Analyst Tracking,Information Transparency And Corporate Investment Efficiency

Investment is an important part of the whole business process,how to improve the efficiency of investment has been a topic of economic discussion.With the further development of China’s Social market economy,the position of securities analysts in the market is increasing,and their influence is gradually attracting more and more attention.First of all,the securities analyst is the information intermediary in the market,can receive and arrange the company’s information can also release relevant information research report.Secondly,the analyst can exert the effect of external supervision and governance,restrain the agency problem,supervise the investment decision-making of the enterprise,and contribute to the sustainable development of the enterprise.At present,most of the research on the relationship between the tracking behavior of securities analysts and the efficiency of corporate investment focus on financing constraints,internal control,earnings management and so on.In the course of these researches,the scholars all mentioned the Information asymmetry theory,that the securities analyst will affect the information environment of the enterprise,and the enterprise investment efficiency and information environment are closely related.Further theoretical deduction that the securities analysts should be able to track through the impact of information,and then on the efficiency of enterprise investment.Information transparency is a comprehensive index,which covers the evaluation criteria and concrete implementation methods of accounting information quality,and it can also have an important impact on the efficiency of resource allocation in the process of investment decision-making.When the company more timely,accurate and comprehensive to the capital market transfer of business results and other related information,the effectiveness and liquidity of information has been greatly improved,investors have a higher degree of understanding of the company,thereby promoting the efficiency of the market as a whole.Higher information transparency can also reduce the self-interest space of managers,constrain managers to manipulate earnings management,and reduce the inefficient investment of enterprises caused by agency problems,thus improving the investment efficiency of enterprises,effectively safeguard the rights and interests of minority shareholders.Some scholars at home and abroad have analyzed the influence of analyst tracking on enterprise investment efficiency from different perspectives,and some scholars have studied the relationship between securities analysts and information transparency.Absorb and draw lessons from the domestic and foreign existing achievements,this paper combined with the characteristics of market economy in China,selected in 2011-2020,the Shenzhen stock exchange listed companies as the research sample,using the literature research and empirical research method research analyst tracking and corporate investment efficiency,the relationship between and by introducing information transparency as intermediary variables,build the new model,Further study the mechanism between the two and explore whether analyst tracking has an impact on enterprise investment efficiency through information transparency.The final research of this paper finds that analyst tracking can effectively reduce the situation of inefficient investment of enterprises,and then improve the investment efficiency of enterprises.According to the test results of the mediating effect model,information transparency plays a partially mediating role in the analysts’ tracking of the influence path on the firm’s investment efficiency.This study reveals that analyst tracking,as an important external governance mechanism of enterprises,can effectively improve the investment efficiency of enterprises by influencing information transparency,and broadens the scope that enterprises can consider in formulating methods to improve investment efficiency.The research on information transparency in this paper also provides a new Angle of reference for investors to identify the actual operating state of enterprises.