本文關(guān)鍵詞：投資者關(guān)注與分析師預(yù)測(cè)精度　出處：《中國(guó)經(jīng)濟(jì)問(wèn)題》2017年02期 　論文類型：期刊論文

  更多相關(guān)文章： 投資者關(guān)注 周歷階段 聲譽(yù)維護(hù) 利益沖突

【摘要】：本文以投資者在不同周歷階段中有差異的關(guān)注程度作為切入點(diǎn),以2009-2014年分析師盈余預(yù)測(cè)為研究樣本,考察了投資者關(guān)注對(duì)我國(guó)分析師預(yù)測(cè)精度的影響,并從聲譽(yù)維護(hù)和利益沖突兩個(gè)視角分析其背后的作用機(jī)理。研究結(jié)果表明:投資者關(guān)注程度較高時(shí),分析師預(yù)測(cè)偏差和預(yù)測(cè)樂(lè)觀度較低,即投資者關(guān)注與分析師預(yù)測(cè)精度正相關(guān);出于聲譽(yù)維護(hù)的考慮,明星分析師和目標(biāo)公司信息透明度高的報(bào)告具有更強(qiáng)的關(guān)注效應(yīng);受制于利益沖突的影響,僅非承銷商分析師具有顯著的關(guān)注效應(yīng);與其他因素相比,目標(biāo)公司信息透明度是影響關(guān)注效應(yīng)的首要因素。
[Abstract]:This paper takes investors' different degrees of concern in different calendar periods as the starting point, and takes the 2009-2014 analyst earnings forecast as the research sample. This paper examines the impact of investor attention on the prediction accuracy of Chinese analysts, and analyzes the mechanism behind it from the perspectives of reputation maintenance and conflict of interest. The results show that investors pay more attention to it when the degree of concern is high. The bias and optimism of the forecast are low, that is, the investor's concern is positively related to the accuracy of the analyst's forecast. For the sake of reputation maintenance, the reports with high information transparency of star analysts and target companies have stronger attention effect; Subject to the impact of conflicts of interest, only non-underwriters have significant concerns; Compared with other factors, target company information transparency is the primary factor that affects the attention effect.
【作者單位】： 西南財(cái)經(jīng)大學(xué)中國(guó)金融研究中心;西南財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;
【基金】：中央高校基本科研業(yè)務(wù)費(fèi)專項(xiàng)資金項(xiàng)目(JBK1407138)的資助
【分類號(hào)】：F832.51
【正文快照】： 一、引言投資者關(guān)注是行為金融學(xué)近期的研究熱點(diǎn)。相關(guān)學(xué)者據(jù)此為市場(chǎng)中存在的各種異象提供了很好的解釋,如盈余公告的不足反應(yīng)(Hirshleifer et al.,2011)、股權(quán)溢價(jià)之迷(Lynch,1996)、盈余公告日超額收益率和異常交易量(BarberOdean,2008)等。然而,總結(jié)現(xiàn)有文獻(xiàn)可以發(fā)現(xiàn),當(dāng)，

本文編號(hào)：1432046