The Influence Mechanism of Overseas Investment Bank Rating On Stock Fluctuation of Chinese Internet Enterprises in a Credit Crisis

Whether the efficiency information of China\u27s Internet enterprises which are listed overseas can be effectively transferred to capital market during a credit crisis, the rating information provided by investment banks should be a crucial bridge for listed firms and investors. In order to probe the influence mechanism of the rating information provided by investment bank, we choose Chinese concept stocks related to a credit crisis in the United States capital market in 2011 to do our empirical research. Our study found that, the timing of release of rating reports, target stock price and enterprise target market play significant influence on the fluctuation of stock prices, and the ranking of investment bank has played an important moderating role