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研究生:張簡佳怡
研究生(外文):ChangChien, Chia Yi
論文名稱:投資人關係在台灣企業中扮演的角色及權力關係
論文名稱(外文):The Roles of Investor Relations and their Power Relations in Corporations in Taiwan
指導教授:鄭怡卉鄭怡卉引用關係
指導教授(外文):Cheng, I Huei
學位類別:碩士
校院名稱:國立政治大學
系所名稱:國際傳播英語碩士學位學程(IMICS)
學門:傳播學門
學類:一般大眾傳播學類
論文種類:學術論文
畢業學年度:105
語文別:英文
論文頁數:135
中文關鍵詞:投資人關係公共關係權力關係組織溝通關係管理
外文關鍵詞:investor relationspublic relationspower relationscorporate communicationrelationship management
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在成熟的金融市場中,投資人關係(IR)早在許多具規模的企業中行之有年。隨著法規對外資的開放,IR也逐漸出現在許多台灣上市櫃企業中,作為企業與投資人之間的橋樑。近年來公司治理、ESG的概念更使得追求永續經營的企業重視IR的經營。雖然IR在實務界持續發展,但IR在學術研究中仍舊是相當陌生的領域。
本篇論文藉由與多位經驗豐富的IR Officers深度訪談,了解IR在企業中扮演的角色、功能、資訊傳遞及其在組織架構中的權力關係,並探討IR在台灣企業中的現況與未來走向。
Investor relations (IR) has been playing an important role for publicly traded corporations for many years. In Taiwan, following the deregulation of foreign investment in the stock market, larger companies became more aware of the need of investor relations to bridge the investment community and the corporation.
IR is a unique area that combines the skills of communication, public relations, and financial knowledge as well as business management. Nevertheless, there has been only limited academic research on this area, suggesting a gap between the academia and the industry.
By in-depth interviews with experienced IR officers (IROs), the current study aimed to explore the situation of IR in Taiwan, including their roles and functions, as well as the issue of power relations in today’s corporations. The results showed that IR plays the role as a technician that delivers financial information as well as a manager that copes with the expectation of and the relationships with the investment community and the top management.
Additionally, most interviewees believed IROs should be valued as an important function in the corporation as they not only disseminate information to the financial media or financial community, but they also offer market updates and provide valuable consultations to the top management. In sum, the IROs who have a seat at the table can play an influential role and achieve two-way communication for their corporations and the external stakeholders.
CHAPTER 1 INTRODUCTION 1
1.1 Investor Relations 1
1.2 Purpose of the Study 3

CHAPTER 2 LITERATURE REVIEW 7
2.1 Investor Relations Overview 7
2.1.1 History and definition of investor relations 6
2.1.2 Investor relations research 9
2.2 Communication and Investor Relations 12
2.2.1 Communicating with external stakeholders 13
2.2.2 Internal relationship management 18
2.3 The Issue of Power Relations 20
2.4 Roles of Investor Relations 22

CHAPTER 3 METHODOLOGY 25
3.1 In-depth Interview 25
3.1.1 Semi-structured interview 25
3.1.2 Interviewees 26
3.2 Interview Procedure 29
3.3 Interview Questions 29
3.3.1 Investor relations practitioners in Taiwan 30
3.3.2 The roles of investor relations 30
3.3.3 “Having a seat at the table” 32
3.3.4 Insights on IR practice in Taiwan industry 32

CHAPTER 4 RESULTS 33
4.1 Backgrounds of Investor Relations Officers 33
4.2 Functions of Investor Relations 34
4.2.1 Information production 35
4.2.2 Information dissemination 38
4.2.3 Information collection 41
4.2.4 Market intelligence 42
4.2.5 Expectation management 42
4.3 Investor Relations’ Audiences 43
4.3.1 Interaction with external audiences 43
4.3.2 Interaction with internal audiences 45
4.4 The Issue of Power Relations 49
4.4.1 Investor relations in corporate structure 49
4.4.2 “Have a Seat at the decision-making table” 51
4.5 Investor Relations in Taiwan 54
4.5.1 Current situation 54
4.5.2 Future development 56

CHAPTER 5 DISCUSSIONS AND CONCLUSIONS 58
5.1 Discussions 58
5.1.1 Information, communication function and power relations 51
5.1.2 Roles of Investor Relations 62
5.1.3 Investor relations in Taiwan 63
5.2 Conclusions 64
5.3 Limitation and Future Research 56

CHAPTER 6 REFERENCES 67

Appendix: Interview transcripts 73
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