分析师关注如何影响公司投资行为——基于不同投资类型的分析  

How Does Analyst Coverage Relate to Corporate Investment:Based on the Different Types of Investments

作　　者：赵胜民 张博超 ZHAN Sheng-min;ZHANG Bo-chao

机构地区：[1]南开大学金融学院

出　　处：《中央财经大学学报》2021年第5期51-64,共14页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金项目“金融周期视角下的中国银行业系统性风险防范与化解研究”(项目编号:71973162);中国博士后科学基金“银行‘脱实向虚’、系统性风险与宏观审慎政策”(项目编号:2020M670558);中央财经大学青年科研创新团队项目“中国金融部门系统性风险与金融稳定政策”。

摘　　要：分析师是上市公司与市场沟通的桥梁。本文根据已有研究,将分析师关注对公司投资的影响分为信息效应(正向)和压力效应(负向),以2007—2017年的沪深A股上市公司为样本,通过实证分析发现,分析师关注度的提高能够促进公司实物资本、研发资本与组织管理资本投资,即分析师关注能够通过信息效应(渠道)影响上述三类投资;而分析师的压力效应会导致公司减少组织管理资本的投资。通过异质性分析发现,信息效应与压力效应在国有上市公司及高科技上市公司中的作用,显著不同于其他类别的公司。另外,分析师关注的信息效应还促进了公司研发创新。本文的结论揭示了分析师在市场中发挥的积极作用,有助于理解分析师行为及其对公司投资的经济意义。Analysts could be treated as the bridge between listed corporates and capital market.Based on the existing research,this paper divides the impact of analyst coverage on corporate investment into the information effect and the pressure effect,and takes the 2007-2017 Shanghai-Shenzhen A-share listed corporates as samples.Our findings suggest that increased analyst attention can promote investment in physical capital,R&D capital and organizational management capital,i.e.,analyst attention can affect these three types of investments through information effects(channels).However,the pressure effects(channels) will lead to the corporates’ reduction of investment in organization capital.The heterogeneity analysis reveals that the information effect and the pressure effect are significantly different in state-owned and high-technology listed companies than in other categories of companies.In addition,the information effect promotes company R&D and innovation.The conclusions of this paper reveal the positive role that analysts play in capital market,which is helpful to understand the analysts’ effects and corporate investment and innovation behavior.

关 键 词：分析师 信息效应 压力效应 研发 无形资本 

分 类 号：F832[经济管理—金融学]