中文摘要：

本文基于手工收集的2009-2012年分析师实地调研的数据,研究发现,分析师进行实地调研后对本公司和行业内其他公司做出的盈余预测准确性更高。说明分析师通过实地调研不仅仅可以获得被调研公司的有价值信息,更重要的是实地调研可以帮助分析师提高行业知识和经验,具有行业溢出效应。同时,实地调研的价值受到上市公司自身的财务报告质量影响,即对于财务报告质量低的上市公司,分析师实地调研提高预测准确性的作用更大。另外,分析师的本地优势主要存在于不进行实地调研的分析师中,实地调研能够降低外地分析师和本地分析师之间的信息差距。综上,本文研究结论有助于全面理解分析师的实地调研行为。

英文摘要：

Using hand collected analysts＇ site visits data from 2009 to 2012, we find that the accuracy of earnings forecasts made after site visits are higher, which means analysts can get useful information from site visits. We also find that analysts＇ site visits have spillover effect which means site visit can help improve forecast accuracy of other firms in the same industry. Further studies show that for firms with lower financial report quality, site visit is much more useful. That means the value of site visit is affected by firm＇s financial report quality. Additional tests show that analysts＇ local advantage mainly exists in analysts don＇ t conduct site visit and that site visit can help non-local analysts overcome their information disadvantage.