信息不透明、深度跟踪分析师和市场反应

发布时间：2018-01-05 13:09

本文关键词：信息不透明、深度跟踪分析师和市场反应　出处：《管理评论》2017年11期 　论文类型：期刊论文

【摘要】：与已有文献不同,本文分离出深度跟踪分析师,研究信息环境对这一特殊重要群体行为的影响及其经济后果。主要结论如下:(1)深度跟踪分析师的报告数是比分析师跟踪人数和分析师报告数更具信息含量的指标。(2)出于对管理层"隧道行为"的风险规避,深度跟踪分析师更倾向于跟踪进行向上应计盈余管理(向下真实盈余管理)的公司。(3)由盈余管理程度和公司盈余公告效应之间是正向关系可知,投资者不具备有效分辨公司盈余管理行为的能力,从而容易被公司盈余管理行为所误导。(4)深度跟踪分析师有较强的价值发现功能,并且能降低投资者对公司盈余管理程度的不当反应。本文从深度跟踪分析师的角度证实了分析师的价值发现功能,这为我国在注册制改革中加强分析师的市场地位和外部约束职能提供了实证证据;市场对企业信息环境认知度较低的发现也为监管部门进一步鼓励公司自主披露提供有益启示。
[Abstract]:In contrast to existing literature, this paper separates depth tracking analysts. To study the impact of the information environment on the behavior of this particular important group and its economic consequences. The main conclusions are as follows: 1). The number of in-depth tracking analysts' reports is a more informative indicator than the number of analysts tracked or reported by analysts) for risk aversion to management's "tunneling behavior". Deep-tracking analysts are more likely to track companies with upward accrual earnings management (downward true earnings management) based on the positive relationship between earnings management level and earnings announcement effect. Investors do not have the ability to effectively distinguish earnings management behavior, which is easy to be misled by earnings management behavior. And it can reduce the improper reaction of investors to the degree of earnings management. This paper confirms the value discovery function of analysts from the perspective of in-depth tracking of analysts. This provides empirical evidence for China to strengthen the market position and external restraint function of analysts in the reform of registration system. The discovery of low market awareness of enterprise information environment also provides useful inspiration for regulators to further encourage independent disclosure.
【作者单位】：中国人民大学商学院;中诚信国际信用评级有限责任公司公共融资评级部;
【基金】：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目(16XNB025)
【分类号】：F275;F832.51
【正文快照】： 引言公司管理层与外部投资者之间的信息不对称,影响企业的财务决策和外部投资者的投资决策。证券分析师作为市场信息中介,是否可以对公司信息透明度进行鉴别和传递,以更好地履行改善信息环境,降低信息不对称,给外部投资者正确的投资建议的职责?是值得深入研究的。特别地,深度

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