中文摘要：

基于会计信息价值相关性视角,采用价格模型探讨了投资者调研对资本市场效率的影响。研究发现,投资者对上市公司的调研越频繁,公司盈余的会计信息价值相关性越高,并且这种现象在信息披露水平较低、业绩波动性较高的公司中更为明显,以上结论在采用了回报模型、倾向得分匹配等方法进行稳健性检验后依然显著。进一步研究发现,相对于买方机构,卖方机构的调研行为对公司盈余价值相关性的影响更大。研究结论为中国如何进一步完善公司信息披露制度,提高资本市场效率提供了经验借鉴。

英文摘要：

Based on the vision of value relevance of financial information, and by adopting the price model, this study empirically examines the impact of investors＇ site visit on the capital market efficiency. It finds that investors＇site visits increase the value relevance of EPS and stock price. And this effect is more significant in companies which have low information disclosure or high volatility of earnings. Above results are positive after robustness test of return model and PSM method. Additionally, compared with the buy-side institutional investors, the sell- side institu- tional investors＇ site visit are more helpful in increasing the value relevance of EPS and stock price. Those results provide enlightenment for improving Chinese listed companies＇ information disclosure and capital market efficiency.