Research On The Influence Of Analysts’ Attention On Innovation Investment Of Enterprises

At present,the trend of economic globalization is becoming more and more obvious,the international competition is becoming more and more intense,and innovation has gradually become an important means to solve the problem of economic development.As an important subject of innovation activities,enterprises’ innovation activities can not only improve their competitiveness,but also promote the innovation level of the whole country,so it is of great practical significance to study the innovation investment of enterprises.At the same time,in the development of capital market in China,the function of securities analysts is increasingly obvious.As an information intermediary between listed companies and investors,securities analysts play an important role.Based on the importance of enterprise innovation and the current situation of China’s capital market development,this paper links enterprise innovation investment with the functions of securities analysts,and studies the impact of analyst attention on enterprise innovation investment.On the basis of combing the existing literature,according to the theory of information asymmetry,the theory of signal transmission and the theory of principalagent,combined with the current situation of the development of China’s capital market,this paper puts forward assumptions on the problems studied.Taking A-share listed companies in Shanghai and Shenzhen stock markets as samples,this paper introduces variables such as analysts’ attention,R&D investment,information asymmetry,and financing constraints,sets regression model,collects relevant data,analyzes the regression results of the data,and draws relevant conclusions.Firstly,this paper believes that analysts’ attention to enterprises can promote innovation investment.According to the regression results of the whole sample,there is a significant positive correlation between analysts’ attention and the level of innovation investment.Therefore,the higher the analyst’s attention,the greater the intensity of R&D investment,that is,the more innovation investment.It shows that in the process of analysts’ attention on innovation input,the interpretation mechanism is greater than the pressure mechanism,which shows the overall effect of promoting innovation input.Secondly,the research results show that analysts’ attention to enterprises can promote innovation investment by alleviating information asymmetry and financing constraints.The regression results of mechanism analysis show that analysts’ attention to the enterprise can promote the innovation investment of the enterprise by alleviating the degree of information asymmetry;at the same time,it is found that with the increase of analysts’ attention to the enterprise,the sensitivity of the innovation investment of the enterprise to the cash holding level decreases significantly,thus reducing the inhibition effect of financing constraints on the innovation investment of the enterprise.It is believed that analysts’ attention to enterprises can promote innovation activities by alleviating financing constraints.Thirdly,this paper finds that there are differences in the impact of analysts’ attention on innovation investment in different industries.According to the regression results of different industries,in technology-intensive industries and capital-intensive industries,analysts’ attention to enterprises can still promote the innovation investment of enterprises to a certain extent;but for labor-intensive industries,analysts’ attention has no significant impact on the innovation investment of enterprises.Therefore,it is believed that there are differences in the impact of analysts’ attention on innovation investment in different industries.Finally,according to the conclusion of this study,the paper puts forward relevant policy recommendations.It is suggested that the information environment of capital market can be effectively improved by giving full play to the function of analysts’ information intermediary.At the same time,industrial transformation and upgrading can be realized through structural policies,and diversified financing channels can be provided for enterprises in the way of multiple measures simultaneously,so as to promote enterprise innovation.