摘要
本文基于2009~2018年沪深A股上市公司数据,采用PEG模型估算上市公司权益资本成本,实证分析了分析师预测行为对权益资本成本的影响。研究发现:(1)分析师关注度越高的公司,其权益资本成本越低;(2)分析师预测分歧度越高的公司,其权益资本成本越高;(3)分析师乐观偏差越大的公司,其权益资本成本越高。进一步研究发现,分析师关注可以通过提高公司信息披露水平来降低公司权益资本成本。总体而言,证券分析师在资本市场中发挥着重要的信息中介作用,有助于缓解信息不对称,进而影响投资者的决策行为和公司的权益资本成本。
This paper estimates the cost of equity capital of listed companies based on PEG model,and empirically studies the relation between cost of equity capital and analysts'forecast behavior.Using all listed companies in Shanghai and Shenzhen A shares from 2009 to 2018,we find that:(1)The higher the analyst following,the lower the cost of equity capital;(2)The higher the analyst forecast dispersion,the higher the cost of equity capital;(3)The higher the analyst optimism,the higher the cost of equity capital.Further research shows that analysts can reduce the cost of equity capital by improving the level of corporate information disclosure.In a nutshell,securities analysts play an important role of information intermediary in the capital market,which can alleviate information asymmetry and thus affect investors'decision-making behavior and companies'cost of equity capital.
作者
张涛
黄鹏娟
ZHANG Tao;HUANG Peng-juan
出处
《财务研究》
2020年第3期83-93,共11页
Finance Research
基金
山东省社会科学规划重大理论与现实问题协同创新项目(19CCXJ07)。
