分析师关注与企业创新——来自中国资本市场的经验证据  

Analyst Coverage and Firm Innovation: Evidence from Chinese Capital Market

作　　者：余明桂[1] 钟慧洁[1] 范蕊[1] YU Ming-gui ZHONG Hui-jie FAN Rui(School of Economics and Management in Wuhan University, Wuhan, Hubei, 430072, Chin)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《经济管理》2017年第3期175-192,共18页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"民营化;风险承担与企业绩效研究"(71372126);国家自然科学基金项目"业绩考核制度与企业创新:基于央企高管业绩考核制度修订的理论与实证研究"(71672134);教育部人文社科一般项目"高管变更;权力重构路径与经济绩效"(15YJA630057)

摘　　要：本文采用手工收集的2003—2014年上市公司及其子公司的发明、实用新型和外观设计专利数据,检验了新兴资本市场中分析师的关注是否影响企业的技术创新。本文分别以企业专利申请数量和对企业做出盈利预测的分析师人数衡量企业创新和分析师关注,研究结果发现,分析师的关注程度越高,企业后期专利产出越多。同时,相对于其他企业,声誉高的分析师所关注的企业创新产出更多。此外,分析师的关注能够通过缓解企业融资约束来促进企业创新。以上结果表明,在中国,分析师的关注能够促进企业创新。本文丰富和拓展了分析师关注和企业创新的相关研究,并为政府通过完善金融市场中介市场来推动创新驱动发展战略,提供一定的理论依据。How dose financial analysts affect firm innovation？ There are two opposing assumptions in existing literature. One hypothesis is the ＂information hypothesis＂. This hypothesis argues that innovation is important for the long-run competitive of firms and managers would not willing to disclose information about innovative projects which causes severe information asymmetry. Financial analysts are skilled in collecting information from various sources and transfer the information to investors. It could reduce information asymmetry of innovative projects. Therefore, the ＂information hypothesis＂ suggests that analyst coverage could encourage firm innovation. The alternative hypothesis makes an opposite empirical prediction,which called ＂performance pressure hypoth- esis＂. This hypothesis argues that innovation activities involve a long process that is full of uncertainty. But analysts are often accused of creating excessive pressure on managers. Existing literature suggests that analysts have no pa- tience to tolerate failures. Whenever the firms experience a decline in earnings, analysts would provide a report with negative expectations ,which leads to negative market reactions and brings adverse effect on the managers. To allevi- ate the situation, managers would rather sacrifice long-term firm value than increase short-term earnings, which exac- erbates managerial myopia finally. Therefore, the ＂performance pressure hypothesis＂ means that analyst coverage may impede firm innovation. This paper tests whether analyst coverage affects firm innovation. The sample examined in this paper includes listed firms in China during the period of 2003--2010. We use the number of analysts following a firm as measure- ment of analyst coverage. Then, we collect the patent grant information during the period of 2003--2014 by hand collected from Baiten website （http ：//www. baiten, on）, and use the total number of invention patents, utility model patents and design patents as measurement of firm innovation. Ou

关 键 词：分析师关注 企业创新 信息揭示假说 业绩压力假说 

分 类 号：F270.3[经济管理—企业管理]