Analyst Followers And Their Impact On Share Price Synchronization

Securities analysts play an important role as a link and bridge between the market and investors,and help investors to obtain the appropriate market information,so that they can make the right decisions.Securities analyst access to information,some from published in the announcement of listed companies and the financial statements of foreign public documents,some analysts from the individual by telephone,interview,investigation and other channels to private information.Securities analysts make the analysis and forecast according to their own professional knowledge,and pass the effective information to the market through the published reports.It can be said that the securities analyst report by way of transfer of information to the investors in the market,investors increased access to information,improve the amount and quality of the information,to improve the effectiveness of the stock market,improve the efficiency of information transmission has an important role.Therefore,this paper uses the latest data Chinese small and medium-sized enterprise board in 2011-2016,from the perspective of analyst following,analyzes the main factors which influence the behavior of analysts,and on this basis,in-depth analysis of the analyst with stock price synchronicity in the hope to provide some ideas for the research to the supervision of the securities market.At the same time help regulators and investors recognize the role of analysts,and improve the efficiency of capital market.At the same time,constructs the relationship model,analysts' following and stock price synchronicity follow the model of influencing factors such as the number,statistical analysis and empirical analysis for the sample data,the model between the multicollinearity of variables tested,while regression analysis using endogenous processing,robustness test,increase the quantity of samples variable substitution,remove the maximum and minimum values and other aspects,so as to ensure the validity of the results of the empirical analysis.According to the results of empirical analysis,this paper puts forward the corresponding policy recommendations.It mainly includes perfecting the relevant standard system of securities analysts,improving the quality of information disclosure of listed companies,improving the professional quality of securities analysts,and rationally selecting listed companies.This paper mainly draws the conclusion: First,the number of analysts and the size of listed companies,stock turnover,the company's growth showed a significant positive correlation,and the stock concentration was negatively correlated.The greater the size of the listed companies,the higher the turnover,the better the growth of the analyst's attention is higher,the more the number of analysts tracking,and the more concentrated equity,the number of analysts follow the relative number of less.Second,analysts predict the deviation value and the size of enterprises,the largest shareholder shareholding ratio,has a more significant negative correlation.The larger the size of the listed company,the higher the proportion of the largest shareholder holdings,then the analyst predicted the smaller the deviation,the higher the accuracy of analysis.Third,analysts' following number and share price synchronization showed a negative correlation between the number of analyst's following number of more,the lower the stock price synchronization.Fourth,the analyst's earnings forecast accuracy and stock price synchronization was negatively correlated,that is,the higher the accuracy of analyst earnings forecast,the lower the stock price synchronization.