利用2011—2012年创业板上市公司的数据,以及南开大学投资者关系互动指数,研究投资者关系管理的现状及其对股权融资约束的影响,结果发现,我国企业的投资者关系管理整体水平还比较低,实证分析证明开展投资者关系管理能够降低公司所面临的融资约束,而沟通保障、网络沟通、现场沟通及沟通反馈是投资者关系管理降低融资约束的主要路径。
Using the data of GEM listed firms during 2011 to 2012, as well as the data of Investors Re- lation Interaction Index (IRIINK) , this paper studies present situation of Investors Relation Management, and its impact on equity financing constraints. The results indicate that the overall level of IRII is still lower. Besides, through empirical study, this paper proves that Investor Relations Management program can release the companies" financing constraints and the main path to release are communication guarantee, network communication, on -the -spot communication and communication feedback.