Abstract
<title>Abstract</title> <p>The emergence and large-scale application of new technologies have led to the continuous emergence of new tourism business forms and markets. The accompanying large amount of capital investment also indicates that the capital market is playing an increasingly important role in the continuous development and improvement of the tourism industry. This article focuses on the issue of investor relations management in the capital market. Based on the communication data between external investors and the management of listed companies recorded by the "Interactive Easy" and "Shanghai Stock Exchange e-Interaction" platforms officially operated by the stock exchanges in China's capital market, an empirical analysis is conducted on how the digital transformation of listed tourism companies affects investor relations. The results show that the digital transformation of listed tourism companies can significantly enhance the accuracy of their responses to investors' questions in the information interaction of the capital market. It is mainly achieved through three intermediary paths: first, enhancing the technological level of enterprises; second, strengthening information processing capabilities; and third, reinforcing the confidence of management. Furthermore, the positive impact is more prominent in state-owned enterprises, profit-making enterprises and those belonging to the emerging tourism industry. Further analysis reveals that as the quality of information interaction among listed tourism companies in the capital market improves, the recognition of them by external investors has correspondingly increased, thereby effectively alleviating the financing constraints faced by enterprises. This article expands the academic discussion in the field of digital transformation, providing empirical evidence for understanding how listed companies in tourism industry optimize investor relations through digital means. It also offers a reference basis for the regulatory practice of social media information platforms in the capital market.</p>