分析师跟进行为对上市公司资本成本的影响——来自中国证券市场的经验证据  

The Impact of Analysts Following on the Cost of Equity:Empirical Evidence from Chinese Stock Markets

作　　者：肖斌卿[1] 伊晓奕[2] 刘海飞[1] 

机构地区：[1]南京大学工程管理学院 [2]华泰证券公司

出　　处：《南京师大学报（社会科学版）》2010年第5期42-51,共10页Journal of Nanjing Normal University(Social Science Edition)

基　　金：国家自然科学基金项目(70901037);国家自然科学基金重点项目(70932003);教育部人文社科研究项目(09YJCZH061);教育部科技创新工程重大项目培育资金项目(708044)

摘　　要：证券分析师通过传递信息、降低分析信息的成本来增进整个市场的有效性。基于中国上市公司样本的研究发现,分析师跟进与股权融资成本具有负相关关系,分析师作为信息中介能够对资本成本产生影响,这也印证了Easle和Ohara提出的信息是经典三因素模型外影响资本成本另一重要因素的理论假说。对这一作用可能的解释是,分析师跟进能够扩大投资者基础,进而降低融资资本成本,实证结果证实了Merton提出的投资者认知假说。The stock analysts are expected to enhance the effectiveness of the market through transmitting the information and reducing the cost of information analysis. Based on the information about the firms listed on Shanghai and Shenzhen stock markets during the period of 2005 - 2006, our study suggests that the analyst fol- lowing is negatively correlated to the capital cost in 531 firms. As information intermediary, the analysts influ- ence the capital cost, which verifies the theoretical hypothesis proposed by Easle and O＇hara （2004） that in- formation is another important factor affecting the capital cost besides the classical three-factor model. A possible logic explanation for this effect is that the analyst following impacts the investor base of firms, thereby affecting the cost of capital financing. Our empirical results also confirm Merton＇s （ 1987 ） Investor Recognition Hypothesis.

关 键 词：分析师跟进 资本成本 信息中介 投资者认知假说 投资者基础 

分 类 号：F832.51[经济管理—金融学] F275F224