Institutional Investor Visit's Information Disclosure,Earnings Management And Value Relevance Of Accounting Information In The Background Of Internet

In today's capital markets,institutional investors play an important role as important players.Institutional investors and listed companies are closely linked,so institutional investors have huge advantages in information access compared to individual investors.In addition to publicly available information on the open channels,institutional investors can conduct field research on companies to obtain trait information,Resulting in asymmetric information between institutional investors and individual investors.In 2012,in order to improve exchanges between investors and listed companies and protect the interests of small and medium-sized investors,the Shenzhen Stock Exchange set up the"Interactive Website",Asking institutional investors who conduct research on listed companies,the research information should be disclosed by "Investor Relations Activities Record" approach in the investor relations section,this article will study whether the disclosure of institutional research information can Reduce the asymmetry of capital market information,restrain the earnings management of the listed company's management and increase the value relevance of the accounting information.This paper first summarizes the relevant literature,then the SFC,the Shenzhen Stock Exchange and the Shanghai Stock Exchange for institutional research information disclosure system background combed,followed by manual collection of 2012-2016 Shenzhen Stock Exchange A-share listed companies disclosed in the "interactive",And analyzed the status quo of disclosure of listed companies from the aspects of disclosure frequency,disclosure time,company reception staff and disclosure contents,and then combined with the data collected,whether the disclosure of institutional research information is Empirical research on the correlation between the level of earnings management of listed companies and earnings.Empirical study found that the timely disclosure of institutional research information will reduce the information asymmetry in capital markets,restrain the management of the company's earnings management,improve the value of the accounting earnings correlation,disclosure of investor relations activity record of earnings management of listed companies To a lesser extent,the higher the value of the earnings is,the more relevant it is.The number of disclosures,the number of research institutions and the number of questions and answers,the more incremental information given to the capital market,the higher the extent of improving information asymmetry,the number of institutional disclosures disclosed by listed companies,The lower the degree of earnings management of listed companies,the higher the value of the listed company's earnings.The conclusion of this paper will provide the related departments to formulate relevant policies of institutional research on information disclosure and to provide relevant experience for narrowing the asymmetry of capital market information..