| Whether the securities analysts can effectively perform the role of information intermediary has always been the focus of attention and controversy in the theoretical research and investment practice of the securities market.This paper takes how the opinions of the securities analysts affect the efficiency of stock pricing as the research object,and discusses the way,process and mechanism of how the opinions of the analysts affect the efficiency of stock pricing.Firstly,this paper takes the opinion of securities analysts as the starting point,and all non-financial non-ST A-share listed companies from May 2009 to April 2019 as the research samples to investigate the impact of the opinion and Opinion Divergence of securities analysts on the efficiency of stock pricing.This paper studies the impact of analysts' opinions on the efficiency of stock pricing from the perspective of relevance and timeliness of information,reveals the mechanism of information affecting the operation of capital market,and finds that there is still a serious information asymmetry between securities analysts and listed companies.Based on the above research,this paper provides some suggestions on how to play the role of information intermediary better,so as to improve the efficiency of stock pricing and capital market operation,so as to better serve investors,listed companies and the real economy.This paper first finds that companies with more analysts' opinions are more efficient in stock pricing.The positive relationship between the number of analysts' opinions and the efficiency of stock pricing is consistent among sub samples(industry wide samples and manufacturing samples).Further research finds that the securities analysts play the role of information intermediary by improving the information content of stock price and the speed of stock price response information,thus improving the efficiency of stock pricing.From the perspective of the correlation between stock price and information,the opinions of securities analysts will affect the information content in stock price and reduce the price drift after earnings announcement.Its mechanism is not achieved by meaningless "noise",but by obtaining the comparative advantage of information source channel and professional ability to deal with relevant information,which makes the stock price contain more special information at the company level,so as to improve the information content of stock price;from the timeliness of stock price information,companies with more analysts' opinions are better than those with analysts' opinions A small number of companies respond more quickly to the information of fundamental changes,which makes the stock price change faster than the latter.Although the opinions of analysts in China play a significant role in improving the efficiency of stock pricing,due to the imperfection of information disclosure system in China's securities market,compared with the mature capital market,the company's transparency is low,which increases the difficulty of collecting information for securities analysts,and makes the herd effect of analysts significant.In addition,due to the lack of an effective short mechanism in China's securities market,the divergence of analysts' opinions will lead to the long-term existence of pricing deviation,resulting in the abnormal phenomenon that "the greater the divergence of analysts' opinions,the higher the efficiency of stock pricing".Therefore,the operation of the securities market needs our securities analysts to better perform the role of information intermediary.The main contributions of this paper are as follows.First,the pricing efficiency of Shanghai and Shenzhen stock market is quantitatively measured from the perspective of stock price homogeneity fluctuation,which enriches the pricing research theory and quantitatively studies the effectiveness of China's stock market.Second,we should take the opinion of securities analysts as the main independent variable to explore an effective way to improve the pricing efficiency,and try to use empirical conclusions to improve the biases of some investors on securities analysts in the market,the capital market operates with higher quality,the securities industry better serves the entity economy,and the resources are more effectively allocated,which requires securities analysts to better play the role of information intermediary Responsibility.Thirdly,the hypothesis test of this paper clarifies the irreplaceable professional role of securities analysts as an information intermediary;for investors,we should focus on stocks with higher than expected earnings and stocks with different opinions of securities analysts;for market operation,analysts reduce information costs and help promote the intrinsic value of stocks. |
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