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本文以A股上市公司为样本,利用南开大学投资者关系互动指数,考察投资者关系管理对现金分红与公司价值之间关系的影响作用,挖掘现金分红价值效应的作用路径。研究发现,现金分红有利于增加公司价值,公司进行现金分红可以向投资者传递公司运营正常、现金流量充足、对未来运营前景看好的信号,增强投资者信心,增加公司价值,而投资者关系管理对现金分红的价值效应具有中介作用。
In this paper, A-share listed companies as a sample, the use of Nankai University investor relations interaction index to examine the impact of investor relations management on the relationship between cash dividends and company value, the role of mining cash dividend value effect. The study found that cash dividends are beneficial to increase the company’s value. The company’s cash dividend can send signals to investors that the company’s operations are normal, its cash flow is adequate, its prospects for future operations are bright, its investors’ confidence is enhanced, and the company’s value is increased. Investor Relations Management The value of cash dividends have an intermediary role.