摘要
经过二十多年的发展,系族企业在我国资本市场中非常普遍。以2008—2018年中国A股民营上市公司为样本,研究了系族企业对分析师预测准确度的影响。研究发现:相对于非系族企业,分析师对系族企业的预测更准确;上述结果在公司经营不确定性较高时更加显著。结果性分析表明:系族企业分析师预测准确度高能发挥积极的信息治理效应,主要表现为系族企业信息披露质量更高和股价崩盘风险更低;系族集团上市成员公司越多、涉及的行业多元化程度越高时,分析师预测准确度越高。
After more than 20 years of development,family enterprises are very common in China's capital market.Taking China's A-share private listed companies from 2008 to 2018 as samples,this paper studies the impact of family companies on the accuracy of analysts'forecasts.The findings show that compared with non-family companies,analysts’predictions for family companies are more accurate.This result is more significant when the company's operating uncertainty is higher.The findings of the outcome analysis show that the higher accuracy of forecasting by the analysts of family business can play an active role in information governance,which is mainly manifested in the higher quality of information disclosure in family enterprises and lower risks of stock price collapse.The more listed member companies of the family group,the higher the degree of industry diversification they involved,the higher the accuracy of analysts’forecasts will be.
作者
相加凤
全怡
XIANG Jia-feng;QUAN Yi(Nanjing University,Nanjing 210093;Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《当代财经》
CSSCI
北大核心
2021年第9期137-148,共12页
Contemporary Finance and Economics
基金
国家自然科学基金青年项目“中国上市公司学者型独立董事的治理效应:理论分析与经验证据”(71602191)
中央高校基本科研业务费财经、政法融通交叉研究项目“基础设施建设与资本中介市场发展:理论分析及经验证据”(2722021AJ008)
关键词
系族企业
盈余持续性
信息溢出
系族内部结构
分析师预测
family enterprise
continuity of earnings
information overflow
family internal structure
analysts'forecast
