作為公司治理中重要的模塊之一，投資者關係管理在近年來得到越來越多的關注。而作為投資者關係管理的一種形式，業績說明會在中國大陸比歐美的電話會議更為普遍，以及它亦在公司治理中有著非常重要的影響。本文就此議題針對中國大陸上市公司舉辦的業績說明會的效用進行研究。根據中國大陸的相關規定，深交所的中小板和創業板上市公司必須在每年的財報公告後舉辦業績說明會，而對深交所的主板與上交所的主板公司則無要求。因此，業績說明會有強制性與自願性兩種類別。
根據這兩種類型，本研究採用了事件研究法與建立迴歸模型進行研究。根據研究結果，我們發現強制性業績說明會具備資訊含量並且投資者對其反應是消極的，而自願性業績說明會的資訊含量則不明顯，原因可能是自願舉辦會議的公司本身規模較大又或是當年取得較好的業績因此通過業績說明會來維持公司形象以及保持與投資者的交流，而額外測試的結果也證明了這一猜想，可見公司規模與公司業績情況均會影響到公司是否自願舉辦業績說明會，也表明了在無規定要求的情況下，舉辦業績說明會更有可能作為一種戰略管理與形象管理的手段。
我們也嘗試去找出會議中會影響到投資者的態度或反應的因素，結果表明，在中小板裡，未能擊敗分析師盈餘預測的公司，或者是有ST標記的公司都很可能會通過業績說明會來安撫投資者以及表明他們為挽救不良狀況所作的努力，以使投資者對這些類型的公司的反應更為強烈。除此之外，企業性質為國有的公司也更有可能讓投資者有積極的反應因為國有企業在會議中發言所包含的政府公信力。然而，在創業板則無發現類似的結果，可能的原因就是創業板公司上市時間較短，市場較為不成熟，而創業板中多為科技創新型的公司，以上因素都會影響到投資者對其的反應异於相對成熟的中小板。
因此，我們有理由相信業績說明會作為投資者關係管理的一種方式，具有一定的影響和作用。相信這一研究將為監管層制定政策、上市公司進行投資者關係管理提供一定的經驗證據。

As one of the important part of a company, investment relationship management has been paid more and more attention in recent years. As one of IRM ways, Internet earnings conference, is more common than conference call in China and also plays a significant role in corporate governance. This article studies the efficiency of the earnings conference held by listed companies in China. According to the provisions in China, there are mandatory and voluntary earnings conferences. We find that mandatory type of earnings conference has information increment and the effect may be negative, while the voluntary earnings conference did not offer information increment. We also try to figure out which element affects investors’ reaction to the information increment of earnings conference. The results show that companies with negative earnings surprise, or with ST sign may probably comfort investors and show their effort through earnings conference so that investors reacted positively. What’s more, companies of SOE types will have positive effect with government's credibility. Thus, we can believe that the earnings conference has a certain role in investor relation management. These finding could be helpful for regulators and company management.

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