On the Information Environment,financing Constraints and Cash Dividend
基于中国股市数据，研究发现分析师跟踪改善了信息环境，降低了企业的融资约束和对内部融资的依赖，并提高了现金股利发放金额。
Asymmetry information theory believes that the true aims of financial intermediates is to resolve market inefficiency caused by asymmetry information.So there is a question that whether financial intermediates reduce asymmetry information,and then change corporation's financial activities? Using data from China's stock market,this paper finds that analyst following improved information environments,reduced corporation's financial constraints and dependence on internal financing;raise the amount of cash dividend.