Research About The Impact Of Investor Relations Management On Corporate Value

Investor relations management is rooted in the mature capitalist market.In the past decades,due to the perfect capitalist market,IRM has developed into a rich and systematic discipline in the west.Western scholars believe that IRM can protect the interests of small investors as the main investor,increase enterprise value.In our country,with the continuous development of market economy and democratic politics,the medium and small investors democratic consciousness and rights consciousness gradually strengthened,are increasingly aware of the importance of protecting their legitimate rights and interests in the capital market,and legal channels to protect the interests of their own calls for strengthening the information disclosure of listed companies,investors and listed companies to gradually enter the IRM the line of sight,and get the favor of investors and listed companies,IRM bridge investors and listed companies of two-way communication,so that investors and listed companies to achieve a win-win purpose.The science and technology change rapidly changes make the Internet become people daily life essential communication tools,more and more listed companies using this point to start building their own website,and set the column in the official website of the information disclosure of some investors,also invited investors to provide suggestions for company development,this company became a listed company's official website and an important place for communication between investors,listed companies and investors from the Internet are convenient and affordable.Because website investor relations management index can well solve the investor relations management index abstract,extensive and difficult to quantify,so most scholars at home are the trends and focus on the management of investor relationship management website investors,which also provides a good practical foundation for this study.Based on the above analysis,this paper studies the relationship between investor relations management and corporate value of Listed Companies in China from the perspective of agency costs.After the theoretical analysis fully,selects 2013-2015 China's Shanghai stock exchange and Shenzhen stock exchange all the A shares of non-financial listed company data as the study sample,by using the method of empirical conclusions:(1)the relationship between China's listed companies investor relations management and enterprise value issignificantly positively related the relationship between;(2)the relationship between China's listed companies investor relations management and agency cost is a significant negative correlation;(3)in China's listed companies,investor relations management is to reduce the agency cost of the path to increase the value of the enterprise,the relationship between investor relationship management and enterprise value in agent cost plays a role of intermediary function.From these three conclusions can be seen,the listed company of our country by actively carry out investor relations management activities can not only increase the company's value,but also can reduce the agency cost,investor relations management to an important role in the sustainable development of China's listed companies,listed companies should improve investor relations management the level of.Based on the above findings,the conclusions of this study were the corresponding countermeasures and suggestions in this paper,and pointed out the problems and insufficiency of the research,the future research direction of the prospect,in order to make IRM get all areas of concern of the whole society,and provide a new way for the scientific development of the city the company at the same time,especially for investors but also provide a new perspective on the protection of small investors.