证券分析师实地调研的同行溢出效应研究  

A Study on the Spillover Effect of Site Visits by Securities Analysts

作　　者：谢诗蕾[1] 宋尧清 肖彪 Xie Shilei;Song Yaoqing;Xiao Biao

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州310018 [2]厦门大学管理学院会计系,福建厦门361005

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2019年第4期3-15,共13页FINANCE & ACCOUNTING GUIDE

基　　金：浙江省自然科学基金项目(Y19G020013);国家自然科学基金青年项目(71302032)。

摘　　要：分析师是资本市场有效运行必不可少的参与者,以实地调研这一分析师常用的私有信息搜集手段为研究对象,可检验分析师在实地调研过程中获取的信息是否有助于降低其与同行企业之间的信息不对称程度、产生信息溢出效应。基于2012~2016年接受分析师实地调研的深圳A股上市公司数据,实证检验的结果显示,实地调研有助于提高分析师对被调研对象的其他同行企业的盈余预测准确度,说明分析师实地调研具有信息溢出效应;而当同行企业公开披露的信息质量较高时,分析师实地调研的信息溢出效应将会减弱,说明在影响分析师盈余预测准确度上,市场公开信息与分析师私有信息之间存在互替效应。进一步研究发现,对于管制行业,由于行业层面因素对企业的影响权重相对更大且行业整体的信息透明度相对更低,分析师实地调研的信息溢出效应更加显著。Securities analysts are indispensable participants in the effective operation of the capital market.This paper focuses on the securities analysts' corporate site visits and examines whether site visits are associated with less in-formation asymmetry between analysts and peer companies,which refers to the spillover effect.Based on samples collected from analysts'site visits in Chinese SZSE listed firms from 2012 to 2016,this paper finds that securities analysts' corporate site visits have the positive influence on the forecast accuracy,supporting the hypothesis of the spillover effect.Moreover,this paper finds the substitution effect between public disclosure information and analysts' private information due to the insignificant spillover effect of analysts' site visits as oppose to the high quality of public disclosure in peer companies are higher.Furthermore,due to the immense industry intervention and weak industry transparency,the spillover effect of analysts' site visits becomes even remarkable in regulated industries.

关 键 词：证券分析师 实地调研 溢出效应 同行企业 公开信息质量 

分 类 号：F83[经济管理—金融学]