随着我国资本市场的日渐成熟，上市公司数量越来越多，投资品种日新月异，对 于上市公司而言，良好的投资者关系管理成为公司股票引起投资者关注，获得持续不 断资金支持最重要的一个方面。本文用一种新的视角来看待公司的投资者关系管理， 将公司投资者关系管理看作是公司营销的一种表现方式，将“公司”作为资本市场营 销的“商品”，投资者作为购买公司股票的目标人群，将与投资者传递公司价值的途 径作为营销渠道，采用与产品市场相似的营销手段，吸引投资者关注，使公司获得稳 定的估值溢价。研究将有助于山西汾酒公司提升投资者关系管理水平，提高投资者关 系管理人员的主动性、专业性、及时性，搭建多渠道畅通的沟通渠道，满足各类投资 者的个性化需求，增强公司在资本市场的竞争力。此外，本文相关的研究成果也能够 为其他上市公司的投资者关系管理实践提供帮助，具有一定的借鉴意义。 本文选取山西杏花村汾酒厂股份有限公司（以下简称山西汾酒）作为研究对象， 山西汾酒作为白酒上市第一股，山西上市第一股，对于资本市场上市白酒公司，山西 资本市场都有不可估量的重要意义。详尽地叙述了山西汾酒在投资者关系管理方面的 现状，采用调查问卷及访谈分析研究方法，分析公司目前投资者关系管理方面存在的 问题，主要包括沟通渠道不畅通、沟通方式局限、投资者关系管理主动性、及时性、 专业性不强，沟通内容不能满足各类投资者诉求、媒介关系不够融洽。在此基础上， 通过借鉴国内外的投资者营销理论，构建了适应公司现阶段发展的投资者关系管理体 系，并提出了体系实施的具体措施，公司应从制定投资者关系战略、设立投资者关系 管理部门、制定完善制度、优化相关流程、加强投资者关系主体、客体、渠道、媒体 关系建设让体系落地。其中投资者关系主体建设主要是提升投资者关系服务主体的专 业性、主动性、及时性入手，主要是营造文化氛围、建立完善的激励制度、制定系统 规划、聘任投资者顾问公司、重视投资者关系专员培养、加大资金投入。投资者关系 客体建设主要是细分投资者群体，在不违背信息披露原则的基础上，满足各类投资者 的信息诉求，实现针对性信息输出，合理管理预期，及时引导投资者。投资者关系管 理的渠道建设主要是建立沟通反馈机制、增加沟通渠道、增加主动性信息披露。投资 者关系媒体管理主要是加强舆情管理，注重财经媒体合作。 关键词：投资者关系管理；投资者沟通；投资者营销内蒙古工业大学硕士学位论文 II Abstract With the maturity of China's capital market, the number of listed companies is increasing, the types of investment are changing with each passing day. For listed companies, good investor relations management has become the most important one for the company's stocks, which attracts investors' attention and obtains continuous financial support. This paper use a new perspective to look at the company's investor relations management, and regards the company's investor relationship management as a way of expressing the company's marketing, using the company as the commodity of capital marketing, and the investor as The target group who buys the company's stock will use the company's value channel as a marketing channel, and adopt similar marketing methods to the product market to attract investors' attention and enable the company to obtain a stable valuation premium. The research will help Shanxi fenwine Company to improve the management level of investor relations, improve the initiative, professionalism and timeliness of investor relations managers, build a multi-channel communication channel to meet the individual needs of various investors and enhance The company's competitiveness in the capital market. In addition, the relevant research results of this paper can also help the investor relationship management practice of other listed companies, which has certain reference significance. This article selects Shanxi Xinghuacun Winery Co., Ltd.as the research object. Shanxi Liquor is listed as the first stock of liquor, and Shanxi is listed as the first stock. For the capital market listed liquor company, Shanxi capital market is incalculable Significance. The status quo of investor relations management in Shanxi is described in detail. The questionnaires and interview analysis methods are used to analyze the current problems of the company's investor relations management, including the lack of communication channels, communication methods, and investor relations. Management initiative, timeliness, and professionalism are not strong, and communication content cannot satisfy the demands of various investors. On this basis, by drawing on the domestic and foreign investor marketing theory, the investor relationship management system adapted to the company's current development is constructed, and the specific measures for the implementation of the system are proposed. The company should formulate the investor relationship strategy and establish investor relations. The management department, formulate and improve the system, optimize relevant processes, strengthen the investor relations subject, object, channel, and media relations to let the system fall. The main body内蒙古工业大学硕士学位论文 III of investor relations is to improve the professionalism, initiative and timeliness of the investor relations service main body, mainly to create a cultural atmosphere, establish a sound incentive system, formulate system planning, hire an investor advisory company, and value investors. The relationship commissioner cultivates and increases capital investment; the investor relationship object construction is mainly to segment the investor group, and on the basis of not complying with the principle of information disclosure, it can satisfy the information demands of various investors, realize targeted information output, and rationally manage expectations. Guide investors in a timely manner. The channel construction of investor relationship management is mainly to establish a communication feedback mechanism, increase communication channels, and increase proactive information disclosure. Investor Relations Media management is mainly to strengthen public opinion management and focus on financial media cooperation. Key words: Investor Relations Management; Investor Communication; Investor marketing内蒙古工业大学硕士学位论文 IV 目 录 摘要...................................................................................................................................I Abstract..................................................................................................................................II 第一章 绪 论........................................................................................................................1 1.1 研究背景..................................................................................................................1 1.2 研究意义..................................................................................................................2 1.3 文献综述..................................................................................................................3 1.3.1 国外研究现状.............................................................................................. 3 1.3.2 国内研究现状.............................................................................................. 4 1.3.3 文献总结...................................................................................................... 4 1.4 研究方法与思路..................................................................................................... 5 1.4.1 研究方法...................................................................................................... 5 1.4.2 研究思路...................................................................................................... 5 第二章 投资者关系管理相关概念及基础理论..................................................................6 2.1 投资者关系管理的含义......................................................................................... 6 2.1.1 投资者关系的概念界定............................................................................... 6 2.1.2 投资者关系管理的概念界定....................................................................... 6 2.2 投资者关系管理的主体..........................................................................................6 2.3 投资者关