上市公司产品竞争与分析师研究报告文本信息  

Product Competition and Textual Information in Analysts’ Reports

作　　者：刘昌阳 刘亚辉[1] 尹玉刚[1] Liu Changyang;Liu Yahui;Yin Yugang

机构地区：[1]西南财经大学证券与期货学院

出　　处：《世界经济》2020年第2期122-146,共25页The Journal of World Economy

基　　金：国家自然科学基金项目(71903154、71874145、71873266)

摘　　要：本文利用2010-2016年中国A股上市公司年报和研报文本数据,基于公司之间产品相似性测度其面临的产品市场竞争程度,并以研报文本相似度代理研报增量信息,研究了竞争环境对分析师信息供给的影响。研究发现,公司面临的竞争越激烈,分析师出具的研报文本信息含量越高。投资者对竞争激烈公司的信息需求大,表现为较高的投资者关注度、机构持股比例以及潜在交易佣金,这为分析师提供了收益激励。同时,与竞争激烈公司相似的公司越多,可为分析师带来"信息共享效应",降低其边际成本,表现为分析师所覆盖公司的平均竞争度越高,其覆盖公司数也越多。进一步研究发现,分析师对竞争激烈公司倾注了更多精力,其对此类公司实地调研频率更高,盈余预测修正更频繁,出具的研报篇幅更长。本研究为评价分析师研报信息含量提供了新视角,同时为公司竞争环境对分析师行为影响的研究提供了新证据。Using textual data from annual and analysts’ reports of Chinese A-share listed firms between 2010 and 2016, this paper measures the degree of product market competition based on the product similarity between firms, it quantifies the textual information in analysts’ reports based on the textual similarity of the analysts’ reports of the target firms, and then studies the firm product competition effect on providing analysts’ incremental information in the reports. The results show that the fiercer the competition the firm faces, the greater the content of the research report issued by the analyst. Investors exhibit increased demand for information from firms experiencing greater competition, manifested by higher investor attention, institutional shareholding, and potential commissions on transactions, which provides revenue incentives for analysts. At the same time, firms experiencing fierce competition have a large number of competitors, and the "information-sharing effect" reduces analysts’ marginal costs. Evidence indicates that the higher the average competition of firms covered by the analysts, the greater the number of firms they cover. Furthermore, analysts are found to devote more effort to examining fiercely competitive firms. They dedicate more frequent corporate site visits, more frequent revisions of their earnings forecasts, and longer research reports to fiercely competitive firms. This paper provides a new perspective on evaluating analysts’ research report content, as well as new evidence of the impact of firms’ competitive environment on analysts’ behaviour.

关 键 词：分析师 文本分析 产品市场竞争 激励机制 

分 类 号：F832.51[经济管理—金融学] F271