信号传递与证券分析师盈余预测  

Signaling and Financial Analysts' Earnings Forecasts

作　　者：杨玉龙[1] 于翔 

机构地区：[1]上海财经大学会计学院,上海200433 [2]浙江省舟山市普陀区财政局,浙江舟山316100

出　　处：《上海财经大学学报（哲学社会科学版）》2013年第2期80-87,共8页Journal of Shanghai University of Finance and Economics

基　　金：国家自然科学基金重点项目(71032005);国家自然科学基金面上项目(71272218);(71272013);教育部人文社会科学重点研究基地重大项目(10JJD630005);上海财经大学研究生创新基金项目(CXJJ-2012-368)

摘　　要：本文从信号传递的角度研究了证券分析师的盈余预测问题。具体而言,本文探讨了分析师会通过哪些信号来向市场表明自己的分析师报告的盈余预测准确度更高,以及这些信号是否有助于分析师获得市场认可。本文的实证结果表明,发布每股经营现金流预测以及组成团队来发布报告这两个信号均能够将盈余预测准确度较高的分析师报告区分出来,此外这些信号也有助于分析师获得市场的认可。This paper studies financial analysts＇ earnings forecast from the perspective of signaling. Specifically speaking, it analyzes signals which financial analysts employ to con- firm the great earnings forecast accuracy of their reports and the role of these signals in the acquisition of market recognition. The empirical results show that two signals, namely the issue of operating cash flow per share forecast and group forecast reports, can distinguish an- alyst reports with great earnings forecast accuracy from all analyst reports and are conducive to the acquisition of market recognition.

关 键 词：盈余预测准确度 信号传递 证券分析师 

分 类 号：F830.91[经济管理—金融学]