations
Enterprise value
Shareholders
Investors
Transparent disclosure information日期 2018 上傳時間 2-Feb-2018 11:02:39 (UTC+8) 摘要 Since the 2008 financial crisis, we have been seen significant changes and movements in the capital markets. As an Investor Relations Officer (IRO) of the listed company, a continuing challenges is to attract and retain the investment funds from the capital market and keep a liquidity. Hence, the effective Investor Relations is very essential for the listed company because an effective investor relations programme is not only save valuable management time, but also can assist to deliver a fair valuation for the equity of enterprise, reduced funding costs and provide a strong shareholder base which will stand the company in good stead if times get tough, such as in low season business cycles or uncontrollable global financial crisis. The Investor Relations would be the eyes and ears of a company in the capital market and would deliver valuable insights into market sentiment, such as to potential investors and shareholders. An effective investor relations must have full commitments and supports of the senior management and C-suite. Investor Relations is a strategic management responsibility that requires an integration of corporate finance, communications, competence, perspective, and compliance to enable the most effective two-way communication between a company, investment community, and all shareholders. The key objective of IR is to achieve optimal valuation of the enterprise. The Investor Relations should articulate in a way that investors could understand the direction of the company and develop reasonable expectations for determining success via investor conference, roadshow, and other communication channels. 參考文獻 National Investor Relations Institute (NIRI) (2003, March). “Definition of Investor Relations.” Retrieved May 3, 2009 from NIRI website: http://www.niri.org/about/mission.cfm. London Stock Exchange (2010). Investor Relations – a practical guide. http://www.londonstockexchange.com/home/ir-apracticalguide.pdf Bassen, A., Basse Mama, H. and Ramaj, H. (2010), “Investor relations: a comprehensive overview”, Journal für Betriebswirtschaft, Vol. 60 No. 1, pp. 49-79. [Google Scholar] [Crossref] [Infotrieve] Hoffmann, C., and Fieseler, C. (2012). Investor relations beyond financials: Non-financial factors and capital market image building. Corporate Communications: An International Journal, 17(2), 138-155. Laskin, A. V. (2006). Investor relations practices at Fortune 500 companies: An exploratory study. Public Relations Review, 32(1), 69-70. Laskin V. A. (2010). Managing Investor Relations: Strategies for Effective Communication. Laskin, A. V. (2014). Investor Relations as a Public Relations Function: A State of the Profession in the United States. Journal of Public Relations Research, 26(3), 200-214. Laskin, A. V. (2018). The Handbook of Financial Communication and Investor Relations. New Jersey, USA: John Wiley & Sons. Miller, G. S., and Skinner, D. J. (2015). The evolving disclosure landscape: How changes in technology, the media, and capital markets are affecting disclosure. Journal of Accounting Research, 53(2), 221-239. Uysal, N. (2014). The expanded role of investor relations: Socially responsible investing, shareholder activism, and organizational legitimacy. International Journal of Strategic Communication, 8(3), 215-230. Bloomberg Professional (2015 September), The changing face of investor relations. Retrieved from Bloomberg website: https://www.bloomberg.com/professional/blog/the-changing-face-of-investor-relations/ Dubai Financial Marke (DFM) (2012), Guide to Investor Relations, Retrieved from DFM website: http://www.dfm.ae/docs/default-source/guides/dfm-guide-to-investor-relations.pdf?sfvrsn=2. Abdur R. & Abdullah-Al H. (2011), Ownership Structure and Voluntary Disclosure in Annual Reports of Bangladesh, Bangladesh, 5 (1), 129-139. FASB, 2001. Improving Business Reporting: Insights into Enhancing Voluntary Disclosures. Retrieved on April 20, 2012. Meek G. K., Roberts C. B., Gray S. J., 1995. Factors Influencing Voluntary Annual Disclosures By U.S., U.K., and Continental European Multinational Corporations. Journal of International Business Studies 26(3), 555-572. McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com Web site: http://www.cfo.com McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com Web site: http://www.cfo.com McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com Web site: http://www.cfo.com McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com Web site: http://www.cfo.com McCartney, L. (2003), Nothing to hide. Retrieved February 6, 2005, from CFO.com website: http://www.cfo.com Annual Statistic Data, Taiwan Stock Exchange Corporation (TWSE): http://www.twse.com.tw/zh/statistics/statisticsList?type=07&subType=025 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
102933015資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102933015 資料類型 thesis dc.contributor.advisor 郭維裕 zh_TW dc.contributor.advisor Kuo, George en_US dc.contributor.author (Authors) 高子琁 zh_TW dc.contributor.author (Authors) Kao, Tzu-Hsuan en_US dc.creator (作者) 高子琁 zh_TW dc.creator (作者) Kao, Tzu-Hsuan en_US dc.date (日期) 2018 en_US dc.date.accessioned 2-Feb-2018 11:02:39 (UTC+8) - dc.date.available 2-Feb-2018 11:02:39 (UTC+8) - dc.date.issued (上傳時間) 2-Feb-2018 11:02:39 (UTC+8) - dc.identifier (Other Identifiers) G0102933015 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/115731 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 102933015 zh_TW dc.description.abstract (摘要) Since the 2008 financial crisis, we have been seen significant changes and movements in the capital markets. As an Investor Relations Officer (IRO) of the listed company, a continuing challenges is to attract and retain the investment funds from the capital market and keep a liquidity. Hence, the effective Investor Relations is very essential for the listed company because an effective investor relations