关键词: 投资者关系管理, 企业风险承担, 公司治理, 过度负债, 投资效率

Abstract: The function of corporate governance should be reflected not only on improving corporate operating performance, but also on promoting scientific decisionmaking, reasonable risk control and thus on achieving longterm and stable development. Based on the data of Ashare listed companies in China from 2012 to 2017 and using a comprehensive survey of investor relations management collected by Nanjing University and Securities Regulatory Commission, this paper examined the impact of investor relations management on corporate risktaking. The research results show that: (1) Companies with effective management of investor relations are associated with lower levels of corporate risktaking, indicating that investor relations management has an independent governance effect, which can inhibit the risking behavior of companies. (2) The governance effect of investor relations management is more pronounced in firms with weaker internal and external monitoring mechanisms, showing that good investor relations management can effectively make up for the lack of internal and external corporate governance mechanism to a certain extent, which so as to have a governance effect on corporate risktaking. (3) The further analysis finds that investor relations management decreases corporate risktaking through the channels of inhibiting excess leverage and over investment, but meanwhile no evidence shows that investor relations management leads to underinvestment and thus brings the loss of investment efficiency. (4) Internal factors including CEO's financial background and secretary's professional ability and external factors including institutional investors' visits and the opening of online media platform exert a significant effect on promoting the level of corporate investor relationship management.

Key words: investor relations management, corporate risktaking, corporate governance, excess leverage, investment efficiency