证券分析师实地调研影响因素研究——基于信息需求的投资者关注视角

Research on Influencing Factors of Securities Analysts' Site Visit——Perspective of Investor Concern Based on Information Demand

以2014—2017年深交所上市公司的证券分析师调研数据为样本,以投资者信息需求为基础的机构投资者、个人投资者对上市公司的关注度视角,研究卖方分析师对跟踪公司实地调研的动机及影响因素。研究发现,与上市公司相关的机构投资者关注代理变量,即基金持股比例和持股机构家数,以及深交所"互动易"平台的问答数据代表的个人投资者关注都会影响分析师实地调研的决策。

Based on the securities analyst survey data of listed companies on Shenzhen Stock Exchange from 2014 to 2017,this paper studies the motivation and influencing factors of sellers'analysts'on-the-spot research on tracking companies from the perspective of institutional investors and individual investors'attention to listed companies.It is found that the agency variables of institutional investor concern related to listed companies,i.e.the proportion of fund holdings,the number of institutional investors and the question and answer data of the Shenzhen Stock Exchange"Interactive Exchange"platform,will influence the decision-making of the field survey.