| As one of the most important financing ways of enterprises,IPO has been paid much attention by the media,securities analysts and investors.Under the background that the information environment of China's capital market is not perfect,the attention of all walks of life can alleviate the information asymmetry of the new stock market to a certain extent.From the perspective of current research,from the perspective of attention,the domestic academia mostly study the impact on short-term performance of IPO based on the perspective of media or investors.However,as a derivative industry in the stock market,the securities analyst industry can spread information and excavate information in the capital market.There are several ways for securities analysts to excavate information:(1)field investigation;(2)Telephone interviews;(3)reading performance reports.Through these channels,securities analysts can track and analyze the information of the company and disclose the past,present and future status of the listed companies to investors in the form of earnings forecast and stock recommendation rating.Investors can make use of these information and have a more comprehensive understanding of the listed companies and raise the capital market.Development efficiency.However,compared with the foreign capital market,China's securities market started late,the development is not mature,less research on securities analysts,more concentrated in a certain field,without comprehensive research.Therefore,in China's capital market,analysts are concerned about whether it has the function of raising the information content of new shares,reducing investors' concerns about the uncertainty of listed companies' management,promoting stock purchase demand and increasing stock returns,which is worth further studying and discussing.First of all,this paper sorts out the related research status at home and abroad,and puts forward the research hypotheses based on our system background,effective market,information asymmetry,signal transmission and other basic theories.Then the new listed companies of Shanghai and Shenzhen A shares from 2005 to 2014 are used as samples to test the hypothesis of this article by a variety of empirical methods.The empirical research,first of all,from the existing research analysts,analysts pay attention to solve the traditional endogeneity problem variables exist,the analyst residual concern degree this concept,using multiple linear regression model excludes the company characteristic factors of the attention of analysts.Secondly,according to the analyst residual attention ranking,and according to the size of the remaining analysts concerned the total sample of IPO company is divided into three sub groups roughly equal to the number of samples of three groups were compared by IPO company for 1 years and the market adjusted factor model and 3 year rate of return difference.Finally,it takes the analyst's remaining attention as the explanatory variable of the excess return of new stock,and analyzes the relationship between the two.The empirical results show that:(1)the basic characteristic factors of the company level do have a significant impact on the analyst's attention;(2)after excluding the basic factors that influence analysts' attention,analysts' surplus can help investors get a relatively good return on investment in a certainwindow period(1 years);(3)however,for a longer window period(3 years),the surplus of analysts is limited to the ability to bring excess returns to new shares.The inspiration from this is:(1)the information mining ability of securities analysts can improve stock returns to a certain extent,so our country should increase the training of analysts;(2)in order to give full play to the role of securities analysts' information intermediary and market supervision,the independence of analysts should be paid attention to;(3)gradually improve the information disclosure mechanism of Listed Companies in China,which can be more helpful to the development of analysts' earnings forecast. |
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