| Corporate Site visits means that institutional investor or analysts and other individuals or organizations tour the firm's operating and production activities,and obtain necessary information by observing the operation of the company,visiting the company's production equipment,communicating with employees and managers.Compared with other methods,site visit has the advantages of high accuracy,strong authenticity,timely and effective,and high initiative.Through the communication with management and employees,direct observation and understanding of the company's products and factories,researchers can obtain effective supplements other than public information,thereby reducing the information asymmetry of listed companies,helping investors to correctly understand the intrinsic value of the company,and making rational stock trading decisions.In China's current securities market,analysts and institutional investors go to listed companies to conduct site visit has been a common phenomenon.From 2012 to 2017,around 80% of Shenzhen Stock Exchange listed companies received site visit of institutional investors and analysts,so it is important to investigate the effectiveness of it.Is site visit a way of getting more information,or being a mere formality? Can site visit activities improve capital market information efficiency and reduce information asymmetry? If so,is this effect affected by other factors? These questions will be explored in this article.Since 2012,the Shenzhen Stock Exchange requires listed companies to publish “Investor Relations Record Form” within two working days after receiving site visits,to disclose the types of investor relations activities,participating units and participant,and other main contents.This provision provides an effective and reliable source of data for our research.This paper pays attention to the economic consequences of field research from the perspective of information asymmetry,and chooses stock speculation as the proxy variable of economic consequences,mainly because the theory holds that improving the transparency of corporate information will reduce information asymmetry in financial markets,thus inhibiting stock speculation.The causal relationship to stock speculation is clearer and more direct.This article selects Shenzhen Stock Exchange listed companies from 2012 to 2017 as research samples,and uses the unique data of the listed company's field research information disclosed on the website of Shenzhen Stock Exchange to test the impact of institutional field research on the speculative degree of listed companies' stocks.The conclusions of this paper are as follows: First,under other conditions,the on-the-spot investigation of institutions is conducive to restraining the degree of speculation in stocks;the more the number of on-site investigations,the number of institutions and the number of people,the lower the speculation in the stock market.Second,under the same conditions,the depth of research questions of institutional investors and the importance of the core management(Chairman or General Manager)participation in interaction can inhibit stock speculation.Third,this paper finds that the asset structure and characteristics have a certain impact on the field research and stock speculation relationship.For companies with more R&D investment and intangible assets,institutional field research has a stronger inhibitory effect on stock speculation.Fourth,the quality of accounting information also has a certain impact on the relationship between institutional field research and stock speculation.For companies with poor accounting information,field research has a stronger inhibitory effect on stock speculation.This research helps us to further understand the economic consequences of corporate site visits.It also has reference value for the company's regulation and improvement of the level of voluntary disclosure,It will contribute to promote the healthy interaction between listed companies,securities market intermediaries and investors. |
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