Research On The Impact Of Analyst Tracking Intensity On Enterprise Innovation Performance

China's capital market is not perfect,enterprise information transmission is not sufficient,the role of analysts appears to be more important.By studying the macroeconomic situation,industry status,corporate characteristics and operating conditions,analysts make predictions about the future of the company,assess the value of the company's investments,and provide investment advice to customers.On the one hand,analyst tracking,can improve enterprise information transparency,ease corporate financing constraints,etc.,for enterprise innovation activities to provide good conditions,promote the development of enterprise innovation activities.On the other hand,the enterprise's own information transparency is different,it also affects the analyst tracking behavior of the economic consequences,such as enterprise innovation.This has a certain impact on investors ' investment decisions,enterprise development and the real economy.Based on the data of Shanghai and Shenzhen A Shares for 2009-2017 years,this paper studies the relationship between analyst tracking intensity and enterprise innovation performance,as well as the regulating effect of different information transparency on the degree of influence of analyst tracking intensity on enterprise innovation performance,and classifies it according to the nature of enterprise.The article will also open the proportion of Weibo and state-owned shares as an alternative variable of information transparency,and analyze its impact on the relationship between analyst tracking and enterprise innovation performance.The conclusion shows that: first,the innovation performance of enterprises is positively correlated with the tracking intensity of analysts,and second,the sensitivity of enterprise information transparency to reverse regulation of enterprise innovation performance is sensitive to the intensity of analyst tracking,that is,the higher the transparency of enterprise information,the lower the sensitivity of enterprise innovation performance to analyst tracking intensity;The lower the transparency of enterprise information,The higher the sensitivity of enterprise innovation performance to the tracking intensity of analysts;third,the opening and effective use of Weibo to a certain extent to reflect and enhance the information transparency of enterprises,enterprise innovation performance on the sensitivity of analyst tracking has marginal benefits,but the impact of different types of patents are different;Iv.the higher the proportion of state-owned shares,The greater the sensitivity of enterprise innovation performance to analyst tracking intensity.Studies have found that analysts tend to track companies with good innovation performance.In order to solve the endogenous problem of analyst tracking intensity and enterprise innovation performance,this paper uses tool variable method to test the robustness of this conclusion,and still draws the same conclusion.These conclusions show that the analyst tracking behavior not only has an important impact on the capital market,but also is important to the real economy of the enterprise.