公司多元化对证券分析师关注度的影响——基于证券分析师决策行为视角的经验分析

发布时间：2018-03-26 18:15

本文选题：多元化　切入点：证券分析师关注度　出处：《南开管理评论》2010年04期

【摘要】：本文基于证券分析师的决策行为,采用中国证券市场的相关数据,研究了上市公司多元化水平与证券分析师关注度之间的关系。本文的研究发现,公司的多元化水平越高,证券分析师对其关注度越低,其原因在于随着公司多元化水平的提高,证券分析师获取公司信息所需付出的成本也相应提高,而信息成本的提高往往会驱使证券分析师放弃关注这样的公司;进一步的研究发现,相关多元化的公司相对于非相关多元化的公司更受证券分析师的青睐,其原因在于相关多元化的公司由于公司业务之间具有相关性,证券分析师获取的信息和应用的技术都具有共通性,这会减少证券分析师的成本。
[Abstract]:Based on the decision behavior of the securities analysts, this paper studies the relationship between the diversification level of listed companies and the attention of the securities analysts by using the relevant data of the Chinese securities market. The less attention securities analysts pay to them, the reason is that as the level of diversification increases, the cost of obtaining corporate information for securities analysts increases accordingly. Higher information costs tend to drive securities analysts away from focusing on such companies; further research has found that diversified firms are more popular with securities analysts than non-related diversification companies. The reason for this is that diversified companies share the same information and technology because of the relevance of their businesses, which reduces the cost of securities analysts.
【作者单位】：清华大学博士后流动站;中国农业银行博士后工作站;英国曼彻斯特大学商学院;
【基金】：国家社会科学基金项目(09BJL023) 教育部人文社会科学基金项目(09YJA630010)资助
【分类号】：F832.51

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