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Investor Relations Management of Listed Companies in China

Author: HeZhiWei
Tutor: WangWen
School: University of Foreign Trade and Economic
Course: Finance
Keywords: Investor Relations Management Institutional investors Equity culture
CLC: F832.5
Type: Master's thesis
Year: 2006
Downloads: 296
Quote: 8
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Abstract


The essence content of thesis is divided into four parts:In part 1, the author introduces the development course, current situation and problems of IRM in China, and makes an exhaustive study on the reasons. The development of IRM in China can be divided into two stages: 1. From 1990 to 2000, there were basically no voluntary IRM activities of listed companies in China. 2. From 2000 to present, some listed companies, which went public abroad, have begun IRM and have achieved fruitful results in market. However, our Investor Relations Management is still in the primary or initial stage when compared with countries with developed capital markets. The number of listed companies conducting IRM is very small, and the majority of managers of listed companies don’t pay enough attention to Investor Relations Management. As a result, Investor Relations Management is only a one —way, passive and inactive method.In part 2, the author detail about the reasons why Investor Relations Management in China lags behind. There three reasons: first is that Chinese capital market do not develop perfectly in which there no stock culture and both shareholder and the company do not respect each other. The second is that Chinese listed companies have unreasonable issue structure, which cause there no power to do IRM work. The third is that the market degree of the institutional investor is small.In part 3, an analysis of the characteristics of Investor Relations Management in U.S., that is, the enlightenment to Chinese listed companies, is made. In the U.S., IRM comprises of network of Investor Relations, information package of Investor Relations, questionnaire of Investor Relations, investigation of investors’ opinions, database of investors, education of investors, finance and economics media and so on. IRM benefited a lot from the above aspects.Our listed companies should draw on the essences from the successful IRM experience of the U.S. in the following four aspects:1. Listed companies should respect the interests of medium-small investors2. Information disclosure mechanism of listed companies in China should be established and consummated.3. Talents specializing in Investor Relations Management should be trained andInvestor Relations Management organizations established. 4. Research and communication should be enhanced.In part 3, the essay discusses how to construct effective IRM strategy for Chinese listed company. Effective IRM strategy is one part of company strategy to serve it. With the adjustment of company strategy, listed company need to introduce the management and development prospects of the company to the exited and potential investors to get their approvals of the company and company strategy. So, the main point of the IRM is based on the company strategy, to create favorable conditions for the implement of the company strategy in changeable and competitive capital market. Long-term, good mutual IRM can attract qualified investors and keep long-term development of the company.The confirmation of the management strategy of the IRM can be divided into five steps:1. Analyze the overall strategy of the company to make it harmonized with other functional strategies.2. Survey the market situation of the company to get the basic information of the stock market in order to distinguish the need and expect of the market.3. Analyze the property, finance and business of the company so that you can introduce the features and development strategy of the company correspondingly to the investors.4. Investigate the status of the investors’ relationship, this is the base of carrying out the IRM and change the investors’ relationship strategy systematically.5. Constitute effective IRM strategy.Whatever channels IRM adopts to do strategic communication, IRM is intended for the revelation of companies’ operational conditions to investors so that investors can have a good understanding of the information about companies’ investment strategies. The information should cover the areas of companies’ development strategy, operation and management, dynamic information of companies’ finance as well as companies’ culture, external environment and information.The channels of IRM mainly involves annual report and announcement of listed companies, shareholder meeting of listed companies, meeting of financial analysts,network of listed companies and so on.One of the most obvious characteristics of the thesis is that the author uses data to analyze Investor Relations Management of China’s listed companies, and fully discusses how to effectively conduct Investor Relations Management in China.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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