Board Characteristics,investor Relations Management And Firm Value

Investor relations management initially appeared in the western developed countries, after several decades of development, it has formed a relatively mature system. Western scholars believe that the investor relations management is an importent way to improve the quality of company information disclosure and the efficiency of capital market. With the development of our nation economy, the demand to regulate the capital market has been grown stronger and stronger. The investor relations management has gradually attracted people’s attention, more and more listed Corporations started to establish a close interaction with investors by the information disclosure and interactive communication, in order to obtain the recognition and trust from the investors, as well as reduce the cost of capital. Well, as the core of corporate governance the board of directors plays an important role in company management. Board behavior is directly related to the interests of investors, therefore, there inevitably has an important relation between investor relations management and the board of directors.With the advent of the Internet era, the Internet gradually become the main channel of communication, more and more companies use the Internet to establish information communication platform, the Internet has become a main way to manage investor relations. Because investor relations management is abstract and generalized, the investor relations management is difficult to quantify. But internet investor relations management is very good to solve the problem, the internet investor relations management has become a main trend in the field of investor relations management research. At present, most of the listed companies in our country have already have their own web portal, and a growing number of listed companies has opened a column of investor relations management, that provides a good practice basis for investor relations management research.In the view of this, the paper chose the listed companies from 2013 China Shanghai stock exchange A share as the objects, and finally selected 406 sample firms that meet the conditions, then build an evaluation system of investor relations management according to previous studies, then analysis the relationship between the board characteristics and investor relations management, as well as the relationship between the investor relations management and firm value. The study conclude that: the structural characteristics of the board and investor relations management exist a significant correlations, among which the board leadership structure has significantly negative correlation with investor relations management, the chairman of general manager has a promoting effect on investor relations management. The proportion of independent directors has positive correlation with investor relations management in level 10%, it means that the significance between the independce of the board and IRM is not strong enough; The frequency of board meeting is positively related to the level of investor relationship management, and the size of board and the board share holdings have no significant correlation with the level of investor relations management. In addition, investor relations management has a significant positive correlation with the firm value, which means that investor relationship management is helpful to improve the firm value. In order to guarantee the stability of the empirical conclusions, this paper select gold chairman secretary award-winning companies and the no award-winning company as an evaluation standard of investor relations management, the test get the consistent conclusion. Based on the conclusion of the study, this paper puts forward some suggestions of perfecting board system and strengthening information disclosure. The author hope that this study will truly promote the development of investor relations management in China.