Due to information asymmetry and strategic innovation,firms often encounter challenges related to insufficient driving forces and low-quality innovation outcomes.Analysts always act as information intermediaries who h...Due to information asymmetry and strategic innovation,firms often encounter challenges related to insufficient driving forces and low-quality innovation outcomes.Analysts always act as information intermediaries who help foster the advancement of corporate innovation activities and the conversion of innovation output.This study examines the impact of analyst coverage and forecasting bias on corporate innovation,employing data from China A-shared listed firms spanning the period 2007 to 2019.We measure corporate innovation from two perspectives:Input and output.Specifically,we use the ratio of research and development(R&D)expenditure to sales as a proxy for the innovation input and the number of patent citations excluding self-citations to measure innovation output.We find that analyst coverage promotes corporate innovation,which is consistent with the“bright”side of analyst coverage.However,the positive effect of analyst coverage hinges on effectively transmitting and disclosing accurate information to investors in the capital market.Based on this,analysts'forecasting bias includes forecasting dispersion and optimism bias.We find evidence that an increase in analysts'forecast dispersion leads to a decrease in corporate innovation quality.Moreover,this paper presents a novel approach by employing the regression discontinuity method to examine the effect of analyst optimistic bias on firm innovation.The empirical findings reveal that overly optimistic forecasts by analysts exacerbate innovation quality.These analyses enrich the research on analyst coverage and corporate innovation,providing an empirical basis for improving the capital market with the help of analysts.展开更多
目的针对重组Ⅲ型人源化胶原蛋白的关键质量参数进行检测方法研究。方法采用基质辅助激光解吸/飞行时间质谱(matrix-assisted laser desorption ionization time of flight mass spectrometry,MALDI-TOF MS)及尺寸排阻色谱与多角度光散...目的针对重组Ⅲ型人源化胶原蛋白的关键质量参数进行检测方法研究。方法采用基质辅助激光解吸/飞行时间质谱(matrix-assisted laser desorption ionization time of flight mass spectrometry,MALDI-TOF MS)及尺寸排阻色谱与多角度光散射联用(size exclusion chromatography with multi-angle light scattering,SEC-MALS)法测定相对分子质量及其分布;采用毛细管凝胶电泳(capillary electrophoresis sodium dodecyl sulfate,CE-SDS)和分子排阻高效液相色谱(size exclusion high performance liquid chromatography,SE-HPLC)分析纯度;采用离子交换法和毛细管区带电泳(capillary zone electrophoresis,CZE)分离分析电荷异构体;采用“双”酶切肽图法进行一级结构鉴别试验和序列覆盖率分析。结果MALDI-TOF MS测得相对分子质量45.01×10^(3);SEC-MALS得到其单体相对分子质量为45.17×10^(3)(±0.226%);两种相对分子质量测定方法结果一致。CE-SDS(非还原)纯度为98.77%,其他成分1.23%;SE-HPLC纯度为98.07%,其他成分1.93%;两种纯度测定方法结果一致。强阳离子交换共鉴定到14种电荷异构体组分,其中酸性峰占比52.08%,主峰占比26.22%,碱性峰占比21.70%;CZE鉴定到8种电荷异构体组分,其中酸性峰占比52.10%,主峰占比25.27%,碱性峰占比22.63%;两种电荷异构体鉴别方法,酸性组分、主峰与碱性组分,分布规律一致。“双”酶切肽图法实现重组Ⅲ型人源化胶原蛋白的序列100%覆盖,实测序列与预期序列一致。结论建立了重组Ⅲ型人源化胶原蛋白关键质量参数分析方法,该方法具有保证产品安全、有效、质量可控的特点,为我国重组Ⅲ型人源化胶原蛋白的质量控制提供了参考依据。展开更多
文摘Due to information asymmetry and strategic innovation,firms often encounter challenges related to insufficient driving forces and low-quality innovation outcomes.Analysts always act as information intermediaries who help foster the advancement of corporate innovation activities and the conversion of innovation output.This study examines the impact of analyst coverage and forecasting bias on corporate innovation,employing data from China A-shared listed firms spanning the period 2007 to 2019.We measure corporate innovation from two perspectives:Input and output.Specifically,we use the ratio of research and development(R&D)expenditure to sales as a proxy for the innovation input and the number of patent citations excluding self-citations to measure innovation output.We find that analyst coverage promotes corporate innovation,which is consistent with the“bright”side of analyst coverage.However,the positive effect of analyst coverage hinges on effectively transmitting and disclosing accurate information to investors in the capital market.Based on this,analysts'forecasting bias includes forecasting dispersion and optimism bias.We find evidence that an increase in analysts'forecast dispersion leads to a decrease in corporate innovation quality.Moreover,this paper presents a novel approach by employing the regression discontinuity method to examine the effect of analyst optimistic bias on firm innovation.The empirical findings reveal that overly optimistic forecasts by analysts exacerbate innovation quality.These analyses enrich the research on analyst coverage and corporate innovation,providing an empirical basis for improving the capital market with the help of analysts.
文摘目的针对重组Ⅲ型人源化胶原蛋白的关键质量参数进行检测方法研究。方法采用基质辅助激光解吸/飞行时间质谱(matrix-assisted laser desorption ionization time of flight mass spectrometry,MALDI-TOF MS)及尺寸排阻色谱与多角度光散射联用(size exclusion chromatography with multi-angle light scattering,SEC-MALS)法测定相对分子质量及其分布;采用毛细管凝胶电泳(capillary electrophoresis sodium dodecyl sulfate,CE-SDS)和分子排阻高效液相色谱(size exclusion high performance liquid chromatography,SE-HPLC)分析纯度;采用离子交换法和毛细管区带电泳(capillary zone electrophoresis,CZE)分离分析电荷异构体;采用“双”酶切肽图法进行一级结构鉴别试验和序列覆盖率分析。结果MALDI-TOF MS测得相对分子质量45.01×10^(3);SEC-MALS得到其单体相对分子质量为45.17×10^(3)(±0.226%);两种相对分子质量测定方法结果一致。CE-SDS(非还原)纯度为98.77%,其他成分1.23%;SE-HPLC纯度为98.07%,其他成分1.93%;两种纯度测定方法结果一致。强阳离子交换共鉴定到14种电荷异构体组分,其中酸性峰占比52.08%,主峰占比26.22%,碱性峰占比21.70%;CZE鉴定到8种电荷异构体组分,其中酸性峰占比52.10%,主峰占比25.27%,碱性峰占比22.63%;两种电荷异构体鉴别方法,酸性组分、主峰与碱性组分,分布规律一致。“双”酶切肽图法实现重组Ⅲ型人源化胶原蛋白的序列100%覆盖,实测序列与预期序列一致。结论建立了重组Ⅲ型人源化胶原蛋白关键质量参数分析方法,该方法具有保证产品安全、有效、质量可控的特点,为我国重组Ⅲ型人源化胶原蛋白的质量控制提供了参考依据。
