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

摘要： 公司治理的功效不仅体现在提高企业经营业绩上，促进企业科学决策，合理进行风险控制，实现企业的长期稳定发展也同等重要。本文以2012—2017年我国沪深A股上市公司为样本，利用南京大学联合中国证监会开展的投资者关系管理状况调查，实证检验投资者关系管理对企业风险承担的影响。研究发现：（1）投资者关系管理越好的企业，企业承担的风险水平越低，表明投资者关系管理具有自主性治理效应，能抑制企业过多的风险性行为，从而有效降低企业所承担的风险水平。（2）投资者关系管理的这一治理效应在内部和外部监督机制薄弱的企业中更为显著，说明良好的投资者关系管理一定程度上能形成企业内外部监督机制的弥补，从而对企业所承担的风险产生治理作用。（3）投资者关系管理通过抑制企业过度负债和过度投资降低了企业所承担的风险水平，而与此同时，没有证据表明投资者关系管理导致了企业投资不足，从而带来投资效率的损失。（4）CEO财务背景和董秘专业能力的内部因素以及机构投资者调研、网络媒体平台开通的外部因素对于企业投资者关系管理水平具有显著的促进作用。

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