证券分析师家乡网络资本的信息效应  

The Information Effect of Securities Analysts’ Hometown Network Capital

作　　者：周国良[1,2] 孟庆玺 武凯文 李增泉[1,2] Zhou Guoliang;Meng Qingxi;Wu Kaiwen;Li Zengquan(School of Accountancy,Shanghai University of Finance and Economics,Shanghai 200433,China;Institute of Finance and Accounting,Shanghai University of Finance and Economics,Shanghai 200433,China;Antai College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030,China)

机构地区：[1]上海财经大学会计学院,上海200433 [2]上海财经大学会计与财务研究院,上海200433 [3]上海交通大学安泰经济与管理学院,上海200030

出　　处：《财经研究》2020年第5期111-124,共14页Journal of Finance and Economics

基　　金：国家自然科学基金面上项目(71572100,71972124)。

摘　　要：证券分析师是影响资本市场信息传递和资源配置的重要力量。在公司普遍采用关系型交易的情况下,分析师必须嵌入公司所处的社会关系网络中获取私有信息,进而向市场公开传递。由于中国各个地区间存在经济和文化差异,社会关系网络呈现地区集聚的特征,因此分析师可以通过嵌入公司地域关系网络中,形成社会资本(称为"家乡网络资本"),获得信息优势,提高预测准确度。文章基于2006-2016年分析师对A股上市公司的研究报告,研究发现:(1)分析师对家乡所在地公司发布的盈利预测更加准确;(2)在社会关系网络更加复杂和社会资本更加重要的地区,分析师的家乡网络资本的信息优势更大;(3)有家乡网络资本的分析师发布的研究报告产生了更强的短期与长期市场反应。文章的研究丰富了分析师的社会关系网络影响信息传递的相关文献,也为理解中国资本市场信息中介的作用机制提供了经验证据。Securities analysts are the backbone of transmitting capital market information and influencing resource allocation. However, the uncertainty in the development of China’s capital market and the lagging of public governance mechanisms have led the company to rely on relational contracts formed by longterm transactions. Due to each transaction of a relational contract has its own particularity, it must be embedded within the network of relationships to obtain information between the parties, in order to evaluate the company’s operating activities and value. Therefore, this paper explores the impact of social capital formed by analysts embedded in the company’s regional relationship network(herein referred to as "hometown network capital") on the accuracy of analyst forecasts.Specifically, based on the research report released by 6970 analyst teams in China’s capital market from 2006 to 2016, this paper finds that:(1) Analysts are more accurate in predicting the profits of the listed companies where their household registration is located, with an average error of 3% lower than that of other analysts;(2) In the area where the social relationship network is more complex and social capital is more important, analysts’ hometown network capital has a greater comparative information advantage;(3) Research reports released by analysts with hometown network capital have produced stronger short-term and long-term market reactions. In addition, this paper finds that the information advantage of analysts’ hometown network capital is reflected not only in the acquisition of private information, but also in the interpretation of public information. At the same time, analysts are more likely to be invited to participate in the research activities of hometown listed companies.The research contributions of this paper are at least as follows: Firstly, it enriches the relevant research on the social relationship network of securities analysts. Different from the direct social relations between analysts and executives of

关 键 词：分析师 家乡网络资本 私有信息 预测准确度 

分 类 号：F832[经济管理—金融学]