A Comparative Study On The Investor Relations Management In U.S.A And China:From The Perspective Of Information Disclosure

With the development of China's market economy,China's securities market is growing,gradually highlighting the importance of investor relations management.As an important part of investor relations management,information disclosure has a far-reaching influence to the development of securities market.For listed companies,information disclosure can improve the investors' satisfaction and loyalty,increasing the share price,reducing the cost of capital;For investors to avoid information asymmetry,to get real information fair,to make rational investment;For securities regulators,it can promote the market benign interaction,improving the quality of information to capital flows,driving stock market fast,efficient and orderly development.In this paper,based on the theory of information disclosure and investor relations management,in combination with the authors' practice,build effect evaluation index of information disclosure.And make descriptive statistical analysis to the current situation of information disclosure of listed company in China,to summarize the true level of information disclosure and investor relations management at present in China.From the perspective of information disclosure,make comparisons of China and the United States in the investor relations management,to explore and construct information disclosure mechanism model of the two countries.From the environment,system,regulatory agencies,and legal system compares the differences of investor relations management of the two countries.This paper argues that information disclosure system in China is not perfect but comprehensive universal in content.The information disclosure system of the United States is more mature specification but on the lack of universality in content.And,more importantly,information disclosure in China is lack of the regulatory system which industry association formed spontaneously,autonomous regulation consciousness from the inside out,the long-term strategic thinking of investor relations management and consciousness of voluntary information disclosureFrom the listed companies,investors and regulators,the paper draws lessons from the mature investor relations management system in America.Seeking solution of informationdisclosure asymmetry in China,puts forward constructive suggestions with practice value.For example,encourage the listed company shall establish equity culture as the center of shareholders,pay attention to maintenance rights and interests of investors.Investors should not only set up the consciousness of self protection,more to raise awareness of market supervision.Regulators go a long way,drawing lessons from American experience,to improve predictive information disclosure system,to introduce impunity mechanism--the "safe harbor rule",and to improve the system of environmental information disclosure,practicing sustainable development,etc.Hope these suggestions can provide direction in terms of furthering development and improvement of investor relations management activities for listed companies;can provide an effective way in terms of promoting the share price more reasonable,reflecting its real value,and protecting investors' rights and interests;for regulators can perfect the information disclosure mechanism,to provide the reference in making operable laws and regulations which the listed company can accept and voluntary compliance and be in accordance with market demand.