校友关系对分析师同行共享私有信息的影响研究  

Research on the Impact of Alumni Relationship on Analysts Sharing Private Information Among Peers

作　　者：伊志宏[1] 郭永祯 杨圣之 YI Zhihong;GUO Yongzhen;YANG Shengzhi(Renmin University of China,Beijing,China;Beijing Technology and Business University,Beijing,China)

机构地区：[1]中国人民大学商学院 [2]北京工商大学商学院

出　　处：《管理学报》2023年第8期1207-1215,共9页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(71872175,72272005);北京市属高校高水平科研创新团队建设支持计划资助项目(BPHR20220105)。

摘　　要：以证券分析师实地调研为情境,采用实证方法研究分析师如何借助校友关系向同行获取上市公司信息。研究发现:相较于非调研的其他分析师,与调研分析师毕业院校相同的关联分析师,在调研事件后预测准确性的提升更明显;这种效应在实地调研成本更高、上市公司信息环境更差的分组中更显著;非调研的关联分析师在调研后发布的盈余预测调整获得显著正向的市场反应,这表明资本市场认可他们所发布的信息;当校友之间联系更紧密、校友分析师之间关注股票重合度更高时,这种基于校友关系传递私有信息的现象更突出。This study takes analysts’visiting listed firms as a scenario,and uses empirical methods to study how analysts obtain information from peers about companies through alumni relations.We found that:Compared with other analysts who were not involved in the site visit,the related analysts who graduated from the same university with the analysts that visited the firm have more obvious improvement in forecast accuracy after the event;This effect is more significant in groups with higher site visit costs and worse information environment of firms;The earnings forecast adjustment released by the related analysts after the site visit obtains a significant positive market response,which indicates that the capital market recognizes the information they released;When alumni are more closely connected and the overlap of the stock portfolios covered by alumni analysts is high,the phenomenon of transferring private information based on alumni relationship is more prominent.

关 键 词：证券分析师 私有信息 盈余预测 实地调研 校友关系 

分 类 号：C93[经济管理—管理学]