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A Study of the Impact of the Investor Relations Management to Value of the Listed SMEs

Author: WangZuo
Tutor: WangJie
School: Harbin Institute of Technology
Course: Technology Economics and Management
Keywords: investor relations management the listed SMEs enterprise value
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 26
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Abstract


The importance of Investor Relations Management (IRM) in the listed company isgrowing because of the development of the capital market. The study of IRM whichstarted late in china compared with the European and American countries, although hasmade some progress, is still insufficient. With a high level of IRM, the company can getlasting support from the market and investors, and enhance its core competitiveness.The capital market allocation efficiency also gets improved. At present, the value ofIRM becomes an important research subject. Compared with the complete governancestructure in large listed companies, the SMEs in China could not deal well with thebalance relationship between the company and shareholders; enterprise value’sContinuous Improvement is difficult due to internal inherent defect and the particularityof the development. IRM is very important for the listed SMEs to establish a stable andhigh quality investor base.On the basis of summarizing research results and the related theory of IRM, thethesis firstly analyzes the mechanism of IRM to enterprise value, and points out thenecessity and urgency for SMEs according to their characteristics. Also establish anassessment index system of IRM, the system of three parts index (49) is informationdisclosure, interactive communication and organization configuration. Then turn to thedomestic SME sample of listed companies for the study, the thesis makes an empiricalstudy to the relationship between the level of all aspects, overall level and the value.The results show that, there is a positive correlation between informationdisclosure level, interactive communication level and organization configuration levelof the listed SMEs and the company value. But the influence is not all significant, thevalue can rises only by improving the overall level. And the positive correlation is moreremarkable to the SMEs which have a high level; it suggests that investors are willing topay for this kind of companies. Finally, the thesis points out in order to improve thelevel of the SMEs, the firms should establish independent department equipped withprofessional and make rules, executives in-depth participation is very important, at thesame time pay attention to high quality information disclosure and interactivecommunication, and capital market should strengthen the internal and external binding,and promote the formation of IRM industrialization.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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