The Validity Test Of Analyst Following

Securities analyst is an important part of the capital market, and is created by the development of capital markets. As an important way of direct financing, and with the deepening of the reform, the bond market has achieved a great breakthrough either in total or product categories. When planning the next stage of capital market, in order to encourage qualified enterprises to raise funds through the issuance of corporate bonds, the CRSC will actively and steadily develop the bond market. While taking into account the characteristics of debt financing, and be driven by a good policy environment and cost factors, the listed will prefer the debt financing. The listed companies need to reduce the costs and achieve the stated purpose of raising financing, which has become the concern of the capital market. The securities analyst also plays a unique role in the process, which became the focus of this study.Securities analyst has unique advantages in a comprehensive public information environment and has channels of information resources, which can turn self-owned private information state into the state of the open market, and ultimately adjust the market pricing to the semi-strong effective state, and finally the information content of the entire market will be upgraded. Therefore, the basic logic of this study is due to the involvement of analysts, investors can more deeply and correctly understand the disclosured information of listed companies, and the negative impact of information asymmetry could be reduced, and the financing costs of the listed could be reduced.This article contains four chapters. The first chapter is foreward, this chapter described the research background, research meaning, the research literature at home and abroad, as well as the research framework. Chapter Ⅱ is the analyst behavior theory of the cost of debt financing. The chapter starts from the meaning of the behavior of analysts to explore the impact mechanism of the interaction between the analysts, investors and listed companies, further elaborats the analyst through the transmission of information, supervision and expanding the investor base to reduce the cost of debt financing of listed companies role. Chapter Ⅲ is the empirical test of the hypothesis, which includes the hypothesis development, study design, variable declaration, the regression results and further study of five parts. Chapter four is the conclusions and policy recommendations, the key point of this paper are summarized in this chapter, and the lack of research and the direction for further improvement have been pointed out.