Investor relations management，originated from the United States，is a product of the western mature capital markets.It increases the satisfaction of investors with companies by strengthening information communication with investors.This paper，based on previous scholars research，redefines the constituent elements of IRM.On the basis of review of western literatures in recent years about the relationship between the elements of IRM and cost of capital，this paper also summarizes some experience and enlightenment contributing to the development of our IRM in order to promote our theorists and practitioners to explore and build the IRM model suiting to our own capital market features.