Analyst Coverage, Information Transparency and Firm Innovation: Based on Moderator Variable Model

摘要

Due to the characteristics of the enterprise's innovation activities, companies often lack disclosure, and there will be information asymmetry. How analyst track and information transparency affect corporate innovation is an important issue. The data that the article selects is all the A-share listed company data from 2012 to 2019 as a sample, focusing on the different impact of analyst tracking on corporate innovation under different information transparency. Firstly, this paper constructs proxy variables of information transparency with the degree of accrued earnings management of enterprises, uses the obtained results as moderator variables, builds relevant models for regression, and studies the role of information transparency in the regulation of analyst tracking and corporate innovation. The study found that the level of analyst tracking has a positive impact on corporate innovation, and this effect is even more pronounced when information transparency is low. This article provided suggestions for how listed companies should treat analysts and how to improve the transparency of information, so as to enhance the level of enterprise innovation.