Based on the data of Listed Companies in Shenzhen Stock Exchange from 2013 to 2018, this paper empirically tests the impact of institutional investors' field research on the sensitivity of investment stock price. It is found that the field research of institutional investors improves the sensitivity of the company's investment in the stock price. The higher the information content of the stock price, the more significant the impact of the field research of institutional investors on the sensitivity of the company's investment in the stock price. It shows that the field research of investors enhances the management's learning behavior from the market through the “crowding channel” in the information feedback effect, and the impact of institutional investors' field research on the sensitivity of stock price is more significant in the listed companies with management shares. The results show that the on-the-spot investigation of institutional investors can help the management of listed companies to obtain more useful decision-making information and improve the efficiency of resource allocation, which has a certain practical value for improving the investigation system of institutional investors and improving the information efficiency of China's capital market.