语言多样性、信息获取与分析师盈余预测质量  

Linguistic diversity,information acquisition and the quality of analyst's earnings forecast

作　　者：程博[1,2] 潘飞[1,3] 

机构地区：[1]上海财经大学会计学院,上海200433 [2]浙江农林大学暨阳学院,绍兴311800 [3]上海财经大学会计与财务研究院,上海200433

出　　处：《管理科学学报》2017年第4期50-70,共21页Journal of Management Sciences in China

基　　金：国家自然科学基金重点资助项目(71032005);教育部重点研究基地重大资助项目(15JJD630008);浙江省自然科学青年基金资助项目(LQ16G020011);上海财经大学创新团队支持计划资助项目(2014110319)

摘　　要：考察了语言多样性对分析师盈余预测质量的影响,以及这种影响如何因员工教育水平的不同而变化.基于中国上市公司的实证检验结果显示,语言多样性显著降低了分析师盈余预测质量,但是随着公司员工受教育水平提高,语言多样性对分析师盈余预测质量的负面影响有所减弱.进一步研究发现,分析师与CEO间的校友关系增强了员工教育水平对语言多样性与分析师盈余预测准确性之间关系的正向调节作用.研究结论一定程度上丰富了分析师私有信息获取及其影响机理以及社会关系等方面的文献,而且还可帮助投资者、监管者等利益相关方更好地理解分析师行为,促进资源合理配置,增强资本市场的有效性等方面具有一定的启示意义.This paper examines the impact of language diversity on the precision of analysts＇ earnings forecast, which may show different results depending on the different level of employee＇ s education. This paper pro- vides empirical evidence that the diversity of language may reduce the precision of analysts＇ earnings forecast for the listed companies in China. However, this negative effect is weakened by the improvement of employee＇ s education. Further results illustrate that the level of employee＇ s education may positively influence the rela- tionship between language diversity and the precision of analysts＇ earnings forecast when the analysts and CEOs are schoolmates. These findings will enrich the literature of information dominance and social relationship of analysts and help investors and regulators to understand the behavior of analyst. Also, these may help to im- prove resource allocation and the effectiveness of capital market.

关 键 词：语言多样性 员工教育水平 盈余预测准确性 

分 类 号：F830[经济管理—金融学]