Investor relationship management is the bridge and link between listed companies and investors. Recently, the guidelines for the management of investor relations of listed companies issued by the CSRC was officially implemented, marking that the management of investor relations of listed companies will reach a new level and play an important role in the discovery of capital market prices, the protection of small and medium-sized investors and the high-quality development of listed companies. Good investor relationship management can reduce the information asymmetry between listed companies and investors, and then improve the loyalty and satisfaction of investors, and finally enhance the company value and investor return. At present, in China's capital market, the ownership structure of listed companies is generally concentrated, companies lack the motivation to actively communicate with investors other than controlling shareholders, and the problem of capital market information disclosure has been criticized; At the same time, due to the small and scattered shareholding ratio, small and medium-sized investors tend to "speak lightly of a small number of shares", lack of ways to actively participate in corporate governance, and the effect of communication with listed companies is not ideal. In the new era of comprehensively deepening the reform of the capital market and entering the comprehensive registration system, ensuring that investors, especially small and medium-sized investors, fully, truly and accurately obtain information is the key goal of investor relations management. In this regard, it is necessary to reform and innovate investor relations management from many aspects and angles. We should focus on improving the quantity and quality of information disclosure of listed companies. For mandatory information disclosure, the listed company shall enhance the readability of its contents, be concise, clear and easy to understand, and ensure that the information disclosure is comprehensive, true and accurate, so as to prevent false records or major omissions, so as to form effective market expectations; We should also pay more attention to voluntary information disclosure, take the initiative to disclose performance forecasts, internal control information, social responsibility reports or ESG reports, and disclose more soft information beyond accounting figures and related to enterprise operation and corporate governance, so as to help investors better form effective judgments. We should constantly enrich the interactive channels between listed companies and investors. Listed companies should make full use of traditional communication platforms such as Shanghai Stock Exchange e-interactive, Shenzhen Stock Exchange interactive, and investor education base; We should also take the initiative to innovate communication methods, and use online and offline means such as teleconference and new media platforms to broaden the channels of interaction and exchange with investors. In addition, listed companies should also pay attention to the performance presentation, cash dividend presentation and other key issues, as well as the on-site research activities of investors. At present, under the initiative of the exchange, the proportion of listed companies holding performance presentation meetings has increased from 43% in 2018 to more than 90% in 2022. However, how to improve the quality of the performance presentation and enhance the interaction with investors, so that the key minority of the company can directly listen to the opinions and demands of investors, and avoid information disclosure becoming a "one-man show" of listed companies, is still an urgent problem to be solved. We should actively arouse the shareholders' awareness and exercise awareness of investors, especially small and medium-sized investors. At present, the overall enthusiasm of minority shareholders to participate in the general meeting of shareholders and exercise their rights is not high, and the participation proportion is only about 5% of the total shareholders. Therefore, it is necessary to eliminate various obstacles to the voting of minority shareholders, create a convenient mechanism for minority shareholders to participate in the general meeting of shareholders, and guide more minority shareholders to actively exercise and protect their rights. We should give full play to the guiding role of public welfare investor protection institutions. The service center for small and medium-sized investors of China Securities Corporation should use the background of its own regulatory small shareholders to help awaken the awareness of small and medium-sized shareholders to participate in corporate governance through mechanisms such as ex ante shareholding exercise, in-process securities dispute mediation and ex post securities support. It should be pointed out that while strengthening the management of investor relations, it is also necessary to prevent listed companies from carrying out selective disclosure, misleading statements and unfair disclosure of all kinds of leaked inside information, or manipulating stock prices in the name of investor relations management. The new securities law has added new chapters on information disclosure and investor protection, and clarified the mechanism of class action, providing legal protection for the management and supervision of investor relations. The CSRC and other relevant departments shall conduct special inspections on the management of investor relations, and supervise and regulate the illegal acts of individual listed companies with the deterrent and exemplary role of random supervision; As the first line of defense for information disclosure supervision, stock exchanges should make full use of the first-line regulatory inquiry means to timely conduct regulatory inquiries on non-conforming investor relations management behaviors, so as to protect the rights and interests of investors. (Xinhua News Agency)