過去的文獻顯示企業對於投資人關係的投入，主要目的不若是為了降低營運資金成本並創造企業價值，以符合投資人的期望。隨著國內外重大舞弊案發生，投資人保護的呼聲也愈來愈高，一再都顯示資訊揭露、公司治理等投資人關係活動的重要性。然而國內、外對企業投資人關係與企業價值及績效之關聯性研究卻付之如闕。故在「保護股東權益」及「減少資訊不對稱」的觀念下，本研究探討企業投資人關係與企業價值及績效之關聯性，是否企業對投資人關係投入較多的努力，其企業價值愈大，績效愈佳。本研究利用問卷調查，瞭解券商及一般投資大眾對於資訊揭露、公司治理及程序執行之認知程度，以取得權重。再對上市資訊電子產業年報、議事手冊資料中的揭露進行內容分析，並對公司治理的構面加以評分。最後，以評分結果進行迴歸分析。研究期間涵括民國90年至92年，共510個觀察值。結果顯示投資人關係之資訊揭露程度及公司治理評等良窳與企業價值及績效呈顯著正相關。 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.
