Study on Internet Investor Relations Management Evaluation of Listed Companies in China
Ping Guan, Liangrong Song, Haimin Cao
2016
Accounting and Finance Research
Network technology has an important influence on internet investor relations management in the information age. This paper selects the top 100 listed companies as samples, construct the evaluation index system of internet investor relations management from three dimensions, such as information technology, information disclosure and investor interaction. The research shows that: the level of internet investor relations management in china is still low; there are apparent differences between
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... nies. Network technology, the voluntary disclosure information and investor communication aspects need to be improved, investor relations website needs to be strengthened. Finally, the paper put forward some suggestions. Introduction As one of the main research directions of corporate governance, investor relations management originated in the western mature capital market, which benefited from the promotion of the establishment of the association of investor relations and evaluation institutions, and had achieved a wealth of research results in the past 20 years. Effective investor relations activities and management can improve corporate governance, reduce financing costs, improve the level of information disclosure, enhance the positive interaction with investors and realize the maximization of enterprise value, which had been confirmed by many scholars at home and abroad. In 2005, China issued "Listing Corporation and Investor Relations Work Guidelines": The company should pay attention to the construction of network communication platform, investor relations column can be set up in the company's website; should enrich and update the company website content, such as press release, company profile, business product or service information, legal information disclosure, investor contact way, special articles, administrative personnel, real-time stock quotes and other related information. With the rapid development of network technology and social media, internet investor relations activities and management will become a new research area. The paper evaluates the lever of China's internet investor relations management and put forward some suggestions. Internet investor relations management level is closely related to network information technology, network information disclosure and investor interaction, so the paper construct the evaluation index system from above three aspects. The structure of the paper is divided into three parts, the first part is the literature review, the second part is the internet investor relations management evaluation, including evaluation index, sample selection, reliability analysis and data evaluation, the third part is the problems and countermeasures. Relevant Research Status and Review Internet investor relations management (IIRM) is developed on the basis of the concept of IRM and IR, which mainly refers to the information disclosure and communication activities, work and management based on the internet. The early research on the Internet Investor Relations Management focused on the investigation about level of investor relations website and impact factors. Listed companies website is more powerful than traditional media information content, to a certain extent, also reflects listing corporation's image, often have its unique value and advantages. Hedlin (1999) investigated the use of the internet to carry out the activities of the investors and put forward the three stages of the development of the website. Deller et al. (1999) selected the stock market S&P, FTSE, DAX 100 index and compared the United States, Britain, Germany's website investor relations management status, and listed some of the details of the website construction projects. Geerings et al. (2003) chose three countries of Belgium, France, Holland, the 50 largest listing corporations to investigate, and used three stages of the development of the website model for the comparison. Bollen et al. (2006 Bollen et al. ( , 2008 investigated the 270 listing corporation from Australia, Belgium, France, Holland, South Africa and the United Kingdom, found that the 29 evaluation index of the company size, international level, the proportion of individual investors, information disclosure environment had an important impact on the internet investor relations management, and pointed out the importance of the website design. Hao Chen (2005) on the chinese 400 listed companies website investor relations column evaluation, given the company information, information disclosure, corporate governance, investor analysis and research, media reviews, investor contact and communication, investor service 7 project content website investor relations column. Lin Bin et al. (2005) chose Shenzhen listing corporation website as the research samples, discussed the influence factors of investor relations management, through the establishment of information content, investor support for the two major categories of 48 indicators of the website investor relations management index, empirical test of the company's scale, corporate performance, institutional investors, refinancing plan, the proportion of shares have an important influence on internet investor relations management. Subsequently, many scholars at home and abroad began to carry out the empirical analysis about the correlation between internet investor relations management and financing motivation, financing costs, operating performance. Through the review of previous literature, from the perspective of network information development and governance, the evaluation factors of internet investor relations management are summarized as network information technology,
doi:10.5430/afr.v5n1p121
fatcat:wchqkvuoz5bmdidz4pyamiom6y