本研究主要目的為了解台灣上市電子公司的投資人關係設置情況，並深入探討投資人關係如何對公司造成影響。本研究自2011年12月31日至2012年1月20日對台灣上市五年以上的273間電子公司發問網路問卷，回收48份，有效問卷回收率為17.58%。藉由複迴歸分析結果發現，投資人關係管理僅與外資持股以及三大法人持股有顯著關聯，而對股價波動度、十大股東變化率、分析師報導數量、股東出席率、權益資金成本及股票流動性等無顯著影響。研究結果建議，企業可透過增加溝通管道的種類、定期為投資人關係人員舉辦教育訓練，並增設獨立的投資人關係部門，可改善企業與投資人之間的溝通方式，提高資訊透明度，進而增加投資人信心，增加資金募集來源。

The main purpose of this research is to understand the development of investor relations (IR) in listed electronic companies and to discuss how IR impacts those companies. The online survey was conducted to 273 listed electronic companies which went public at least 5 years ago, and the valid smaples is 48 which means the response rate is 17.58%.According to the multi-regression analysis,the result indicates that IR is only significantly related to foreign holding and institutional holding but has no significant impact on stock price volatility, ownership change of the top 10 major shareholders, analyst coverage, shareholder activism, cost of capital and liquidity.Over all, the result implies that it will improve the communication between companies and investors by increasing different kinds of commucation channel,regular employee training program and establishing an independent IR department.Moreover, it will help to enhance the information transparency, so as to
increase the investor confidence and capital resource.

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