监管处罚与分析师预测、机构投资者治理——基于董事网络的溢出效应  

Regulatory Punishment and Analyst’Forecast,Institutional Investor Governance——Spillover Effect:Based on Directors Network

作　　者：亢艺璇 丁鑫[2] 王福胜[1] KANG Yixuan;DING Xin;WANG Fusheng(School of Management,Harbin Institute of Technology,Harbin 150001,China;Colledge of Economics and Management,Northeast Forestry University,Harbin 150040,China)

机构地区：[1]哈尔滨工业大学经济与管理学院,黑龙江哈尔滨150001 [2]东北林业大学经济管理学院,黑龙江哈尔滨150040

出　　处：《工程管理科技前沿》2024年第4期69-75,共7页Frontiers of Science and Technology of Engineering Management

基　　金：国家自然科学基金资助项目(72172042,71972061)。

摘　　要：本文基于2010—2019年中国证监会对上市公司违规处罚公告的数据,研究信息披露违规处罚对连锁董事公司声誉及其分析师预测准确性的溢出效应,以及机构投资者持股对分析师预测的治理作用。研究发现,违规公司的信息披露违规处罚公告显著降低连锁董事公司的声誉,分析师对连锁董事公司盈余预测准确性也显著降低。但是不同类型的机构投资者持股对分析师预测准确性产生不同的治理效应。本文不仅拓展了监管处罚的溢出效应研究,丰富了机构投资者持股对分析师预测准确性的治理研究,而且揭示了中国资本市场中潜在的金融风险,对于加强金融监管,推进中国资本市场对外开放具有重要启示。Based on the data of CSRC’s announcement on violations of listed companies from 2010 to 2019,we are concerned about the spillover effect of information disclosure violations penalty on the reputation of interlocked director companies and the accuracy of analyst’forecast,and the governance effect of institutional investors hold shares on analyst’forecast.We find that the announcement of information disclosure violations penalty of violating companies significantly impacts the reputation of interlocked director companies,and the accuracy of analyst’forecast for surplus of their interlocked director companies is also significantly reduced.However,different types of institutional investors hold shares have different governance effects on the accuracy of analyst’forecast.This paper not only expands the research on the spillover effect of regulatory punishment,but also enriches the research on the governance of institutional investors hold shares on the accuracy of analyst’forecast,revealing the potential financial risks in China’s capital market.This enlightens us to strengthen financial supervision and promote the opening of the capital market.

关 键 词：信息披露违规处罚 分析师预测 机构投资者 溢出效应 董事网络 

分 类 号：F275[经济管理—企业管理]