交通便利度、分析师实地调研与股价同步性

Traffic Convenience,Analysts*Field Research and Stock Price Synchronicity

分析师在证券市场上扮演着信息中介的重要角色,其私有信息挖掘能力具有显著的市场化价值。文章选择深圳证券交易所主板A股公司为样本,从私有信息获取方面,研究上市公司所在城市的交通便利度、接受分析师实地调研次数和股价同步性之间的关系。研究结论:(1)交通便利度与公司接受实地调研次数之间正相关;(2)伴随公司实地调研次数的增加,公司特质信息更显著地传递给市场,从而显著降低股价同步性;(3)相比于交通更为便利的公司,交通便利度低的公司接受分析师实地调研更能对股价同步性起到抑制作用。

Analysts play an important role of information intermediary in the securities market,and their private information mining ability has significant market value.This paper selects A-share companies on the main board of Shenzhen Stock Exchange as a sample to study the relationship between the traffic convenience of the city where the listed companies are located,the number of field investigations by analysts and the synchronization of stock prices from the aspect of private information acquisition.Research conclusions:(1)there is a positive correlation between traffic convenience and the number of field investigations;(2)With the increase of the company’s field research times,the company’s characteristic information is more significantly transmitted to the market,which significantly reduces the synchronization of stock prices;(3)Compared with companies with more convenient transportation,companies with low transportation convenience accept analysts’field research,which can inhibit the synchronization of stock prices.