分析师预测信息来源的新发现:会计师事务所

发布时间：2018-01-13 19:05

本文关键词：分析师预测信息来源的新发现:会计师事务所　出处：《财经研究》2017年05期 　论文类型：期刊论文

【摘要】：文章通过检验券商与公司聘任同一家会计师事务所对券商旗下分析师预测行为的影响,研究了证券分析师的预测信息是否可能来源于会计师事务所。研究发现:(1)分析师更愿意跟踪与所属券商聘任同一家会计师事务所的上市公司,对其发布的盈余预测更准确,也更倾向于额外发布现金流预测。(2)券商与公司从非同聘会计师事务所变更为同聘会计师事务所,其分析师预测的准确性提高,反之则降低。分析师对与所属券商聘任同一家会计师事务所的公司在年报披露前最后一次盈余预测的准确性有更大幅度的提高。(3)同聘会计师事务所对预测准确性的促进作用集中在分析师跟踪少和收入变化大的公司以及非明星分析师发布的预测。文章的研究有助于理解同聘会计师事务所对分析师预测行为的影响,也有助于资本市场上的投资者更好地利用同聘会计师事务所的券商旗下分析师发布的预测报告,拓展了分析师预测信息来源的研究。
[Abstract]:This paper examines the influence of the same accounting firm employed by the securities firm and the company on the forecast behavior of the analysts under the securities firm. The study found that analysts are more likely to track listed companies with the same accounting firm as their securities firms. Its earnings forecasts are more accurate and tend to release additional cash flow forecasts. 2) brokers and firms have changed from non-identical accounting firms to co-employed accounting firms. Its analysts have improved the accuracy of their forecasts. Vice versa. Analysts have improved the accuracy of the last earnings forecast before the disclosure of the annual report by a firm that employs the same accounting firm as their securities firm by a much greater margin. The contribution of co-employed accounting firms to the accuracy of forecasts is focused on analysts tracking forecasts issued by companies with low and variable earnings and non-star analysts. Analysts predict the impact of behavior. It also helps investors in the capital markets better use the forecasts released by analysts at brokerage firms that employ accounting firms, expanding research into the sources of analysts' forecasts.
【作者单位】：福建农林大学管理学院;
【基金】：国家社会科学基金项目(13BGL046)
【分类号】：F233;F832.39
【正文快照】： 一、引言分析师作为资本市场重要的信息中介,对资本市场的健康发展发挥着重要作用。一般认为相对于普通投资者,分析师有更多的预测优势,因而能够向资本市场传递和解读更多的公司信息。分析师的信息来源于何处,国内外学者为此进行了不懈的探索,因为只有了解分析师预测信息的来

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