关键词: 投资者关系管理, 股价延迟, 新媒介, 信息传递

Abstract: Choosing the Shanghai-Shenzhen 300 Index constituent stocks as samples, this paper collects the means and frequency of media use in the investor relations management of the sample companies, analyzes the preferences and laws of the listed companies in the use of the new media for investor relations management, and discusses the impact of the application of the traditional media and the new media on the company's stock price delay. The results of the study are as follows: the management of investor relations in Chinese listed companies is still dominated by the traditional media; the application of the new media is still at a relatively low level; the private companies and companies with a low degree of shares concentration, of a large scale, of a high book value to market ratio, and whose business is directed at end users prefer to use the new media approach; the enrichment of investor relationship management channels and the increased frequency of using new media can effectively reduce the stock price delay level. Furthermore, the impacts of the traditional media and the new media measures on stock price delays are significantly different and the increase in the use of the new media has a greater effect on reducing stock price delays. These conclusions not only prove that the application of the new media approach in investor relations management can effectively improve the efficiency of information transfer in the stock market, but also provide directions for listed companies to further improve investor relations management activities and strengthen information disclosure.

Key words: Investor Relations Management, Stock Price Delay, New Media, Information Transfer