本文關(guān)鍵詞：風(fēng)險提示信息、分析師跟進與機構(gòu)投資者持股　出處：《財經(jīng)理論與實踐》2017年05期 　論文類型：期刊論文

  更多相關(guān)文章： 分析師跟進 機構(gòu)投資者持股 風(fēng)險提示信息

【摘要】：與先前主要研究機構(gòu)投資者持股的影響因素及經(jīng)濟后果的文獻不同,基于機構(gòu)投資者群體的異質(zhì)性,考察分析師跟進對機構(gòu)投資者持股決策的影響及其企業(yè)風(fēng)險提示信息的調(diào)節(jié)作用。研究發(fā)現(xiàn):機構(gòu)投資者整體持股比例隨分析師跟進數(shù)量的增加而增加,但增加的程度因機構(gòu)投資者類型的不同而產(chǎn)生差異,風(fēng)險提示信息的加入會減弱分析師跟進的促進效應(yīng);進一步研究發(fā)現(xiàn),風(fēng)險提示信息產(chǎn)生的持股減弱效應(yīng)顯著改善了異質(zhì)性機構(gòu)投資者持股的公司治理效果。研究結(jié)果表明:機構(gòu)投資者持股決策是否采納分析師的跟進意見,既與機構(gòu)投資者的不同類型有關(guān),也與風(fēng)險提示信息的決策價值相關(guān),對風(fēng)險信息的考量有助于異質(zhì)性機構(gòu)投資者持股的公司治理效果的改善。
[Abstract]:Different from the previous literatures which mainly studied the influencing factors and economic consequences of institutional investors' shareholding, it is based on the heterogeneity of institutional investors' group. The paper investigates the influence of analyst follow-up on institutional investor's stock holding decision and the adjusting effect of enterprise risk warning information. It is found that the proportion of institutional investor's overall shareholding increases with the increase of the number of analysts' follow-up. However, the degree of increase varies with the type of institutional investors, and the addition of risk warning information will weaken the facilitating effect of analysts' follow-up; Further research found. The stock holding weakening effect caused by risk warning information has significantly improved the corporate governance effect of heterogeneous institutional investors' shareholding. The results show that the institutional investors' stock holding decisions adopt the follow-up opinions of analysts. It is not only related to the different types of institutional investors, but also related to the decision value of risk warning information. The consideration of risk information is helpful to improve the corporate governance effect of heterogeneous institutional investors.
【作者單位】： 安徽工業(yè)大學(xué)商學(xué)院;
【基金】：國家自然科學(xué)基金項目(71572002、71272220)
【分類號】：F832.51
【正文快照】： 一、引言已有研究表明,機構(gòu)投資者與證券分析師之間具有密不可分的關(guān)系[1,2],然而,在眾多影響機構(gòu)投資者持股的因素中,作為反映分析師整體評價指標的跟進數(shù)量卻鮮有研究。雖然Bhushan(1989)等學(xué)者從不同角度論證了機構(gòu)投資者持股與跟進數(shù)量間的關(guān)系[1],但該研究未從反面考察跟

【相似文獻】

相關(guān)期刊論文 前1條

1 劉家猛;張玲;武瑞澤;;規(guī)范ATM張貼提示信息 減少安全隱患[J];中國金融電腦;2012年04期

，

本文編號：1368579