我国上市公司特征与证券分析师实地调研

The Characteristic of Listed Companies of China and Securities Analysts' Field Studies

关于分析师实地调研的话题近年来受到市场各方面的关注,从分析师实地调研动机来看,分析师倾向去什么样的上市公司实地调研呢?本文以2009-2012年被分析师跟踪的深交所上市公司为样本来回答此问题。实证发现,分析师倾向去机构投资者关注度更高、盈利能力更强、经营不确定性更大、公开信息披露质量更好、实地调研距离更近以及公司规模更大的上市公司实地调研。本研究有助于理解我国分析师实地调研背后的动机,以帮助投资者更为全面的解读分析师研究报告。

The topic of analysts＇ site visits has attracted much attention in the capital market. Which firms do the analysts pre- fer to pay site visits？ This paper tries to answer the question by using the sample of listed companies followed by analysts in the Shenzhen Stock Exchange from 2009 to 2012. We find that analysts are more likely to pay site visits to finns with higher institutional investors＇ attention, higher profitability, larger operating uncertainty, better quality of the public information disclo- sure, closer site visit distance, or larger size. This study helps us to understand the motivation of analysts＇ site visits, which can help investors comprehensively understand the analysts＇ research reports.