Research On The Earnings Forecast Of Analysts And The Efficiency Of Market Information Transfer

As an important information transmitter in the securities market,securities analysts have professional knowledge,information collection channels and market analysis capabilities.By analyzing publicly disclosed information and private information acquired by listed companies,securities analysts can transmit market and company level information to market investors.This behavior can reduce information asymmetry between market investors and listed companies,reduce the price deviation in securities market,and play an important role in improving market resource allocation efficiency and pricing efficiency.As a new capital market,China's securities market and securities analysts are still in the development stage,and the system and management measures are not yet sound.The overall scale of China's analysts is relatively small,and the scope and methods of research are still to be improved.In recent years,domestic scholars have gradually paid attention to the research between securities analysts and the operational efficiency of the market.But with the continuous development of China's securities market and analyst industry,the role of security analysts in improving information transmission efficiency needs further theoretical and empirical research to verify.Based on the 2014-2016 year listed company data of Shenzhen exchange,this paper studies the relationship between the analyst's tracking prediction and the operation efficiency of the stock market.Research shows that the more the number of analysts tracking and forecasting,the lower the synchronization of the stock price.Analysts' tracking can effectively convey the company's specific information rather than simply based on the market level information,and improve the information content of stock price.The number of analysts tracking and forecasting is positively related to the accuracy of earnings forecast.The more the analysts track,the more information they can deliver to the market through tracking analysis.The more the analysts based on the earnings level of listed companies,the higher the accuracy of earnings forecasts.It is also further explained that analysts' tracking forecasts are mainly focused on corporate level information,not because of increasing market noise to reduce share price synchronicity.The deviation of earning forecast made by Analysts is positively related to the cumulative excess rate of earnings in the earnings announcement period.It shows that the analyst's research report can disclose the information of the listed company ahead of time,and it can provide some references for investors to help investors make better decisions.In addition,this paper uses 2SLS and substitution variables to test the stability of the empirical results,further validates the empirical results.Finally,on the basis of the empirical study,the relevant policy suggestions are put forward in combination with the background of China's securities market and analysts' industry,in order to promote the development of the analyst industry and improve the efficiency of information transfer in China's securities market.