Under the guideline of "developing institutional investors in an extraordinary manner", institutional investors in China have gradually increased their voice in the capital market, and institutional investors can obtain non‐public information through field research to make better investment decisions, but existing research findings cannot accurately expose the effect of field research on negative information of listed companies. The effect of field research on the mining of negative information of listed companies. This paper empirically examines the relationship between institutional investors' field research and the effect of negative information mining based on the data of Chinese a‐share listed companies from 2016‐2019. The findings show that institutional investors' field research not only makes it difficult to uncover the hidden negative information of the researched companies, but may even contribute to the further concealment of negative information, and this relationship is more significant among non‐state‐owned enterprises and low‐performing enterprises.