西方投资者关系管理构成要素与资本成本研究述评

An Review of Western Research on Elements of Investor Relations Management and Cost of Capital

投资者关系管理起源于美国,是西方成熟资本市场的产物,它通过加强与投资者之间的信息沟通来增强投资者对公司的满意度,从而达到实现增加公司价值的目的。基于西方学者关于投资者关系管理的相关研究,对IRM的构成要素进行了重新界定,并分别对IRM的构成要素与资本成本的关系研究进行了回顾述评,总结出了一些有助于我国IRM发展的经验和启示,以期推动我国理论界和实务界探索并构建符合我国资本市场特点的IRM模式。

Investor relations management, originated from the United States, is a product of the western mature capital markets. It increases the satisfaction of investors with companies by strengthening information communication with investors. This paper, based on previous scholars＇ research ,redefines the constituent elements of IRM. On the basis of review of western literatures in recent years about the relationship between the elements of IRM and cost of capital, this paper also summarizes some experience and enlightenment contributing to the development of our IRM in order to promote our theorists and practitioners to explore and build the IRM model suiting to our own capital market features.