The Impact Of Analysts' Site Visits On The Efficiency Of Capital Market Information

Securities analysts are an important part of the capital market.As an information intermediary between listed companies and investors,they usually use their professional skills and professional advantages to invest in the collection of public and non-public information of listed companies.The person passes information that reasonably reflects the true value of the security.Although the topic of analysts' site visits is more and more hot,the value of analysts' field research activities has yet to be verified.This paper takes Shenzhen A-share listed companies during 2012-2017 as a research sample.Firstly,it introduces the development of securities analyst industry the institutional background of site visits,and statistics on the analyst's field research intensity and industry distribution.Stock price synchronization is used as a measure of the efficiency of market information,and the main findings are as follows:(1)The more number of analysts' field surveys,the lower of stock price synchronicity,indicating that analysts can obtain more company-level trait information,so that more shares can be incorporated into stock price.While the proportion of information at the industry and market level is reduced,thereby improving the efficiency of information.(2)Compared with the bull market,analysts' field research will strengthen the role of stock price synchronization in the bear market.Compared with the highly competitive listed companies,listed companies in low-competition industries are subject to analysts' stock price synchronization.Compared with companies with better information disclosure quality,analysts' on-the-spot investigation of listed companies with poor information disclosure can reduce stock price synchronization and increase the efficiency of capital market information.(3)Based on the earnings response coefficient model to reflect the efficiency of capital market information,it is verified that analysts' field research can significantly enhance investors' reaction to earnings.(4)This paper also replaces the stock price synchronization measurement method,analyst field research intensity measurement indicators and industry competition level measurement indicators,and verifies the previous assumptions.The research is conducive to the in-depth understanding of analyst behavior and field research activities,providing empirical evidence,and also making reasonable suggestions for the development of China's capital market.