Abstract: From the perspective of analysts' tracking behaviors and the forecasting results, this paper studies the influence of corporate“getting rid of the substantial and meeting the virtual”on the information environment of capital markets. The findings show that the higher the degree of corporate financialization, the less the number of analysts tracking the companies, the greater the errors of analysts' earnings forecasts and the greater the degree of forecasting ramification. The results of the mechanism analysis show that corporate financialization will reduce the quality of corporate earnings and increase the fluctuation of corporate earnings, thus affecting the analysts' forecasting behaviors and the forecasting quality, namely, the higher the corporate financialization, the more likely the quality of corporate earnings will be reduced and the fluctuation of corporate earnings will be increased, thus the more likely the number of analysts tracking the companies will be reduced and the errors of analysts' earnings forecast and the degree of forecasting ramification will be increased.

Key words: corporate financialization, analysts' tracking, quality of earnings forecasts, earnings quality, earnings volatility