摘要
本文运用2005～2010年沪、深A股上市公司的面板数据,在欧拉方程投资模型的基础上,加入分析师跟踪变量,通过观察投资现金流敏感性的变化以验证我国证券分析师是否具有缓解公司外部融资约束的功能。研究证明,证券分析师可显著降低政府干预较少的国有控股公司高投资现金流敏感性,从而有效缓解其面临的融资约束困境;对于政府干预较为严重的国有控股公司及民营控股公司,由于高投资现金流敏感性主要是由于代理问题引起的,证券分析师未能显著降低由代理问题引致的高投资现金流敏感性,即不具有监督功能。这一点不同于西方的研究结论。本文研究结果为上市公司管理层关注分析师跟踪,进而有效实施投资者关系管理提供了经验证据。
Learned from the Western literature, the securities analyst is the very important force of the mature capital market, and the sell-side analysts who serve as information intermediary link with investors and listed com- panies and are very important disseminators of company information. However, as we all know, China stock market is different from the U. S. mature stock markets and is still in the emerging and transitional stage. As we all know, the capital market of China is different from the U. S. capital markets. And now it is still in the emerging and tran- sitional stage. At the present time, the domestic research about the market function of analyst following is still in its infancy, because of its short history and scarce data resources. Existing studies have been scattered and lacked of systematic analysis. Among these studies, most scholars have centered on the issue of information content of analyst forecasts and accuracy of analyst forecasts relative to the prediction of the statistical model and management forecasts, and only few studies centered on the issue of analyst following, So we should as quickly as possible carry out the research on the market efficiency of analyst following. The very important question has come into our notice. When more and more companies are keen to the man- agement of investor relations, in particular, attracting of analysts following （ or concerns）, then we have to ask why the listed companies do that. Or to put it another way, what＇ s the impact of analyst following on corporate finan- cing？ For that, we examine the market function of analysts following under the environment of the emerging and transitional capital market. In this paper, We adopt archival research to analyze the role of securities analysts as information intermediaries involved in the process of stock pricing and explain the unique function of securities analyst in the realization of fi- nancing efficiency of the stock market. We treat analyst following which is an important indicator variable a
出处
《经济管理》
CSSCI
北大核心
2012年第1期129-137,共9页
Business and Management Journal ( BMJ )
基金
教育部人文社会科学研究青年基金项目"分析师跟踪在资本市场中的作用--基于信息有效性与融资效率的视角"(10YJC630059)
西南大学2010年度博士科研基金项目"分析师跟踪与公司融资问题研究"(SWU10335)
关键词
分析师跟踪
投资现金流敏感性
信息不对称
融资约束
analyst following
investment - cash flow sensitivity
information asymmetry
financing efficiency
