| Summary: | 碩士 === 淡江大學 === 會計學系碩士班 === 93 === The purposes for Investor Relation (IR) are to decrease cost of capital and maximize business value then conform investors’ expectation. Especially after the occurrence of many financial abuse cases, people begin to consider IR more seriously. Such phenomenon show that the importance of IR, especially to business operations. However, many researches merely investigate how businesses perform IR activities rather than understand the real contents of IR. Under the guidance of “retain stockholder equity” and “reduce information asymmetry”, this paper first analyzes the three contents of IR－information transparency, corporate governance and process performing. Then we score business IR maintenance by using data from public information and samples from investors. Finally, an empirical study is performed to test the relationship between business IR scores and business operation performance. The research period is from year 2001 to 2003. Our results support that businesses with better IR have greater value and better performance.
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