Whether Shanghai-hong Kong Stock Connection Program Restrain Analyst Following Or Not

"Shanghai-Hong Kong Stock Connection Program" is the connective mechanism of stock market of Shanghai and Hong Kong,it contains "Shanghai tong" and "Hong Kong tong" two parts,the concept was put forward by the state council premier Li on April 10,2014 Boao Forum,it officially started on November 17,2014."Shanghai-Hong Kong Stock Connection Program" is a new attempt of china in order to promote the development of financial market,it has had a significant influence on our domestic and international financial and economic market.Securities analyst is an indispensable part of the capital market,its existence reduce the information asymmetry between the investors and management in a certain.And it can be applied to the management supervision.The follow-up behavior of securities analysts is an important external corporate governance mechanism.Therefore,if "Shanghai-Hong Kong Stock Connection Program" can affect analysts' behaviors have very important significance.So the opening of the “Shanghai-Hong Kong Stock Connection Program” whether can affect analysts follow up behaviors? This influence is to make the analyst will provide more or less information services to the listed companies of "Shanghai-Hong Kong Stock Connection Program" to reduce the attention to it.What causes this result?This paper tries to select related information of research report on January 1,2012 to September 30,2016 research report as basic data,using double difference model(difference-in-the difference,DID)to analysis the problem,the empirical results show that the "Shanghai-Hong Kong Stock Connection Program" policy has a negative influence on analysts follow-up behavior,it means that the analysts will reduce the interest on the listed companies.It can be extended to more profound thinking: if the opening of the "Shanghai-Hong Kong Stock Connection Program" will influence the analysts as the same.If the negative impact of analysts' action will cause major changes in the capital markets? This innovation of this article is,"Shanghai-Hong Kong Stock Connection Program" was introduced in April 10,2014,it was officially opened on November 17,2014,domestic research mainly focused on the share price volatility,the cost of capital,etc.There is little research on the implementation of the “Shanghai-Hong Kong Stock Connection Program ".In addition,the double difference model is less used in before research.Our research may make up for the blank.