Research On The Relationship Between The Horizon And Value Of Securities Analysts

The reason why securities analysts can make forward-looking judgments is of great relevance to the breadth and depth of the horizon of securities analysts.The analysts' horizon cover everything that can be seen from a standpoint.Securities analysts comprehensively and systematically understand the essential characteristics of the industry.This is different from investors and ordinary analysts.The value of securities analysts is mainly to reduce the transaction costs of the securities market,communicate between investors and listed companies by processing information.The most authoritative and generally recognized by the industry in securities analysts in China is the best analyst rated by New Fortune Magazine.The value of securities analysts is achieved through the New Fortune ranking,and the New Fortune rating affirms the value of short-listed analysts from a certain perspective.This paper uses the data from Chinese securities analysts from 2014 to 2015.Using the Logistic model to examine the analysis based on analysts' work experience,efforts,and work environment.The breadth and depth of the division's horizons influence the analyst's ability to rank as the best analysts for the New Fortune,and thus examine the relationship between the analysts' horizon and value.This paper finds that the simple accumulation of analysts' experience does not increase analysts' value.The higher the degree of analysts' effort,the easier it is to be selected as a star analyst and increase the value of analysts.The analysts' horizon represented by the analysts' work environment has a significant positive correlation with the analysts' value.The research in this paper enriches theoretically the application of the relevant theory of view,and enriches the research on the theory of securities analysts' value.In practice,the needs of investors have become more diversified,and different funds have different requirements.These factors have led to more and more demand for the differentiation of securities analysts' research services.Therefore,it is of great theoretical significance and practical value to study the relationship between securities analysts' horizon and value.