Star Analyst Attention,Investment,and Corporate Value
Corporate investment behavior plays an important role in the high-quality devel-opment of China's economy and the implementation of the"dual circulation"national strategy.In this study,manually collected star analyst reports from 2016 to 2021 were used to examine the im-pact of star analysts on corporate investment behavior.The results show that star analysts promote corporate investment behavior by easing financing constraints,enhancing stock liquidity,and in-terpreting research and development behaviors.In addition,this effect was found to be more prom-inent among companies with a lower manager shareholding ratio,lower majority shareholder share-holding ratio,slower growth,and lower transparency,reflecting their professional capabilities.Fur-ther analysis found that star analysts are able to interpret the investment behavior of different prof-it groups without notable selective biases in their preferences.Compared to samples without a star analyst following,those with a star analyst following were found to have a stronger impact on in-vestment behavior.Star analysis played an active role in exploring corporate value by positively interpreting their investment behavior.The results provide empirical evidence supporting the utili-zation of star analysts as information intermediaries.Leveraging their expertise can aid in optimi-zing investment structures and improving overall investment performance.
star analystscorporate investment behaviorcorporate value
万方数据
维普
