Investor Relations Management(IRM)as the micro protection mechanism of the governance of Modern Corporation, playing the role of bridge and link to connect the listed company and the external investors. Compared with the institutional investor, the medium and small shareholders have less channels to obtain information, their ability of using data is weaker. In order to study the value of IRM for the protection of the interests of small shareholders, we construct the Investor Relations Management Index(IRMI) from the perspective of the protection of the interests of minority shareholders, to reflect their right to know, the right to vote, the right to profit and the right to participate in the construction of company. Inorder to determine the importance of all the internal indicators of IRMI, we use analytic hierarchy process to correct the IRMI and collecte the expert opinion by Delphi. We make the sample of 237 companies’ industry data dimensionless to further examine the IRMI internal reliability and validity, in order to ensure the coherence and effectiveness of IRMI. Based on the sample data descriptive statistics, we analyze the reflected conservation status of minority shareholders of IRMI. Based on the reflected problem, we recommend that listed companies need to improve the governance structure and make the IRM operation more standardized; pay more attention to the protection of minority shareholders’ right to know and improve the quality and efficiency of the information disclosure; change the dividend status and give the investors appropriate return based on the company’s sustained and healthy development.In order to improve the situation of small and medium investor rights have been repeatedly violated, regulators, listed companies and investors need to work together to make the shareholders’ equity protection value of IRM be fully tapped. Regulatory agencies need to improve the system of rules, increase supervision intensity, to create a just and fair external environment; the listed company should constantly improve the corporate governance to improve the quality of information disclosure and give investors appropriate dividend. At the same time, the investor, particular the minority shareholder, they should make more rational analysis and carefully choose investment company. In their choice of investment, the minority investors should pay more attention to the development potential of the listed company. The healthy development of the capital market need rational investment. Small investors can use IRMI collect relevant data, through a comparison between the analysis of inter industry and intra industry, to choose the industry which have the development potential, to choose the listed companies of the industry which has greater degree safeguard their right to know, the right to vote, the right to earn return and the right to participate in the company. When making choice, we could choose more long-term investment and minimize the short-term speculation investment. |