programme is not only save valuable management time, but also can assist to deliver a fair valuation for the equity of enterprise, reduced funding costs and provide a strong shareholder base which will stand the company in good stead if times get tough, such as in low season business cycles or uncontrollable global financial crisis. The Investor Relations would be the eyes and ears of a company in the capital market and would deliver valuable insights into market sentiment, such as to potential investors and shareholders. An effective investor relations must have full commitments and supports of the senior management and C-suite. Investor Relations is a strategic management responsibility that requires an integration of corporate finance, communications, competence, perspective, and compliance to enable the most effective two-way communication between a company, investment community, and all shareholders. The key objective of IR is to achieve optimal valuation of the enterprise. The Investor Relations should articulate in a way that investors could understand the direction of the company and develop reasonable expectations for determining success via investor conference, roadshow, and other communication channels. en_US dc.description.tableofcontents 1. INTRODUCTION 1 1.1. Invesor Relations 11.2. Motivation of the Stuudy in Invesor Relations 32. LITERATURE REVIEW 52.1. Defination of Investor Relations 52.2. Development of Invesor Relations 62.3. Target Audiences of Investor Relations 8 2.3.1. The Sell-Side 9 2.3.2. The Buy-Side 112.4. Functions of Investor Relations 132.5. Roles of Investor Relations in the Listed Companies 152.6. Requirements of Investor Relations 173. CASE STUDY AND INDUSTRIAL ANALYSIS 203.1. Background About the Company 20 3.1.1. A Listed Funeral Company in Taiwan 20 3.1.2. The Process of Listed Company in TPEx – Obstacles 253.2. How to Execute an Effective Investor Relations of the Listed Company 28 3.2.1. Transparency and Disclosures in Chinese and English 28 3.2.1.1. Market Observation Post System (MOPS) 31 3.2.1.2. Company Investor Relations Website 34 3.2.2. Marketing to Target Audiences 36 3.2.3. Valuation Analysis 444. DISCUSSION AND CONCLUSIONS 464.1. Summary of Investor Relations 464.2. Suggestions and Conclusions for the Effective Investor Relations 49Reference 52Appendix 54 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102933015 en_US dc.subject (關鍵詞) 投資人關係 zh_TW dc.subject (關鍵詞) 企業價值 zh_TW dc.subject (關鍵詞) 股東 zh_TW dc.subject (關鍵詞) 投資人 zh_TW dc.subject (關鍵詞) 公開資訊 zh_TW dc.subject (關鍵詞) Investor relations en_US dc.subject (關鍵詞) Enterprise value en_US dc.subject (關鍵詞) Shareholders en_US dc.subject (關鍵詞) Investors en_US dc.subject (關鍵詞) Transparent disclosure information en_US dc.title (題名) 投資人關係與企業價值之探討 zh_TW dc.title (題名) Investor relations and enterprise value – a case study en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) National Investor Relations Institute (NIRI) (2003, March). “Definition of Investor Relations.” Retrieved May 3, 2009 from NIRI website: http://www.niri.org/about/mission.cfm. London Stock Exchange (2010). Investor Relations – a practical guide. http://www.londonstockexchange.com/home/ir-apracticalguide.pdf Bassen, A., Basse Mama, H. and Ramaj, H. (2010), “Investor relations: a comprehensive overview”, Journal für Betriebswirtschaft, Vol. 60 No. 1, pp. 49-79. [Google Scholar] [Crossref] [Infotrieve] Hoffmann, C., and Fieseler, C. (2012). Investor relations beyond financials: Non-financial factors and capital market image building. Corporate Communications: An International Journal, 17(2), 138-155. Laskin, A. V. (2006). Investor relations practices at Fortune 500 companies: An exploratory study. Public Relations Review, 32(1), 69-70. Laskin V. A. (2010). Managing Investor Relations: Strategies for Effective Communication. Laskin, A. V. (2014). Investor Relations as a Public Relations Function: A State of the Profession in the United States. Journal of Public Relations Research, 26(3), 200-214. Laskin, A. V. (2018). The Handbook of Financial Communication and Investor Relations. New Jersey, USA: John Wiley & Sons. Miller, G. S., and Skinner, D. J. (2015). The evolving disclosure landscape: How changes in technology, the media, and capital markets are affecting disclosure. Journal of Accounting Research, 53(2), 221-239. Uysal, N. (2014). The expanded role of investor relations: Socially responsible investing, shareholder activism, and organizational legitimacy. International Journal of Strategic Communication, 8(3), 215-230. Bloomberg Professional (2015 September), The changing face of investor relations. Retrieved from Bloomberg website: https://www.bloomberg.com/professional/blog/the-changing-face-of-investor-relations/ Dubai Financial Marke (DFM) (2012), Guide to Investor Relations, Retrieved from DFM website: http://www.dfm.ae/docs/default-source/guides/dfm-guide-to-investor-relations.pdf?sfvrsn=2. Abdur R. & Abdullah-Al H. (2011), Ownership Structure and Voluntary Disclosure in Annual Reports of Bangladesh, Bangladesh, 5 (1), 129-139. FASB, 2001. Improving Business Reporting: Insights into Enhancing Voluntary Disclosures. Retrieved on April 20, 2012. Meek G. K., Roberts C. B., Gray S. J., 1995. Factors Influencing Voluntary Annual Disclosures By U.S., U.K., and Continental European Multinational Corporations. Journal of International Business Studies 26(3), 555-572. McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com Web site: http://www.cfo.com McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com Web site: http://www.cfo.com McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com Web site: http://www.cfo.com McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com Web site: http://www.cfo.com McCartney, L. (2003), Nothing to hide. Retrieved February 6, 2005, from CFO.com website: http://www.cfo.com Annual Statistic Data, Taiwan Stock Exchange Corporation (TWSE): http://www.twse.com.tw/zh/statistics/statisticsList?type=07&subType=025 zh_TW
