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研究生: 高子琁
Kao, Tzu-Hsuan
論文名稱: 投資人關係與企業價值之探討
Investor relations and enterprise value – a case study
指導教授: 郭維裕
Kuo, George
學位類別: 碩士
Master
系所名稱: 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年: 2018
畢業學年度: 106
語文別: 英文
論文頁數: 63
中文關鍵詞: 投資人關係企業價值股東投資人公開資訊
外文關鍵詞: Investor relations, Enterprise value, Shareholders, Investors, Transparent disclosure information
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  • Since the 2008 financial crisis, we have been seen significant changes and movements in the capital markets. As an Investor Relations Officer (IRO) of the listed company, a continuing challenges is to attract and retain the investment funds from the capital market and keep a liquidity. Hence, the effective Investor Relations is very essential for the listed company because an effective investor relations programme is not only save valuable management time, but also can assist to deliver a fair valuation for the equity of enterprise, reduced funding costs and provide a strong shareholder base which will stand the company in good stead if times get tough, such as in low season business cycles or uncontrollable global financial crisis.

    The Investor Relations would be the eyes and ears of a company in the capital market and would deliver valuable insights into market sentiment, such as to potential investors and shareholders. An effective investor relations must have full commitments and supports of the senior management and C-suite. Investor Relations is a strategic management responsibility that requires an integration of corporate finance, communications, competence, perspective, and compliance to enable the most effective two-way communication between a company, investment community, and all shareholders. The key objective of IR is to achieve optimal valuation of the enterprise. The Investor Relations should articulate in a way that investors could understand the direction of the company and develop reasonable expectations for determining success via investor conference, roadshow, and other communication channels.

    1. INTRODUCTION 1
    1.1. Invesor Relations 1
    1.2. Motivation of the Stuudy in Invesor Relations 3
    2. LITERATURE REVIEW 5
    2.1. Defination of Investor Relations 5
    2.2. Development of Invesor Relations 6
    2.3. Target Audiences of Investor Relations 8
    2.3.1. The Sell-Side 9
    2.3.2. The Buy-Side 11
    2.4. Functions of Investor Relations 13
    2.5. Roles of Investor Relations in the Listed Companies 15
    2.6. Requirements of Investor Relations 17
    3. CASE STUDY AND INDUSTRIAL ANALYSIS 20
    3.1. Background About the Company 20
    3.1.1. A Listed Funeral Company in Taiwan 20
    3.1.2. The Process of Listed Company in TPEx – Obstacles 25
    3.2. How to Execute an Effective Investor Relations of the Listed Company 28
    3.2.1. Transparency and Disclosures in Chinese and English 28
    3.2.1.1. Market Observation Post System (MOPS) 31
    3.2.1.2. Company Investor Relations Website 34
    3.2.2. Marketing to Target Audiences 36
    3.2.3. Valuation Analysis 44
    4. DISCUSSION AND CONCLUSIONS 46
    4.1. Summary of Investor Relations 46
    4.2. Suggestions and Conclusions for the Effective Investor Relations 49
    Reference 52
    Appendix 54

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     Laskin, A. V. (2018). The Handbook of Financial Communication and Investor Relations. New Jersey, USA: John Wiley & Sons.
     Miller, G. S., and Skinner, D. J. (2015). The evolving disclosure landscape: How changes in technology, the media, and capital markets are affecting disclosure. Journal of Accounting Research, 53(2), 221-239.
     Uysal, N. (2014). The expanded role of investor relations: Socially responsible investing, shareholder activism, and organizational legitimacy. International Journal of Strategic Communication, 8(3), 215-230.
     Bloomberg Professional (2015 September), The changing face of investor relations. Retrieved from Bloomberg website: https://www.bloomberg.com/professional/blog/the-changing-face-of-investor-relations/
     Dubai Financial Marke (DFM) (2012), Guide to Investor Relations, Retrieved from DFM website: http://www.dfm.ae/docs/default-source/guides/dfm-guide-to-investor-relations.pdf?sfvrsn=2.
     Abdur R. & Abdullah-Al H. (2011), Ownership Structure and Voluntary Disclosure in Annual Reports of Bangladesh, Bangladesh, 5 (1), 129-139.
     FASB, 2001. Improving Business Reporting: Insights into Enhancing Voluntary Disclosures. Retrieved on April 20, 2012.
     Meek G. K., Roberts C. B., Gray S. J., 1995. Factors Influencing Voluntary Annual Disclosures By U.S., U.K., and Continental European Multinational Corporations. Journal of International Business Studies 26(3), 555-572.
     McCartney, L. (2003, June 16). Nothing to hide. Retrieved February 6, 2005, from CFO.com
     McCartney, L. (2003), Nothing to hide. Retrieved February 6, 2005, from CFO.com website: http://www.cfo.com
     Annual Statistic Data, Taiwan Stock Exchange Corporation (TWSE): http://www.twse.com.tw/zh/statistics/statisticsList?type=07&subType=025

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