IR (investor relations)
Eye earl/relations/for investor public information/financial affairs public information

Enterprise (issue body of stock debenture and the like), it is the activity which discloses the information which offerer of fund such as investor metallurgy molten system seeks voluntarily.

The investor referred to here not only the existing shareholder debenture possession person, also information mediator such as buyer, and analyst and rating agency of latent stock debenture becomes the object. Simply not only doing the institutional disclosure (system accounts and disclosure) whichis decided with law and the like, while taking the various IR object people and communication, that those which offer the information which is sought. Idea and the management strategy of the respective company, you can list the achievement, the composition of finances strategy, allotment policy and investment policy etc. as the information which it offers.

Rather than it forms the stock price where as for the purpose of IR, enterprise value of the respective company is appraised legitimately in the capital market, acquiring the market value which responds to that, is desirable it is to obtain the effect such as cost of procuring money decrease, calling information activities, it is the activity which financial affairs or top management should tackle positively. In addition, by the fact that it feeds back in information of management and disclosure, it is expected the opinion the investor and the analyst etc. by communicating, that it keeps raising the quality of management.

In the United States the individual stockholder increased from 1950 age, the former shareholder who consists of wealthy layer reached the point where the correspondence which differs is required. With GE, to "" effective measurement and shareholder several statistics and attitude investigation of issue "the general meeting of shareholders corresponding" "investment adviser and the analyst et. al. communication" of education "" "annual report and the like" the activity such as "information transmission and advice the concept which is called to the axis, IR was created to the management on the basis of the thought and demand of the shareholder". There was many a thing where simply, early IR is considered portion of PR (enterprise public information) activity.

When it becomes the seventies, IR keeps strengthening the side, institutional investor measure which rises suddenly. The private enterprise's annuity which is the main force of the institutional investor at that time is called the Wall Street rule (Wall Street Rule), relatively the speculation asset management which buys and sells in short term was done according to the achievement of enterprise. Then, IR of this time reaches the point where emphasis is placed in the surface talks explanatory meeting of the analyst who produces big effect on buying and selling conduct of the institutional investor.

When it becomes the eighties, scale of private enterprise's annuity became enormous, value lowered with itself sale and because the ?, value rises with buying, profitable buying and selling became impossible, the long-term diversified investment which is based on portfolio theory became main current. But, when the investor of long-term possession increases, the movement of stock price became scanty, appraisal of the market reached the point where the management which impairs the shareholder profit not to be transmitted to the manager, is conspicuous. In addition M&A (merger and purchase) increases rapidly in the eighties, reaches the point where expedient of the poison pill and the like is used because the manager defends enterprise from be hostile purchase, but, the investor being critical, was vis-a-vis this. Because of that, as the expedient which whether the shareholder desires what it reaches the point where IR is seriously considered is known.

The nineties which continues, the Avon letter (communication of the American federal Ministry of Labor) 1988 to opportunity, the institutional investor which uses right to vote increased, reached the point where the shareholder action that is taken it sends the imitation director to board of directors. The nineties halfway, the individual investor which repeats buying and selling by way of Internet increases, width of the investor spread e.g., furthermore the employee investor which stock option is granted appears.

Furthermore social considering ethical standard in addition to the direct profit, investing being active, seeking the social responsibility of enterprise the shareholder who proposes increases, the concept of SRI (social responsible investment) appears. In order in such, for the match attitude itself for IR activity to make the material of investment judgement even, it becomes.