我国证券分析师公司治理效应研究

发布时间：2018-04-13 07:35

本文选题：分析师关注 + 剩余关注度　；参考：《哈尔滨工业大学》2012年硕士论文

【摘要】：随着我国证券市场的不断完善，证券分析师作为投资者与上市公司之间重要的信息中介，其所发挥的作用越来越受到理论与实务界的关注。然而回顾国内外相关研究，，不难发现当前有关分析师的研究多集中于分析师盈余预测性质、分析师工作内容、决策过程、公司特征对分析师跟进行为的影响以及分析师覆盖强度对股市后期表现等方面。然而分析师作为一种中介力量，其能否在公司治理中发挥一定的作用，分析师是否能作为对管理层的外部监督器，他们的存在是否给了管理者额外的压力？本文检验证券分析师对公司价值和盈余管理的影响，试图为其所发挥的作用找到证据。本文选取沪深两市A股市场953家上市公司，以2007年-2010年为样本区间，并剔除公司规模、行业等控制变量对分析师关注的影响，以分析师剩余关注度这一全新指标作为分析师关注强度的代理变量，采用多变量回归方法探究分析师剩余关注对公司价值和盈余管理的影响，寻求我国证券市场中分析师公司治理效应的间接和直接证据。以分析师剩余关注度对公司价值的影响为切入点，验证分析师关注的公司治理效应的存在性，然后通过对分析师剩余关注与公司盈余管理的相互影响研究，从公司的财务数据上寻求最直接的公司治理效应证据。这就为分析师的公司治理效应找到了直接证据的同时也探索出了一条可能的作用机制。为了解决分析师关注的内生性问题，本文以上市公司是否属于沪深300成分股为工具变量，来验证这种监督效应是否稳健。在中国证券市场发展过程中，分析师行业的不断扩大，不仅有助于投资者发现具有价值的上市公司，而且分析师作为重要的信息中介团体，其对管理层所发挥的监督效应，对于保护投资者利益和促进证券市场的不断完善都具有重要的理论和现实意义。
[Abstract]:With the continuous improvement of China's securities market, securities analysts, as an important information intermediary between investors and listed companies, have attracted more and more attention in theory and practice.However, looking back at relevant studies at home and abroad, it is not difficult to find that the current research on analysts focuses on the nature of analyst earnings forecasting, the content of analyst work, and the decision-making process.The impact of corporate characteristics on analysts' follow-up behavior and the impact of analyst coverage on later stock market performance.However, as an intermediary force, can analysts play a certain role in corporate governance, can analysts act as external supervisors to the management, and do their existence give managers additional pressure?This paper examines the influence of securities analysts on corporate value and earnings management, and tries to find evidence for its role.This paper selects 953 listed companies in Shanghai and Shenzhen A-share markets, takes 2007-2010 as the sample interval, and excludes the influence of controlling variables such as company size, industry and other control variables on the attention of analysts.Taking the new index of analyst residual concern as the proxy variable of the analyst's concern intensity, the multivariate regression method is used to explore the influence of the analyst's residual concern on the company value and earnings management.To seek indirect and direct evidence of the corporate governance effect of analysts in China's securities market.From the perspective of the influence of analyst residual attention on corporate value, this paper verifies the existence of corporate governance effect concerned by analysts, and then studies the interaction between analyst residual concern and corporate earnings management.Seek the most direct evidence of corporate governance from the company's financial data.This provides direct evidence for the corporate governance effect of analysts and explores a possible mechanism.In order to solve the endogenous problem, this paper takes whether the listed companies belong to the CSI 300 as a tool variable to verify whether the supervision effect is robust.In the course of the development of China's securities market, the continuous expansion of the analyst industry not only helps investors to find valuable listed companies, but also serves as an important information intermediary organization, which plays a supervisory role on the management.It is of great theoretical and practical significance to protect the interests of investors and promote the continuous improvement of the securities market.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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