Research On The Correlation Between Institutional Investors' Site Visits And The Quality Of Accounting Information Of Listed Companies

In corporate governance,the role of institutional investors has received increasing attention,and they play an important role in improving the listed companies' governance structure and improving the transparency of corporate information.Since 2012,the Shenzhen Stock Exchange has launched the “Investor Relations” section on its website,and the information on the site visits of listed companies receiving investors has been disclosed to the outside world in a timely manner.At present,site visits has become one of the most important ways to obtain company information in addition to publicly disclosed periodic reports and temporary announcements.Then,whether institutional investors will have a substantial impact on the quality of accounting information of the companies under site visits is a problem worthy of attention.This paper takes the Shenzhen Stock Exchange A-share listed company from 2013 to 2015 as the research object,and studies the correlation between site visits of the institutional investors and the accounting information quality of listed companies.Through in-depth research,the research cost and information environment are further explored.The results show that:(1)The site visits of institutional investors have a governance effect on the listed companies,they will not only have a positive impact on the quality of accounting information of listed companies in the current year,but also in the next year;(2)Compared with companies with lower research costs,the site visits of institutional investors will have a stronger impact on the quality of accounting information of company with higher research costs;(3)The site visits of institutional investors have a stronger impact on the quality of accounting information of listed companies in a poor information environment compared to listed companies in a better information environment.The research results have practical significance for the regulatory authorities,academic circles and investors.Firstly,it is necessary for relevant regulatory authorities to strengthen the institutional construction of the site visits of institutional investors.Secondly,this paper finds that the site visits of institutional investors is another major factor affecting the quality of accounting information which will further enrich the research on this area.Finally,the research results of this paper will also improve the investment decision-making ability of investors.