Ownership Structure and Investor Relations Management——An Empirical Research on Chinese Listed Companies

In order to systemically develop researches on ownership structure's influence on investor relations management,this paper chooses 826 Chinese listed companies as a sample and develops a systemically empirical research on ownership structure's influence on the level of IR.The author establishes an evaluation system of investor relations management based on the degree of nonfinancial disclosure and website interactive communication,and take the variable of the level of investor relations(IRI) to measure investor relations management.The paper proposes that ownership structure including ownership attributes,ownership concentration and insider ownership has a curved relationship with the level of investor relations and examines the hypotheses.Research shows that ownership concentration can significantly impact the level of IR and the relationship between ownership concentration and the level of investor relations is also in inverted U shape.Ownership attributes are not significant factors that affect the level of IR.Insider ownership has a limited effect on IRI and only the proportion of shares held by managers can significantly affect the level of investor relations in a liner fashion.