Investor Relations Interaction Index and Application Study of Chinese Listed Companies

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1 Vol. 33No. 1 FORECASTING F275 A doi /fj Investor Relations Interaction Index and Application Study of Chinese Listed Companies MA Lian-fu 1 2 SHEN Xiao-xiu 1 2 WANG Yuan-fang China Academy of Corporate GovernanceNankai UniversityTianjin China2. Business SchoolNankai UniversityTianjin China AbstractFrom the perspective of interactive communication this paper dives deep into the foundation of investor relations. By selecting evaluation indexmodellingweightingcalculating and assessment this paper constructs the Investor Relations Interaction Index. Through evaluating the listed companies investor relations ineraction levelwe find that the overall level of interaction between listed companies and investors is low and the autonomy of investor relations manegement is not strong. In additionit indicates that the level of interaction is influenced by the nature of controlling shareholders industries and districtsthe internet and telephone become main channels of investor interactionthe use of field commnication and the level of communication feedback need to be improved. Besidesthis paper conducts another imperical tests between investor relations interation level and the rate of dividend paymentwhich result shows that companies with better inverstor relations interation tend to payout more. Key wordsinvestor relationsinteractive communicationevaluationdividend 1 Investor Relations Manegement IRM IRM IRT JJD

2 Vol. 33No IR IRM Society NIRI 1988 IRM IR Global Ranking IR Magazine IR IR NIRI IRM IRM IRM Hamid NIRI IRM Bollen 14 IRM IRM IR IRM IR 3 Healy and Palepu 1 IRM IRM Hail 2 IRM IRM Halila and Horte 3 Meijer and Kleinnijenhuis 4 5 ~ ~ 11 IR 16 IR IR 12 IR IIF IR Web Report 40

3 1 Investor Relations Interaction Index IRII NK \IR IR \ \ 15 AHP IRII NK = ω 1 IRCG + ω 2 IRNC + ω 3 IRTC + ω 4 IRFC + ω 5 IRCF IRII NK ω IRCG 1346 IRNC IRTC IRFC 30 IRCF CSMAR IRII NK

4 Vol. 33No IRII NK 5 80 ~ 100 IRII NK Ⅰ 60 ~ 80 IRII NK Ⅱ 40 ~ 60 IRII NK Ⅲ 20 ~ 40 IRII NK Ⅳ 20 IRII NK Ⅴ 3. 4 IRII NK Lang and Lundholm 17 Botosan IRII NK IRII NK IRII NK IRII NK IRII NK % IRII NK IRII NK IRII NK IRII NK IRII NK IRII NK IRII NK Ⅰ 3 IRII NK Ⅱ IRII NK Ⅲ % IRII NK Ⅳ % IRII NK % 2 2 IRII NK IRII NK Ⅰ IRII NK Ⅱ IRII NK Ⅲ IRII NK Ⅳ IRII NK Ⅴ % IRII NK Myers and Majluf IRII NK Jensen and Meckling IRII NK IRII NK Rozeff IRII NK 30 42

5 5. 3 IRII NK DIV 22 IRII NK 1% DPS IRII NK DIV = α 0 + α 1 IRII NK + α 2 State + α 3 DPS + α 4 Tradable + α 5 LEV + α 6 Size + α 7 ROE + 21 α 6 i + 7Industry + ε i = 1 2 DIV / IRII NK IRII NK Ⅳ20 ~ 40 /100State 1 0DPS / Tradable LEV Size ROE Industry DIV IRII NK ROE 1% Winsorize ST ROE = 1297 Pearson IRII NK DIV ~ IRII NK t 43

6 Vol. 33No Healy P MPalepu K G. Information asymmetrycorporate disclosureand the capital marketsa review of the empirical disclosure literature J. Journal of Accounting and Economics Hail L. The impact of voluntary vorporate disclosures on the ex-ante cost of capital for swiss firms J. European Accounting Review Halila FHorte S. Innovations that combine environmental and business aspects J. International Journal of Innovation and Sustainable Development Meijer MKleinnijenhuis J. Issue news and corporate reputationapplying the theories of agenda setting and issue ownership in the field of business communication J. Journal of Communication Malloy C J. The geography of equity analysisj. The Journal of Finance Valentine J. Best practices for equity research analysts essentials for buy-side and sell-side analystsm. New YorkMcGraw-Hill Chen SMatsumoto D A. Favorable versus unfavorable recommendationsthe impact on analyst access to managementprovided information J. Journal of Accounting Research Cohen LFrazzini AMalloy C. Sell-side school ties J. The Journal of Finance Ki EChung J Y. Corporate web pages as a key communication channel for financial publics J. Public Relations Journal Gowthorpe C. Asymmetrical dialoguecorporate financial reporting via the internet J. Corporate Communications An International Journal Craven B MMarston C L. Investor relations and corparate governance in large UK companies J. Corporate GovernanceAn International Review J Hamid F Z A. Malaysian companies use of the internet for investor relationsj. Corporate GovernanceAn International Review Bollen L HHassink H Fde Lange R Ket al.. Best practices in managing investor relations websitesdirections for future researchj. Journal of Information System J J Lang MLundholm R. Cross-sectional determinants of analyst ratings of corporate disclosuresj. Journal of Accounting Research Botosan C A. Disclosure level and the cost of equity capitalj. The Accounting Review Rozeff M. Growthbeta and agency cost as determinants of dividend payout ratios J. Journal of Financial Research Myers SMajluf N. Corporate financing and investment decisions when firms have information that investors do not have J. Journal of Financial Economics Jensen M CMeckling W H. Theory of the firmmanagerial behavioragency costsand ownership structure J. Journal of Financial Economics J J

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