摘要
本文选取分析师对A股上市公司盈余预测数据,在分析师层面研究券商跟踪海外上市公司带来的效应。研究发现,国内券商跟踪海外上市公司后,其国内分析师对同行业A股公司的盈余预测准确性有显著提高,即券商跟踪海外上市公司会给国内分析师带来溢出效应。进一步研究发现,这种溢出效应对于经验丰富的分析师以及跟踪信息环境较差公司的分析师更加显著。本研究对于全面认识券商海外业务的溢出效应及分析师盈余预测准确性的影响因素具有理论和现实意义。
This paper examines the effect of brokerage covering foreign listing companies on domestic analyst earnings forecast accuracy. We find that the analyst forecasts of an A - share company is more accurate after the brokerage covers a foreign listing company in the same industry, indicating that covering foreign listing companies can create spillover effects to domestic analysts. Further analysis shows that this spillover effect is more pronounced for experienced analysts and for less informative companies. This study provides further insights on the spillover effect brought by the brokerage extending overseas business and the factors that affect analyst forecast accuracy.
作者
罗棪心
麻志明
王亚平
LUO Yanxin;MA Zhiming;WANG Yaping(Guanghua School of Management,Peking Universit)
出处
《金融研究》
CSSCI
北大核心
2018年第8期190-206,共17页
Journal of Financial Research
