Analyst Tracking Network,Financing Decision And Enterprise Value

At present,China's analyst industry is gradually developing,and it continues to affect the activities of domestic capital markets.The behavior characteristics of capital market entities have received extensive attention.In 2017,the National Natural Science Foundation of China's “China-based Accounting Auditing and Corporate Finance Key Scientific Issues” major project guide identified five research directions,including capital market financing and stakeholder behavioral motives,and information agency behavior characteristics.The research on the characteristics of capital market behavior of the main research objects further shows that the influence of the actors in the emerging capital market on the behavior of listed companies and the efficiency of capital markets is more and more important.Relevant research is not only for listed companies,but also for investors.Decision-making and regulatory authorities can provide a certain degree of reference and reference for the formulation of targeted regulatory measures.With the advancement of related research,research on the role of analysts has gradually emerged in recent years.It is no longer limited to analysts as a means of alleviating information asymmetry between companies and investors.Domestic and foreign scholars will focus on the intermediary role of analysts.Research has gradually shifted to the analysis of the impact of analysts' predictive behavior and the analysis of economic consequences.Some scholars have begun to focus on the exploration of analyst governance effects,and through relevant analysis gradually recognize the important relationship between analysts and corporate governance,whether it is Based on earnings management or enterprise value,the external governance effect of analysts' tracking behavior can not be ignored.Its research is conducive to better understanding the external governance mechanism and interaction of listed companies to maximize governance performance.At the same time,the research of analysts following up and the mergers and acquisitions behaviors of individual companies,investment or financing behaviors,and aim to understand the impact of analysts on individual companies,and thus to some extent alleviate the information asymmetry between investors and listed companies.In recent years,there have been more and more related researches on relational networks,mainly focusing on social networks,senior management networks,and directors' networks.The research on foreign analyst network and its economic consequences mainly explores the social relationship between analysts and directors.The economic consequences of the relevant scholars use social network analysis to build the relationship between analysts and directors.The network research shows that the closer the relationship between analysts and directors,that is,the higher the network center,the more predictive behavior of these analysts will be.The performance will be better,to a certain extent,indicating the information advantage brought by the analyst relationship network and thus affecting its professional achievements.Due to the analyst tracking network can also be regarded as a kind of relational network,but currently based on analysts.The research of tracking network is still blank.As the advantage of information resources,whether the relevant information resources of analysts will be transmitted through its extensive tracking network,and promote the exchanges between the management of listed companies and analysts and the management of listed companies.interactive? Does the analyst's tracking of the information environment formed by the network have an impact on the financing decision-making relationship of listed companies? If this effect exists,will there be a heterogeneity in the degree of information transfer? Which in turn affects the value of relevant company decisions? This is of great significance for exploring the new role-playing of analysts,expanding the scope of research on relationship networks,broadening the factors affecting corporate financing decisions,and researching the sources of cohort effects.It also further develops investors' investment value judgments,management decision-making behaviors,and regulatory authorities.Sexual regulatory policies provide more reference and reference.The main research contents of this paper are as follows:First,it studies the phenomenon of corporate financing decision-making clusters caused by analysts tracking the network.The study found that:(1)China's securities analysts track the existence of the same group effect among listed companies' financing decisions,that is,when there are more companion companies that are tracked by mutual analysts and adopt a certain financing method(especially borrowing and additional financing),It is easier for companies to adopt the same financing decisions,confirming the role of analysts in tracking information transfer between company financing decisions;(2)the same group effect of financing decisions comes from peer companies in different industries,that is,there are more common analyst tracking When adopting a financing company's companion companies in different industries,the company is more likely to adopt the same financing decision,and the same group effect is more obvious,which illustrates the usefulness of analysts in the information transfer between different industrial companies in the company's financing decision-making;When analysts track the network's leading companion companies to adopt certain financing decisions and there are more common analyst tracking,non-leading companies are more likely to adopt the same financing decisions.This financing decision group is a follow-up strategy imitation mechanism.Otherwise,there is no related phenomenon.Secondly,the impact of different types of analyst tracking networks on the degree of financing decisions of listed companies is studied.The study found that through different types of analysts tracking the network's classification analysis,it is found that different types of analysts track the network-induced financing decision cluster phenomenon has a certain degree of difference.Overall,whether