本文从投资效率的视角研究了分析师跟进的公司治理作用,研究结果表明,分析师跟进较好地发挥了公司治理作用,分析师跟进、跟进人数以及明星分析师的跟进都与非效率投资显著负相关,分析师跟进能够有效地防范企业的过度投资和企业的投资不足行为,从而提高了上市公司的投资效率。进一步研究发现,分析师跟进的外部公司治理效应主要集中在政府干预程度较高的地区。 This paper studies the role of analysts in corporate governance following from the perspective of investment efficiency. The results show that analysts follow up well with corporate governance, analyst follow-up, follow-up and celebrity analyst follow-up Negatively correlated with inefficient investment. Analyst follow-up can effectively prevent overinvestment and underinvestment of enterprises, thus improving the investment efficiency of listed companies. Further research found that the external corporate governance effect followed by analysts mainly concentrated in areas with high government intervention.