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《Journal of Finance and Economics》 2008-05
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Investor Relations Management (IRM) and the Cost of Equity Capital:Evidence from Internet Investor Relation Management

LIU Shan-min1,2,LIN Bin2,NIE Yi-jun2(1.School of Economics and Business,South China Normal University,Guangzhou 510006,China;2.School of Business,Sun Yat-sen University,Guangzhou 510275,China)  
Based on the A-share listed companies in 2004 and 2005 in Shanghai Stock Exchange,this dissertation analyzes the association between IRM and the cost of equity capital in the information disclosure and strategic management.We assume that a negative correlation exists between IIRI and the cost of equity capital,and similarly about the influence of the index of intercommunion quality on the cost of equity capital.The results show that IRM,especially corporate strategical communion with investors,indeed plays a role in lowering the cost of equity capital,providing support for initiating IRM by listed companies and promoting IRM by regulators.
【CateGory Index】: F832.51
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