A Study On The Effect Of Securities Analyst Tracking On Stock Price Volatility Synchronism

With the continuous and rapid development of China's securities market,the efficiency of the securities market has gradually become an indicator of the development level of the securities market.Volatility synchronicity refers to the phenomenon that the price of a single stock in the stock market rises or falls with the overall market price.Investors in the market can use the stock price as a basis for evaluating the level of a listed company.In China,there is a high stock price fluctuation in the stock market.In the same sector,the share price of the share price will rise with the share price of the leading enterprises,and the share price of the same industry tends to be the same.Securities analysts can act as external supervisors and information intermediaries in the securities market.Analysts can monitor the day-to-day operations of listed companies by tracking them,and they can improve the disclosure of listed companies in the market by publishing research reports.Therefore,this paper studies the influence of securities analysts on the volatility of share price,which is of great significance to improve the allocation efficiency of securities market.This article selects the a-share listed companies in Shanghai stock exchange from 2014 to 2016 in three years of data to explore the securities analyst to track,the relations between earnings management and the share price volatility synchronicity,and drew the following conclusions.Securities analyst tracking will curb the earnings management behavior of listed companies;The earnings management of listed companies in the bull market and bear market has a different influence on share price volatility synchronicity,earnings management of listed companies will be improved in a bull market fluctuations in stock price synchronicity,and in a bear market,on the other hand;In a bull market,the positive correlation between the earnings management of the listed company and the volatility of share price has weakened as the number of analyst tracking increases.In this article,through exploring the correlation of earnings management of listed companies and the share price volatility synchronicity,verify the relevant scholars trait information will affect the share price volatility of stock price synchronicity,which provide the argument for "the concept of information efficiency".This article also through research analysts trace the inhibitory earnings management behavior of listed companies as the breakthrough point,from the point of view of an external supervisors securities analyst impact on share price volatility synchronicity,and provide the basis for external supervision of securities analyst role.