本文選題：會計信息可比性 + 證券分析師盈利預(yù)測�。� 參考：《東北大學(xué)》2014年碩士論文

【摘要】：證券分析師在資本市場上有著非常重要的作用,是連接投資者和上市公司之間的信息橋梁。一方面,證券分析師需要收集和加工整理上市公司所披露的會計信息,是信息的使用者。另一方面,證券分析師依據(jù)所整理的信息發(fā)布盈利預(yù)測報告,給投資者提供投資建議,是信息的提供者。證券分析師作為證券市場上的信息中介,有效緩解了投資者和上市公司之間的信息不對稱,加速了會計信息的流動,促進(jìn)了信息資源的有效配置。證券分析師發(fā)布盈利預(yù)測報告的好壞是由會計質(zhì)量的高低決定的,這直接決定了投資者投資決策的好壞。可比性是會計信息質(zhì)量特征的一個重要方面,能夠提高會計信息的有用性。因此,研究會計信息可比性和證券分析師盈利預(yù)測行為之間的關(guān)系,對于改善證券分析師所處的信息環(huán)境,提高資源配置效率有著非常重要的作用。本文在對會計信息可比性與證券分析師盈利預(yù)測行為影響的關(guān)系進(jìn)行分析的基礎(chǔ)上提出了研究假設(shè)。我們以2004-2012年滬深兩市A股上市公司為研究對象,實證檢驗了會計信息可比性對證券分析師盈利預(yù)測行為的影響。此外,還檢驗了會計信息可比性與會計信息可靠性的交互作用對證券分析師盈利預(yù)測行為的影響。通過實證結(jié)果分析,得到如下幾點結(jié)論：(1)會計信息可比性與證券分析師關(guān)注度顯著正相關(guān),會計信息可比性越高的上市公司,分析師的跟進(jìn)人數(shù)也越多。(2)會計信息可比性與證券分析師盈利預(yù)測準(zhǔn)確度顯著正相關(guān),上市公司的會計信息越可比,證券分析師對其進(jìn)行的盈利預(yù)測也越準(zhǔn)確。(3)會計信息可比性與證券分析師盈利預(yù)測分歧度顯著負(fù)相關(guān),上市公司的會計信息越可比,證券分析師盈利預(yù)測的分歧度越低。(4)證券分析師的盈利預(yù)測行為還受到會計信息可靠性的影響,即會計信息可靠性會弱化會計信息可比性對證券分析師關(guān)注度、盈利預(yù)測準(zhǔn)確度及盈利預(yù)測分歧度的影響。由此帶來的啟示是,監(jiān)管者要完善會計準(zhǔn)則等規(guī)章制度,縮小會計政策的選擇余地,提高會計信息可比性。上市公司應(yīng)該加強(qiáng)內(nèi)部控制建設(shè),進(jìn)一步完善公司的治理結(jié)構(gòu)。分析師作為外部監(jiān)管者,應(yīng)該努力提高自己的職業(yè)素養(yǎng),減少上市公司與投資者之間的信息不對稱,提高資本市場的配置效率。
[Abstract]:Securities analysts play a very important role in the capital market and are the information bridge between investors and listed companies. On the one hand, securities analysts need to collect and process accounting information disclosed by listed companies. On the other hand, securities analysts are providers of information by publishing earnings forecasts based on the information they collate and providing investment advice to investors. As the information intermediary in the securities market, the securities analyst effectively alleviates the information asymmetry between investors and listed companies, accelerates the flow of accounting information, and promotes the effective allocation of information resources. The quality of accounting quality determines the quality of the profit forecast report issued by securities analysts, which directly determines the quality of investors' investment decisions. Comparability is an important aspect of the quality of accounting information, which can improve the usefulness of accounting information. Therefore, it is very important to study the relationship between the comparability of accounting information and the behavior of earnings forecast of securities analysts to improve the information environment of securities analysts and improve the efficiency of resource allocation. Based on the analysis of the relationship between the comparability of accounting information and the earnings forecast behavior of securities analysts, this paper puts forward the research hypothesis. We take the A-share listed companies in Shanghai and Shenzhen stock markets from 2004 to 2012 as the research objects, and empirically test the influence of accounting information comparability on the earnings forecast behavior of securities analysts. In addition, the interaction between the comparability of accounting information and the reliability of accounting information on the earnings forecast behavior of securities analysts is also tested. Through the empirical analysis, we get the following conclusions: 1) Accounting information comparability is significantly positively correlated with the attention of securities analysts, and the higher the comparability of accounting information is, The more analysts follow up, the more accounting information comparability is positively correlated with the accuracy of earnings forecast of securities analysts, and the more comparable accounting information of listed companies is, The more accurate the earnings forecast made by securities analysts, the more accurate accounting information is.) there is a significant negative correlation between the comparability of accounting information and the divergence degree of earnings forecasts of securities analysts, and the more comparable accounting information of listed companies is, The lower the divergence of earnings forecast of securities analysts is, the lower the earnings forecast behavior of securities analysts is also affected by the reliability of accounting information, that is, the reliability of accounting information will weaken the attention of securities analysts to the comparability of accounting information. The influence of profit forecast accuracy and profit forecast divergence. The inspiration is that regulators should perfect accounting rules and regulations, narrow the choice of accounting policies, and improve the comparability of accounting information. Listed companies should strengthen the construction of internal control, further improve the corporate governance structure. Analysts, as external regulators, should strive to improve their professionalism, reduce the information asymmetry between listed companies and investors, and improve the efficiency of capital market allocation.
【學(xué)位授予單位】：東北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 王燕;會計穩(wěn)健性對分析師盈余預(yù)測影響的實證研究[D];鄭州大學(xué);2017年

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本文編號：1930345