Research On Legal Issues Of Internet Investor Relations

Investor relations is short for investor relations efforts,which refers to the disclosure and the act of investor communication.Advances in network technology have led to revolutionary changes in investor relations and the emergence of investor relations on the Internet.Especially in recent years,more and more listed companies are recognizing the importance of building good relationships with investors.The Internet medium,which has the advantages of low cost,efficiency,convenience and interactivity,has attracted the attention of listed companies.Nowadays,most companies are leaning towards Internet-based investor relations efforts in terms of resource investment and staffing,however,our country is in The laws and regulations related to investor relations on the Internet are still incomplete.How can the challenges of investor relations on the Internet be addressed by improving laws and regulations? This paper follows the logic of "asking questions,analyzing problems,and solving problems" to discuss investor relations on the Internet.This paper is divided into five sections.The first part is an introduction,which describes the background and significance of the research and roughly introduces the historical context of investor relations.It then focuses on a detailed overview of the current state of research at home and abroad,as there are relatively few relevant studies from a legal perspective in China,so it puts the Domestic research is divided into three sections according to the criteria of topic relevance: internet investor relations,information disclosure,and other relevant literature review.Relevant foreign research is earlier,so it is sorted chronologically and divided into two stages in the current state of foreign research.Finally,the research ideas and methods of this paper are described,and the innovations and shortcomings are summarized.The second part is the general theory,which provides a brief overview of the basic theory of investor relations on the Internet.The concept of investor relations is first defined,and investor relations is characterized by information sufficiency and communication effectiveness,becoming a An important means of communication between listed companiesand investors.This is followed by an introduction to the basic concepts,subjects and objects of investor relations on the Internet.The basic carriers of investor relations on the Internet are more numerous,revealing their complexity.Finally,it focuses on the analysis of the difference between the investor relations on the Internet and the traditional investor relations,comparing the two basic forms.function,value,and then explains the logical basis of the title of this paper,which is that there is a fundamental difference between investor relations on the Internet and traditional investor relations.The third part deals with the current state of investor relations on the Internet.The realities and legal sources of investor relations on the Internet are first summarized.In practice,online investor relations are relatively common and are valued by companies.The legal sources of investor relations on the Internet can be broadly divided into three forms:basic laws and regulations,regulatory documents,and guidelines.provisions,concluding that the law on investor relations on the Internet lacks systematic and targeted provisions.The fourth part analyzes the dilemma of investor relations on the Internet from a legal perspective.The regulator takes a conservative and cautious approach to the newcomer,applying the same regulatory approaches and tools to traditional investor relations to the Internet.This is a direct result of the difficulties of using hyperlinks in the regulation of investor relations on the Internet and of the obligation to correct and update on investor relations websites.Confusion.There is an inherent lack of uniformity in the legal regime for investor relations on the Internet,as evidenced by the lack of disclosure of information on the fairness principle of securities law.compliance,the requirement of conciseness of information disclosure is in conflict with the adequacy of disclosure.The legal system of investor relations on the Internet is not rigorous,as evidenced by the lack of legal support mechanisms for online rumors and access to investor information soundness and lack of legal response.The fifth part proposes targeted measures to address these problems from three perspectives: overcoming regulation by analogy,improving logical consistency,and building a responsive system..First,although the existence of analogous regulation is reasonable,it is still necessary to overcome the concept of analogous regulation.Regulation by analogyshould also be avoided for hyperlinks,limiting the use of external hyperlinks and encouraging the use of internal hyperlinks and document hyperlinks.To address the confusion between the obligation to update and the obligation to correct,regulators should avoid analogy and clarify the boundaries between the obligation to update and the obligation to correct.Provide for the legal responsibility of clearing historical information.Secondly,the self-consistency of legal logic is important to the improvement of the legal system,and it is necessary to promote differentiated disclosure of information,between conciseness and adequacy.In the end,it is proposed to build a specific,comprehensive and problem-centered response system to address the problem of online securities rumors.Finally,it is proposed to build a specific,comprehensive,problem-centered response system,and to improve the attribution of responsibility for the problem of Internet securities rumors.Legal measures to strengthen the clarification obligations of listed companies and implement a real-name system for online securities forums by adopting mixed standards.To address the lack of institutional support for investors to obtain effective information,it is proposed that designated platforms and company-built websites be placed on an equal footing.And improve the company's legal regulations for conducting investor education on the Internet.