focus on!What is the management of investor relationship between listed companies?The latest research report is released

Our reporter Wu Xiaolu on July 29, China Securities SME Service Center issued the "Annual Report on the Relations of Investors Relations (2021)" (hereinafter referred to as the "Report"). It is reported that 170 analysts of 3328 listed companies, 114 public fund management agencies, 80 securities companies, 72,917 individual investors, and several private equity investment institutions representatives from Shanghai and Shenzhen were investigated. The "Report" shows that more than 80 % of the listed companies have not set up independent IR (investor relationship) departments; the initiative of investor relationship management of listed companies is still insufficient; there is a deviation of communication methods, time and content with investors, affecting the effect of communication. Foreign investors have not paid attention to. In addition, institutional investors and analysts pay attention to the "Matthew effect", and head companies have received more attention. The initiative of investor relationship management of listed companies is still insufficient. The Report shows that at present, there are seven major issues in the management of investor relationships between listed companies. First, the initiative of investor relationship management of listed companies is still insufficient. First of all, the attitude of communication with small and medium -sized investors is not positive enough. Of the 49,921 individual investors who had been adjusted and had communication with listed companies in 2021, nearly 60 % said that the communication between the two parties was not initiated by the listed company; More than a quarter of people said that there is a phenomenon of "unwilling to receive small and medium investors" in listed companies. Secondly, the investigation and invitation of institutional investors and analysts are not active. More than 80%of public offering agencies and analysts hope that listed companies will "actively issue investigations and invite and arrange direct exchanges between directors and supervisors." But in comparison, the initiative of listed companies is weaker. Taking the communication with analysts as an example, the communication between the two parties in 2021, "Analysts take the initiative to come to the door" are the most important ways. "Autonomous invitation" analyst in 2021. The chart comes from the "Report" again. In terms of information release, the initiative of listed companies is also lacking. The voluntary letter status is a bit "landslide", and voluntary letter is the most basic embodiment of the initiative of investor relationship management; although listed companies generally attach importance to the position of "company own new media", but in terms of new media operations, it is not exhausted If it is satisfactory, it is difficult to play the role of external information release and enhance the role of investors' understanding of the company. Second, there is a deviation of the way and content of the communication between listed companies and small and medium investors, which affects the effect of communication. In terms of communication methods, listed companies attach importance to hotline calls, but individual investors do not think the hotline phone is valid. And individual investors pay more attention to the way of being able to understand the way of listed companies more intuitively, such as "Company Shareholders' Conference (including live broadcast)", "field visits", and innovative performance briefing. In addition, in terms of communication, listed companies may still be inherently impressed by small and medium investors, that is, only pay attention to the stock price rise and fall, and do not care much about the company's business and development. But in fact, in recent years, the progress of small and medium -sized investors has made significant progress. Q & A on the long -term observation of platforms such as E interactive/interaction and easy -to -ease can find that small and medium investors have deepened the company's research. Strategy, production and operation, and even corporate management are very concerned. The chart comes from the "Report". Third, there is a deviation in the time and content of communication with institutional investors, affecting the communication effect. When listed companies invite institutional investors to investigate, most of them are in regular reports or key business data, or when the company and industry are in a strong prosperity cycle and strong performance in the capital market, institutional investors are preferred to be in the company and the industry. At low, or when an incident that affects the industry or company, there is a certain bias on the preferences of the two parties at the time of investigation. In terms of communication content, when listed companies communicate with institutions, they tend to guide institutional investors to fade their attention to short -term performance, but institutional investors still value short -term performance. The two parties also have deviations in communication content, which affects the effect. The chart comes from the "Report". In addition, it is difficult for listed companies to grasp the boundary between "compliance communication" and "full communication", so it is difficult for institutional investors to communicate in -depth. This will also affect the communication effect. Fourth, institutional investors and analysts pay attention to the "Matthew effect", which leads to dislocation of supply and demand: the high -profile head listed companies are tired of their lives, but the majority of small and medium -sized companies can only "see autumn water." The chart comes from the "Report". Five is that listed companies have not paid attention to overseas investors. Most companies still have an attitude of "not active and exclusive" for foreign investors. Sixth, the construction of the IR team of listed companies is still relatively weak. The setting of independent IR departments and full -time positions is not satisfactory. More than 80 % of the listed companies have not set up independent IR departments, and nearly 30 % of the companies have not set up IR full -time positions; The department's collaboration is poor. Seventh, the new phenomenon has brought new challenges to investor relationships of listed companies.

On what factors "once caused the company's stock price to fluctuate normally, but it is difficult to solve it through investor communication", the survey results show that "the transaction generated by quantitative transactions does not have clear communication objects" is the highest, which is 40.23, 40.23 %; Followed by the concept of "initiated by investment institutions and out of the fund's fundamentals", the selection rate is 31.19%; once again, "the final investor cannot be penetrated through the increase or decrease of the investment fund through the Hong Kong Stock Connect or the investment fund", the selection rate is 16.47 %. Listed companies should be more active in order to pay more active customs clearance management. On April 15 this year, the CSRC issued the "Guidelines for the Management of Investors Relations of Listed Companies" (referred to as "Guidelines") and officially implemented on May 15. The "Report" proposes that the Chinese capital market is undergoing profound changes, and listed companies should fully realize that whether it is a regulatory situation or a market situation. Compared to the past, it has undergone tremendous changes. From the perspective of supervision, with information disclosure as the core, protecting investors, regulating corporate governance, and advocating the culture of respect for investors is a general trend. Therefore, the introduction of "Guidelines" is introduced. From a market perspective, the supply and demand relationship between the secondary market is reversed, the market resources are polarized, and the small market value companies are difficult. It is also a foreseeable future. The old thinking of "wine fragrance is not afraid of deep alleys" should be abandoned. The "Report" believes that listed companies should be more proactive in the attitude and actions of all parties. Secondly, investor relationship management should focus on strategies and skills. The first is to make good use of institutional investors and analysts to investigate the preferences of time and get more attention. Analysts prefer to investigate when listed companies or industries are "time". Public offering institutions prefer to investigate in listed companies or industry "troughs", and both parties prefer to investigate "when listed companies or industries have significant influences". The second is the way to improve the management of customs clearance. You can actively try to replace traditional methods in an innovative way, such as: shareholders' conferences to increase online broadcast or remote participation methods to facilitate more investors to participate. The third is to use external forces to assist in conducting customs clearance. The fourth is to attach importance to the importance of the company's self -media and interactive platforms. Finally, the "Report" believes that in the face of complex and arduous tasks, as well as increasingly strict regulatory requirements and increasingly severe market situation, in addition to the "Guidelines" requirements, the quality and skills of IR personnel will be continuously improved, and listed companies have comprehensively established the company's internal internal companies A complete customs clearance management system. Picture | Site Cool Hero Bao Map Network Review | Editor Zhu Baochen | Sun Qian's final review | Li Hui

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