it is the influence of different industry companion companies or leading companion companies,high-experience,non-star,high-traffic analysts and small-scale brokerage analysts track the network-induced financing decision-making phenomenon is more obvious,the company is easier Adopting the financing decision of the companion company under the above-mentioned type tracking network,which also shows that the above four types of analyst tracking networks are more effective for the financing information transmission of different industrial companies and leading companies,and it is easier for the company to use relevant information to make financing follow-up.decision making.Thirdly,it studies the economic consequences of the company's financing decision-making group behavior caused by the analyst's tracking network and its type difference.Generally speaking,the listed company makes the lending and financing method that is more prone to financing decision-making group behavior.The relevant financing decisions can have different impacts on the company's value,mainly in accounting performance and market performance.The study found that:(1)The listed company lending financing decision-making group behavior has a significant negative impact on the company's accounting performance and market performance,to a certain extent,although the increase in the number of co-analysts has promoted the company and its peer companies to lend.The convergence of financing decisions,but this kind of follow-up behavior does not enhance the company's value.On the contrary,it damages the company's value and supports the trade-off hypothesis that the convergence of the scale of borrowing and financing is not a positive margin for each company.Contributions,different loan rates have different effects on the company's sustainable development.The rising loan rate may make some companies' marginal tax shield revenues less than the marginal financial distress costs.At this time,continuing to increase lending financing will lead to greater finance.Risks and operational risks ultimately damage the company's value;(2)The listed company's additional financing and group behavior has a significant positive impact on various performance indicators.As the number of co-analysts increases,the company's financing decisions can Enhancing company value further confirms analyst tracking network in corporate finance decisions The effectiveness of information transfer and its economic consequences,indicating the nature of the financing convergence strategy related to follow in the way of additional financing to inject quality assets into the company,its comprehensive performance has been significantly improved,and further enhance the company's capacity for sustainable development,to further enhance the value of the company.The main innovations of this paper are:First,for the first time,the analysts tracked the network-induced financing decision cohort effect,confirming that the analyst tracking network as a source of financing decision cohort effect,and discovering the new role of analysts in the information transfer between corporate financing decisions.In view of the lack of relevant research on the role of analysts at home and abroad,from the relevant pre-documents based on the role of analysts,although research on the role,function and role of analysts already exists,most of the literature focuses on exploring analyst tracking.Behaviors mitigate the role of information asymmetry between investors and listed companies.Some of the later studies began to involve analysts on the impact of management behavior.In general,the exploration of the role of analysts has been to ease the role of information asymmetry between investors and listed companies,analyst governance and value discovery,and other role exploration has not yet been involved,which is also the study of this article,especially emerging capital.The role of market analysts provides insights and possibilities.Second,the paper broadens the research on analyst tracking,relationship networks,and especially analyst tracking networks.There are few related researches on foreign analysts tracking networks,and there is still a gap in domestic research.Since an analyst will track multiple listed companies every year,it will release annual earnings forecasts for many listed companies(China only has annual forecasts,Foreign countries are quarterly forecasts)and related rating reports,and each listed company will be tracked by multiple analysts.To some extent,analysts and listed companies have formed a cross-tracking network structure,due to the processing of such data.The difficulty and analyst tracking network itself can be regarded as a small-scale information environment.It is of great significance for analysts to track the impact of the information environment formed by the network on the company's decision-making and the in-depth exploration of the relevant network economic consequences.Thirdly,based on the fact that the analyst tracking network may lead to the same group effect of the company's financing decision,this paper deeply explores the impact of tracking network heterogeneity and the related group behavior,and further understands the economic consequences of the same group phenomenon brought by the tracking network.To a certain extent,it enriches the literature on the impact of corporate value and the economic consequences of tracking behavior.By introducing the accounting performance and market performance indicators of listed companies under the analyst tracking network,this paper studies the value impact of the financing methods with the same group behavior.Specifically,the peer company financing decision variables by observing the number of co-analysts It analyzes the impact of the company's value indicators,provides a certain empirical basis for the factors affecting the financing decisions of listed companies and their economic consequences,and puts forward relevant suggestions from the perspectives of analysts and listed companies,in order to give full play to the role of analysts in tracking the network information environment and enhance The financing efficiency of listed companies provides a certain degree of reference.