关键词: 机构投资者实地调研, A股上市公司, 内部控制质量, 分析师关注度, 高管薪酬业绩敏感性

Abstract: The A-share listed companies in Shenzhen Stock Exchange from 2012 to 2020 are taken as the research object to test the impact of institutional investors’field research on the internal quality control of enterprises. It is discovered that there is a significant positive correlation between whether there is a field investigation，the number of investigations，the number of participating institutions and the internal quality control of enterprises. The mechanism test reveals that institutional research can improve the internal quality control of enterprises by increasing the analyst attention and the sensitivity of executive compensation and performance of the surveyed enterprises. Based on internal and external heterogeneity analysis，it is found that the higher the bankruptcy risk and the lower the information transparency，the more significant the role of institutional research is in improving the internal quality control；the lower the market competitive position and the lower the marketization degree of the region，the more significant the role of institutional research is in improving the internal quality control. The economic consequences test shows that field research reduces the probability of a firm’s financial restatement in the following year. The research results have theoretical significance for understanding the effect of informal supervision mechanism in capital market，and also practical significance for improving the internal quality control of listed companies，strengthening the quality of information disclosure，and steadily promoting the reform of registration system.

Key words: institutional investor’s field investigation, A-share listed company, internal control of quality, analyst attention, sensitivity of executive compensation and performance