| Investor Relations Management(IRM)first appeared in the mature capitalist markets of the West and is a symbol of the continuous maturity of the capital market.In the decades of rapid development in developed Western countries,investor relationship management has developed into a discipline with rich theories and a complete system.Especially since the 1990 s,protecting investor interests has become the key to a virtuous cycle in the global capital market.Western scholars believe that investor relationship management is the "bond" between companies and investors.Through communication and exchange,it establishes a positive image,enhances investor confidence and satisfaction,attracts potential investors,and ultimately enhances company value.Although China has only introduced investor relationship management for nearly 20 years,it has received high attention from government regulatory agencies.The China Securities Regulatory Commission has introduced a series of institutional norms to promote the development of investor relationship management.More and more listed companies are starting to build communication bridges between management and external investors through investor relationship management.Online investor relationship management has the characteristics of low cost,fast speed,and strong flexibility.More and more listed companies are setting up investor relationship management columns on their websites to strengthen communication,assigning dedicated personnel to be responsible for investor relationship management,and achieving timely and convenient communication with investors through diversified methods.The cost of information dissemination has been significantly reduced,and the timeliness of information dissemination has been greatly improved.Website investor relationship management has become a hot topic of research for few mathematicians in China,which also provides a practical basis for studying website investor relationship management.Based on this,this article introduces investor protection into the research framework of the interaction between investor relationship management and company value,aiming to reveal the moderating role of investor protection in the impact of investor relationship management on company value.This article selects data from A-share listed companies in the Shanghai and Shenzhen stock markets from 2016 to 2020 as samples.Based on signal transmission theory,investor protection theory,principal-agent theory,and information asymmetry theory,empirical methods are used to draw the following conclusions:(1)The relationship between investor relationship management and company value is significantly positively correlated;(2)The relationship between investor protection and company value is significantly positively correlated;(3)Under other unchanged conditions,investor protection has a positive moderating effect on the impact mechanism of improving the company’s value through investor relationship management.In summary,listed companies are positively enhancing their company value through efficient investor relationship management and strengthening investor protection.Investor protection can play a positive regulatory role in the process of enhancing company value through investor relationship management.Based on the research findings,this article suggests that listed companies establish a dedicated investor relationship management department,facilitate communication channels,and promptly respond and adopt investor opinions and suggestions.Strengthen awareness of investor relationship management and increase emphasis.I hope to contribute to the comprehensive development of investor relationship management.At the same time,several prospects are proposed for the shortcomings and limitations of this study. |
