Governance Environment, Ownership Structure and Investor Relations Management about Coal Listed Companies in China

Coal listed companies play an important role in the structure of stock market and investor relations management is the key operation factor in the competition of investment capital. By the method of descriptive statistics and least squares regression about the cross-sectional data of 2008, we found that in addition to the company´s own characteristics, the quality of investor relations management is a major factor in the governance of coal listed companies. The ownership structure and governance environment significantly affect the level of investor relations management. The equity balance degree on the impact of investor relations management level is significant, and companies in which the nature of the ultimate controller is government, the level of investor relations management is positive, means that government served to protect investors in enhancing the transparency of company information.