A Research On Investor's Preference For Analysts' Roles

This paper studies investors' preferences of analysts' information intermediary role using the response time of analyst earnings forecast revisions to the company's disclosure.The results are as follows: 1.Analysts play the role of information interpretation role and mining role at the same time in the capital market.2.In general,the investors as a whole show the preference for the mining role.3.Taking into account the different information characteristics of three types of reports-annual report,quarterly report and major event announcements,the result shows that for three types of company reports investors don't exactly have same preference for analysts roles.In addition,this paper qualitatively analyzes 110 analyst research reports in order to further verify the effectiveness of the research methods.The innovation of this paper is to expand the research focus from annual reports to corporate disclosure sets with three types of reports,which provides new empirical evidence for the relative importance of analysts' role in China's capital market.To some extent,analysts' earnings forecasts bridge the gap between corporate accounting information and financial capital markets.Therefore,the topic studied in this paper—the analysts' information intermediary role—has a certain significance for the optimization of accounting information and the effective operation of the capital market.