分析师关注会提高内部资本市场效率吗?——基于代理成本和融资约束的中介研究被引量：3

Will Analysts’Attention Improve the Efficiency of Internal Capital Market?--Intermediary Research Based on Agency Costs and Financing

下载PDF

导出

摘要以2008—2019年沪深A股上市公司作为初始样本分析验证了分析师关注对内部资本市场效率的影响及作用路径。研究发现:分析师关注显著提高了内部资本市场效率;两类代理成本、融资约束在分析师关注与内部资本市场效率的关系间起到了部分中介作用。进一步分析发现,无论股权性质如何,分析师关注均有利于内部资本市场效率的提高;在经济政策不确定性较高时,分析师关注对内部资本市场效率的提升作用更为显著。从外部角度出发,考察分析师关注对内部资本市场效率的影响,阐明其影响的潜在路径,并给出了企业集团层面下,分析师关注对代理成本影响的经验证据。 This paper takes a-share listed companies in Shanghai and Shenzhen from 2008 to 2019 as the initial sample,and verifies the impact of analysts’attention on the efficiency of internal capital market and its action path through empirical analysis.The results show that analysts’attention significantly improves the efficiency of internal capital market;The two types of agency costs and financing constraints play a partial intermediary role in the relationship between analysts’attention and the efficiency of internal capital market.Further analysis shows that analysts’attention is conducive to improving the efficiency of internal capital market regardless of the nature of equity;When economic policy uncertainty is high,analysts’attention on the improvement of internal capital market efficiency is more significant.From an external perspective,this paper examines the impact of analysts’attention on the efficiency of internal capital market,illustrates the potential path of its impact,and gives empirical evidence of the impact of analysts’attention on agency costs at the level of enterprise groups.This paper puts forward the countermeasures and suggestions to give full play to the role of analysts’attention,improve the efficiency of internal capital market and help the high-quality development of listed companies.

作者臧秀清赵丽娜李毅 ZANG Xiu-qing;ZHAO Li-na;LI-Yi(School of Economics and Management,Yanshan University,Qinhuangdao 066004,China)

机构地区燕山大学经济管理学院

出处《哈尔滨商业大学学报（社会科学版）》 2023年第2期80-92,共13页 Journal of Harbin University of Commerce:Social Science Edition

基金河北省社会科学基金项目“多元化投资战略下内部资本市场效率对现金持有水平影响研究”(HB18GL077) 河北省社会科学基金项目“高质量上市公司市值管理影响因素研究”(HB21GL024)。

关键词分析师关注内部资本市场效率代理成本融资约束企业集团 analysts’attention the efficiency of internal capital market agency costs financing constraints enterprise groups

分类号 F832.51 [经济管理—金融学]