台灣證券市場在不斷提升國際化與自由化的過程中，不僅讓台灣證券市場在國際金融及證券市場地位日益增顯其重要性，同時也吸引更多國際資金持續關注並投資台灣證券市場。對上市櫃公司而言，如何在新的市場競爭環境下滿足投資機構及資本市場的投資人需求，是公司內部組織中之投資人關係(Investor relations；簡稱IR)最主要的工作。從過去國外相關的研究文獻中得知，公司企業中IR之功能正迅速在組織內部成長。跨越界限的組織(boundary-spanning structures)會影響公司治理與管理。由此揭示，隨著IR在公司內部及資本市場之間管理的重要性日益增加，提升IR的管理才能有效的滿足並符合目前台灣國際化資本市場與投資人的需求。
IR具備與資本市場的專業領域溝通方式，成立IR能改變公司在對投資人訊揭露與傳遞方式。此外，由於IR主動接近市場並依照市場的模式引起投資者對市場注意力的移轉，加上機構投資人越來越重視投資對象相關資訊的蒐集與篩選，IR對機構投資人也顯得越來越重要。環境改變是提高IR在企業組織中重要性之開端，同時創造出IR在企業內部組織與資本市場之間的創新機會。因此本研究欲探討IR對分析師報導、機構投資人持股比率、公司股票交易流通性、公司之股價及股價波動性公司股利政策及公司股東結構改變，財務策略國際化之影響。本研究分析33家IR表現優異的台灣上市櫃公司，成立IR前後三年資料並發現IR成立在分析師報導與機構投資人持股有顯著正向相關，在市場交易量有穩定效果，並降低股價的波動性，但是在股價淨值比表現並未呈現顯著關係。在股東親善表現中股息殖利率及海外發行籌資活動也有顯著正向相關。
本研究除了分析及驗證台灣上市櫃公司成立IR的經驗與效果，希望透過本研究之結論協助尚未成立IR的公司，從經驗分享中獲得更多的資訊。更重要的是，本研究雖以台灣為例，但對其他新興國家市場或開發中國家市場，特別是在引進外資投資或與國際資本市場接軌時，提供企業經營執行層對評估成立IR組織之分析與實證經驗的建議。

As Taiwan opens up its securities markets and deregulates foreign investment restrictions, its market has extended its scale and integration with international markets, and has attracted more foreign investors into Taiwan’s securities market. In this new environment, public companies need to disclose financial and business information more transparently as a result of the influx of foreign capital. Such is the primary function of the Investor Relations (IR). Investor Relations is a strategic management responsibility that integrates finance, communication, and marketing to enable the most effective two-way communication between a company and the financial community. As the securities market in Taiwan becomes more mature, the management of Investor Relations in public companies has become more important. A well-managed Investor Relations department not only satisfies inquiries and demands from financial institutions and individual investors, but also enhances core competence of the company.

This research discusses the impact of establishing an IR management team in a company on financial analyst’s reports, percentage holding by institutional investors, liquidity of the company’s stock, stock price and volatility of the stock, dividends policy, and financial strategy. We analyze data collected from 33 public companies in Taiwan, which have outstanding IR department, for 3-year period. We find that the IR department has positive impact on analysts’ report, institutional investors’ holding, and cash dividends. It also reduces stock volatility. On the other hand, it does not have significant correlation with price-to-book ratio of the stock.

This paper analyzes and examines the experience and efficacy of establishing IR departments in public companies in Taiwan. For those companies without IR departments, this research provides insight and useful information for the management team when deciding whether to establish IR services in their company. Although this research focuses on Taiwanese companies, it provides information and suggestions for management teams in companies in emerging markets and developing nations, especially for attracting foreign investors and gaining access to global capital markets.

劉倩妏，2004，「以投資人關係為目的資訊揭露」，國立中山大學企業管理研究所碩士論文。

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