Empirical Research On The Impact Of Analyst Tracking On Enterprise Innovation Input

Under the new economic normal,the government is vigorously promoting innovation activities with a view to seek a new way of economic development and find new economic growth points to adapt to the shift from high speed to high quality economic development.Innovation is the only way to achieve high-quality development,and technological innovation is the main means to promote industrial upgrading and optimise industrial structure.In a market economy,enterprises are the mainstay of innovation and their development is crucial to the smooth transformation of China’s economy and its steady march towards high-quality development.As China’s technological and economic strength continues to grow,more and more enterprises are beginning to attach importance to innovation activities,increasing their input in innovation and achieving better results.However,enterprises have encountered some obstacles in the innovation process.The huge loss of capital and the long cycle of innovation activities may lead to the abandonment of high-quality innovation activities or the breakage of the capital chain,which may cause the interruption of innovation activities and make it difficult to guarantee the level of innovation.Therefore,external funding from the capital market is required for the successful implementation of innovation activities.As a transmitter of information between investors and listed companies in the capital market,exploring whether their tracking of enterprises can have a positive impact on enterprise innovation input and further exploring the mechanism of analyst tracking on enterprise innovation input can provide ideas for enterprises to increase their innovation input,which has positive implications for the development of enterprise innovation.The thesis first compares the relevant literature of domestic and foreign scholars,explores the relationship between analyst tracking,financing constraints and enterprise innovation input,and reviews the relevant literature.Based on principal-agent theory,information asymmetry theory and signalling theory,the theoretical analysis is developed and research hypotheses are put forward.In the empirical analysis,the thesis uses data of A-share listed companies in Shanghai and Shenzhen from 2011-2021,selects variables to construct a model,conducts descriptive statistics,phase relationship analysis,multiple covariance test,multiple regression analysis,endogeneity test,replacement variables and Bootstrap test to enhance the robustness of the findings.In further analysis,combined with the regional trust degree and the degree of industry competition,the application of the findings of the thesis is deeply investigated.The results of the thesis show that analyst tracking can promote enterprise innovation input;financing constraints show a mediating effect in the effect of analyst tracking on enterprise innovation input,and analyst tracking can promote enterprise innovation input by alleviating enterprise financing constraints;the promotion effect of analyst tracking on enterprise innovation input is more significant for firms with a low level of regional trust and a high level of industry competition.Finally,based on the findings,the thesis also puts forward corresponding suggestions,such as establishing and improving the management mechanism of the analyst industry,increasing regulation to guide listed companies to disclose information actively,and providing diversified financing channels to help enterprises increase their input in innovation and promote enterprise innovation.