The Impact Of Analysts And Equity Characteristics On Stock Price Informativeness

Analysts are crucial broker of information in the securities market,and can promote the eflfective transfer of information.In addition,Chinese securities market has obvious characteristics of "emerging and increasing transition",the state-owned property of the company's equity may affect the external transmission of the company idiosyncratic information,thus influencing the efficiency of Chinese securities market information.Therefore,it is necessary to further study the potential impact of informational efficiency in securities market caused by analysts industry and the ownership nature of listed companies.This study adopts the data of Shanghai and Shenzhen A-share market data of listed companies from 2011-2015 as samples,and discusses the analysts' impact and the nature of equity's impact on stock price informativeness of China's stock market with the stock price synchronization as measure indicator,and introduces the ownership nature of Chinese listed companies defined by the nature of actual controller into the empirical analysis.The research shows that analysts,the nature of state-owned shares and the interaction between the two are significantly positively correlated with the stock price synchronization.This discovery shows that Chinese analysts cannot effectively transmit the company's characteristic information to the securities market with inefficient reflection of inherent value to company from stock market due to the nature of the state-owned equity.Besides,the interaction between the analyst and the nature of the state-owned equity further reduce the stock price informativeness,hindering the improvement of information efficiency in Chinese securities market.