Secondly, people in the overseas industry generally attach importance to IRM. They believe that institutional investors have become the dominant force in overseas developed securities markets. Listed companies must strive to become the core part of the fund portfolio. Therefore, listed companies must explain their value to fund managers and attract them to become long-term investors. At this time, IRM is very important: if IRM is not done well, investors may be cautious and skeptical about the company. IRM's job is to dispel this suspicion to a great extent. If IRM is not done well, it will directly affect investors' subscription interest and holding period when it is issued and listed, and then affect the company's share price and the financing cost of the secondary market.
For example, Microsoft, headquartered in Seattle, is one of the earliest companies to establish an IR website, which is a pioneer in communicating with individual investors. Carla Lewis, president of Microsoft investor relations, said: "In the past five years, the company has always taken care of individual investors as part of its overall investor relations strategy." Bill Gates, on the other hand, will come out to see investors every time his quarterly results are disclosed, and he will bring an IRM team when he comes out, and then this IRM team will deal with some more detailed problems. In China's capital market, IRM is still a strange term for many people. Although the concept of IRM has been introduced with the development of China's securities market, some IRM-related work has been carried out at the same time, such as publishing annual and interim reports in newspapers and websites, publishing investor consultation telephone numbers and sending special personnel to answer investors' questions, roadshows, and live webcasting of new shares. Compared with western mature market economy countries, IRM has just started in China.
On June 5438+ 10, 2002, relevant persons of China Securities Regulatory Commission attended the meeting on "China Investor Relations" in Shanghai. They said that the governance of listed companies will certainly play a greater role in improving the corporate governance structure, but at the same time, in the process of strengthening internal governance, listed companies themselves may wish to introduce IRM, which has been widely popular in the world.
There are two main reasons why IRM lags behind in China. First, as a developing market, China's capital market has too few investment varieties, the market system is not deep enough and lacks flexibility, and the emergence and development of IRM still lacks the market structure foundation; Second, at present, China's capital market is still characterized by non-tradable shares, the external constraints of listed companies are weakened, the corporate governance mechanism that conforms to "shareholder first" is generally not established, and IRM lacks the institutional basis for its emergence and development.
However, with the further development and standardization of China's securities market, the change of investment concept and the improvement of supervision level, it can be predicted that IRM will become an effective management tool for China listed companies to continuously improve their governance structure and strengthen exchanges and communication with investors and intermediaries in the near future, and will become an important part of the internal management of listed companies.