| The efficiency of capital market information has always been a hot issue in capital market research,and whether information can be transmitted in a timely and accurate manner is the key to the role of capital market in price discovery and financing.Securities analysts are a crucial participant in the capital market and play an essential role in disseminating information.They serve as the primary intermediaries of information in the capital market.With the development of Internet technology,more and more analysts use video conferencing,conference calls and other online methods to investigate companies.However,whether online research activities can effectively explore the company’s characteristic information and improve the efficiency of capital market information remains to be studied.Starting from analysts’ online research activities,the efficiency of information in the capital market is measured using stock price synchronicity as an indicator.The sample used in this research includes A-share listed companies on the Shenzhen Stock Exchange from 2015 to 2021.,and studies the impact of analysts’ online research activities on stock price synchronization,and the empirical results show that analysts’online research activities can increase the company-level information content in the stock price and reduce the stock price synchronization.Furthermore,this paper separately studies the moderating effects of two factors,analyst attention and institutional investor shareholding ratio,on the relationship between analyst’s online research and stock price synchronicity.The empirical results show that analyst attention plays a negative moderating role in the relationship between the two,while the institutional investor shareholding ratio plays a negative moderating role.Furthermore,from the perspective of heterogeneity of property rights,this paper examines the difference in the effect of analysts’ online research on stock price synchronization in state-owned enterprises and non-state-owned enterprises,and finds that the negative impact of analysts’ online survey on stock price synchronization is more significant in non-state-owned enterprises and not in state-owned enterprises.Finally,this paper concludes that analyst’s online research can significantly reduce stock price synchronicity.This research conclusion helps us reasonably evaluate the effectiveness of analysts’ online research activities,further understand the economic consequences brought by online research,enrich the relevant research literature on the factors affecting the synchronization of stock prices,and provide a reference basis for whether listed companies should actively use analyst research as an investor relations management tool. |
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