| Investor relationship management, for short, IRM is defined as activities of strategy management aiming at achieving maximum value of the company by means of disclosing full information, utilizing principle of finance and marketing to strengthen communication with the real and the potential investors. Its essence lies in the sincere communication between public companies and the investors.With the increasing competition of capital in securities market, the significance of investor relationship management is gradually recognized by public companies. Meanwhile, the popularity of information networks provides strong technical support for the application and spread of IRM. It is worth studying in terms of theory and practice significances. Therefore, this thesis unfolds further thinking about investor relationship management in China, with the hope to provide some valuable suggestions to public companies. The idea and logic of the thesis:The paper follows the logic structure of raising problem, analyzing problem and finally solving problem. The thesis begins with the introduction of the definition of investor relationship management. And the development of the idea is closely around the communication between companies and their investors, which is the core of IRM, and tightly relates to the influential impact of securities market and corporate governance on the development of IRM.Through analysis of the present situation of IRM that public companies adopt in China, the paper discusses reasons lying in corporate governance and securities market. Furthermore, learning from experiences of successful management of investor relationship in the public companies local and abroad, it also studies what Chinese public companies should do and aims at pointing out the prospect. Main idea and structure are as following:Chapter one is a brief introduction of IRM. It gradually analyzes the deep connotation of IRM, on basis of which theories are posted. In this chapter, its content and significance are briefly introduced and analyzed after looking back on the birth and development of investor relationship management in mature securities market abroad. Chapter two raises the problem. Generally speaking, our management on investor relationship still remains a low level, even though our public companies have achieved some progress in it and conditions in every aspect are becoming more mature (including system environment, market environment and atmosphere of safeguarding investors' interest).Chapter three is to analyze the problem, highlighting the limiting factors for IRM: immature securities market, incomplete corporate governance and changing concept of people.In the section of securities market, it highlights the impact of efficiency of securities market and regulation of law on IRM.In the section of corporate governance, it is discussed from two layers of inner and outer of corporate management. The incomplete inter corporate governance mainly demonstrates unreasonable shares structure and the imbalance of "three haves". Incomplete outer governance is witnessed in the aspects of governance from power control market, government and social credit system.Under the influence of changing concept, it cannot be set up immediately that public companies show respect towards their investors and the cultural atmosphere of utmost shares cannot be formed quickly. As a result, development of IRM is hindered. Chapter four embark on solving the problem. Suggestions are given on the improvement of enforcement environment of IRM, including market environment and governance environment, and on the detailed measures. Prospects are finally described.The contribution of the thesis can be shown as the following:From the topic choice, the study is worthwhile in terms of theory and practice significances, because management on investor relationship assumes two important commissions, namely, to improve financial capability of public company and corporate value, also to safeguard investors' interest.The thes... |
PDF Full Text Request