Investor Relationships Management?The Nature Of Property Right And Efficiency Of Investment

In July 2005,the CSRC issued the guidelines,emphasizing the importance of investor relationships management(Abbreviation: IRM)in protecting the interests of minority shareholders and enhancing the value of the enterprises,and promoting the development of IRM in China.With the rapid development of China's capital market,listed companies and investors in the capital market play an important role,and IRM as a link between listed companies and investors play an important role,enterprises and investors pay more attention to it.The development of IRM has attracted a large number of scholars,and the current research mainly focuses on the influence factors of IRM.Although many scholars have focused on the economic consequences of IRM,but there is very little literature on the relationship between IRM and efficiency of investment.From the perspective of IRM,this article studies its influence on efficiency of investment,and has introduced the variable of the nature of property right in order to study the influence of property right on efficiency of investment and whether the different property right affects the relationship between IRM and efficiency of investment.On the one hand,it aims to provide a new possible path for improving the efficiency of investment.On the other hand,it can also broaden the research perspective of IRM.Based on the existing relevant literature,this article defines the related concepts and analysis theories,and then puts forward hypotheses according to the current situation of listed companies in our country.In the part of empirical analysis,this article chooses the Shanghai-A listed companies in Jiangsu,Zhejiang and Shanghai for the three fiscal years from 2014 to 2016 as research samples,and to establish the evaluation system of IRM on the basis of the previous research.The evaluation system is divided into three parts,there are information disclosure quality,communication quality and internal management quality,it also can be divided into eight secondary indicators and thirty-four third indicators.The measure of investment efficiency is expressed as the absolute value of the regression residual value of the Richardson investment efficiency model.This article intends to study from the following aspects: whether the IRM will have an impact on the efficiency of investment;whether the nature of property right affects the efficiency of investment;whether IRM has different investment efficiency under different property right.Based on the regression analysis result of three empirical models,this article concludes the following five conclusions:(1)the overall level of IRM in China is not high;(2)China's enterprises generally have the problem of low efficiency of investment;(3)The higher the level of IRM,the higher the efficiency of investment;(4)the efficiency of investment of state-owned enterprises is higher than non-state-owned enterprises;(5)the difference of property rights has a significant influence on the relationship between IRM and efficiency of investment,compared with the state-owned enterprises,the IRM of non-state-owned enterprises has a greater impact on efficiency of investment.Finally,according to the conclusions of the study,some suggestions are put forward for enterprises and relevant departments:(1)to further improve the IRM system;(2)to integrate IRM into the scope of corporate governance;(3)to broaden the communication channel of IRM;(4)to cultivate the equity culture.It is hoped that these proposals can improve the internal governance mechanisms and help enterprises to make a reasonable investment decision,and also provide a reference to improve the efficiency of the capital market.